Financial Services
ONDC and the Fintech Revolution
The Open Network for Digital Commerce (ONDC) is reshaping India’s financial and e-commerce landscape. By enabling interoperability across digital commerce platforms, ONDC democratizes market access, reduces reliance on dominant players, and encourages healthy competition. Its integration into financial services is particularly significant:
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Fintech’s Role in ONDC:
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Digital Payments:
Fintechs power unified payment solutions within the ONDC framework, boosting financial inclusion.
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Lending Solutions:
ONDC’s Lending Protocol connects merchants directly to lenders, with transaction histories acting as real-time credit scores. Instant digital loans are piloted with banks and fintechs, drastically reducing approval times.
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Embedded Finance:
Insurance and investment products are being integrated, such as sachet insurance and seamless wealth management options within shopping or banking applications.
Opportunities:
- ONDC and fintechs are opening new doors for startups, MSMEs, and underserved segments by lowering barriers and unlocking innovative credit and insurance offerings.
- Embedded finance is projected to unlock $320b value by 2030 in India, fueling a new wave of market growth
Challenges:
- Regulatory complexities arise as ONDC must navigate multiple authorities (RBI, IRDAI, SEBI).
- Adoption hurdles stem from tech integration, data privacy, and resistance from established fintech leaders.
- Ensuring frictionless customer experience and robust fraud detection are ongoing priorities
Lending Market:
Growth & Product Mix
India’s lending sector in 2025 is advancing amidst robust demand, evolving products, and regulatory modernization:
Market Size:
- The consumer lending market is expected to surpass $724b in 2025, growing at 4.9% year-on-year. This is fueled by rising urbanization, a burgeoning middle class, and supportive policies.
- Digital lending, driven by fintech innovation, is growing at a compound rate of over 30%, with increasing adoption via mobile apps and alternative credit scoring models.
Key Products:
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Home loans:
Driven by affordable housing demand, accounts for roughly half the retail credit market.
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Personal loans & Credit cards:
Remain high-growth with digital-first lenders offering instant, low-ticket loans to new borrowers.
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Auto loans:
Supported by urban expansion and vehicle ownership trends.
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MSME Financing:
Enhanced by ONDC and fintech platforms, allowing direct credit assessment and swift disbursement.
Challenges:
- High operational costs and legacy approval cycles persist, particularly with traditional banks.
- Regulatory tightening by RBI in 2025 aims to curb risky lending, requiring more transparency and digital compliance.
- Transparency and borrower protection remain watchpoints for consumers and regulators alike.
Leadership & Talent Gaps in Financial Services
As the sector undergoes rapid digital transformation, leadership skills gaps have emerged:
Current Gaps:
- Insufficient data and technology fluency among executives.
- Weak communication, adaptability, and ESG (Environmental, Social, and Governance) domain knowledge.
- Only 31% of financial services firms feel their teams are sufficiently prepared for AI, analytics, and digital strategies
Industry Response:
- Widespread adoption of upskilling programs, leadership development initiatives, and digital learning.
- Leading institutions run initiatives like Aarohan 2025, jointly with McKinsey and government agencies, focusing on future-ready leadership, analytics, and digital banking.
- Accredited academies and formal certifications are growing in prominence, reflecting the sector’s shift toward continuous, experiential learning.
Essential Leadership Competencies for the Digital Era
Successful leaders in India’s financial ecosystem today exhibit a blend of these skill sets:
Competency | Description |
Digital & Data Decision-Making | Leveraging AI, analytics, and blockchain for insights and risk management. |
Regulatory & Compliance Acumen | Deep familiarity with RBI, SEBI, IRDAI regulations and agile policy adaptation. |
Customer-Centric Innovation | Designing personalized and inclusive products leveraging digital channels. |
Agile Leadership | Navigating market volatility and technological disruption with resilience and speed. |
Collaborative/Ecosystem Thinking | Building partnerships-from regulators to tech firms—to drive open innovation. |
Ethical & ESG Leadership | Fostering financial inclusion, fairness, and responsible governance. |
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