Will it be business as usual for banks as with Ola and Swiggy entering the space? – The Economic Times
You may not yet have a bank account or credit score, but Ola, Amazon, Flipkart, Jio and Swiggy have profiled you and financial services providers are using that information to sell insurance, mutual fund, personal loans and many more products.
When you are booking a cab, there is a pop-up saying if you are looking for a Rs 1-lakh cover, you need to pay Rs 149.
In many ways, cab aggregators have more hold on a customer than a bank, because a consumer is more likely to use the cab service and that has high recall value. If somebody bills a wallet with Rs 999 instead of Rs 99, they run analytics and know the DNA of the customers. Financial services providers piggyback on them and market their products.