Emerging technologies and innovative solutions have significantly helped the Fintech sector in India achieve unprecedented growth. The Indian Fintech industry is leading the way with an adoption rate of 87% compared to the global adoption rate of 64%. One of the major reasons behind this growth is the innovative business initiatives spearheaded by Fintech leaders. “Globally successful leaders are those who have been able to create success over an extended period of time. Continuous innovation, change, and self-reinvention characterize them. There is an unquenchable desire to try something new, to advance, and to expand—and not just in terms of size, he claims.
Beyond simply adopting winning business models from the West, they lead the pack by developing new solutions for payments and banking ecosystems. Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd., has also highlighted what transforms business leaders into change makers.
Read on to find out about the five influential revolutionary leaders of India. That has been helping the Fintech sector grow exponentially.
- Vijay Shekar Sharma: Pioneering Digital Payments
In 2010, Vijay Shekar Sharma founded Paytm – India’s first mobile commerce and payments app, making him one of the digital pioneers in India. With this launch, Vijay Sharma revolutionized payments in India and set the path for the growth and future. The e-wallet ecosystem in India – something he dreamt of doing with his previous ventures.
One97, the parent company of Paytm and Xs! Corporation – Sharma’s first jab in entrepreneurship. In a bid to empower the merchants and customers, Sharma and his team launched Paytm soundbox devices that give instant audio confirmation of the transactions. These devices have also been pivotal to the rise of digital payment in India.
While his leadership came under scrutiny in late 2022, Sharma has since been reappointed as the MD and CEO of Paytm and will continue to lead the company for the next five years.
- Nandan Nilekani: Leveraging Tech for the Greater Good
Nandan Nilekani is the founder and non-executive chairman of Infosys and is also the Founding Chairman of UIDAI. His leadership was pivotal in building Aadhaar, for which he was awarded The Economist Social & Economic Innovation Award. He also received the Padma Bhushan Award (2006) and Joseph Schumpeter (2005), the latter for his innovative services in various sectors.
In addition to this, Nilekani helms NCAER (National Council of Applied Economic Research) as president. He was also appointed co-chair of the G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development. Through his various roles, Nilekani, a change maker, has played and continues to play a crucial role in the development. The tech and the economy as a whole.
- Sanjiv Bajaj: Improving Financial Inclusion Through Innovation in Unsaturated Segments
A fourth-generation entrepreneur, Sanjiv Bajaj is the Chairman and Managing Director of Bajaj Finserv and stands among the best fintech leaders in India.
Known for keeping the customer first, Bajaj has leveraged technology to drive innovation that eases access to financial services and products.
His work has spurred financial inclusion and simplified access to formal credit for several thousand people in India. Mr. Bajaj, in an interview, said, “We try to continuously anticipate customer behavior and identify supply-demand mismatches in the market. We have built differentiation driven by innovation, rather than going after the commoditized mass-end of the market,” while discussing the factors differentiating his success as a leader.
Under his leadership, the company has become a financial powerhouse with innovation at its heart.
- Azim Premji: Achieving Unprecedented Growth and Global Presence
Ex-chairman and a current non-executive member of one of India’s leading IT companies – Wipro Ltd. Azim Premji is among India’s most successful and revolutionary leaders. When he took over the family business, he recognized the potential. The IT industry, post IBM’s exit from India, shifted. The focus of Wipro Ltd. is from consumer products to IT services.
Today, the company has a global presence in the IT industry and is among India’s largest software services firms. Besides his leadership, Premji is known for his philanthropy and reputation as an ethical entrepreneur. He is the recipient of many accolades, including the Padma Bhushan and Padma Vibhushan, for his contribution to business and charity.
The unified payments solutions, mobile-tech adoption, and the government’s policies to enhance financial inclusion have been major drivers of growth. Fintech leaders have also played an equally important role in shaping the industry. Thanks to these digital pioneers in India, the fintech sector is brimming. With potential and is primed to achieve its expected $200 Billion revenue target.