Smartphone usage across India reached 60.63% of the population in 2021 versus 46.44% in 2019. This increase in the number of smartphone users in India has opened a bigger playing field for neobanks. The Indian neo-banking market is expected to grow at a three-year CAGR (compounded annual growth rate) of 50.5% to reach $11.65 billion by the fiscal year 2025.
Millennials and GenZ, college students and working professionals in particular have contributed a lot to the growth of neobanks in India.
With India experiencing a significant increase in smartphone usage (reaching 60.63% in 2021), neo-banks have a newfound potential to reshape how working professionals handle their finances. However, a major challenge lies in the lack of a personalized, easy-to-use mobile app tailored to this purpose. Despite the benefits of smartphone-based neo-banks, many working professionals are reluctant to embrace them due to a lack of awareness and trust.
the objective to conduct secondary research is to get a good understanding of the problems that the user/target audience is facing as well as to get a hold of the mental model of the users so the process of EMPATHIZING can be carried out easily.