Due to social fintech inclusivity, the company is actually growing

 Since the start of the 2008 financial crisis, the financial services sector has undergone substantial change. The growth of the FinTech industry was aided in part by a general lack of satisfaction with traditional financial institutions and their inability to adjust to changing customer needs. EY Fintech Adoption research shows that a third of all digitally active people use fintech products, up from 15% in 2015. As more people accept the digitization of banks and have access to essential financial services via technology, the industry is expected to continue expanding. FinTech is one of the most well-liked sectors today in terms of potential for short-, mid-, and long-term growth, according to Siddharth Mehta il&fs . ".
 
 The difference between companies that claim to be socially conscious and those that have established social corporate responsibility (CSR) practices must be made clear when talking about social FinTech. Using market mechanisms to resolve a pressing social or environmental issue is the primary goal of social businesses, in contrast. However, while CSR practices can be incorporated into any company's fundamental business strategy, this is not their main goal. In light of this, Siddharth Mehta IL&FS stands out as a common company with a social conscience.
 
 The social FinTech industry also dispels the fallacy that for-profit financial institutions are unable to prioritize social impact as a goal. According to a recent study, over 70% of "impact" businesses make more money than conventional ones, and impact investment has increased by about 10% since 2012. Because of this, a company may engage in conventional financial activities, make money, and give back to the community all at once.
 
 Customer attraction to social FinTech products is primarily driven by their "social" appeal, claims Siddharth Mehta of Bay Capital. Studies indicate that social FinTech businesses will continue to expand in number and most likely establish a greater presence in underdeveloped countries, despite the fact that there is a lack of data in the field as a result of its recent emergence. China, India, and Brazil are among the top five countries in the world for FinTech adoption rates despite having astronomically high percentages of citizens without access to banking.
 
 Despite being present all over the world, social fintech companies are primarily concentrated in developing countries. The traditional banking services like money transfers, insurance, and internet banking are currently provided by well-established financial institutions, claims Siddharth Mehta IL&FS. On the other hand, people in the Global South concentrate on helping the unbanked. They frequently offer payment, crowdfunding, and microfinance services. Fintech companies operating in developing countries frequently offer their customers financial services for the first time. These areas tend to be found on the continents of Africa, Asia, and South America because of their particular allure.