APRIL 20238he entire world is striving to gradually go back to normal after the economic collapse brought on by the COVID-19 epidemic. The financial services industry is evolving rapidly as a consequence of Fintech solution evolution. Significant companies in the financial sector are increasingly converting from manual to digital processes, as is the case in most industries. The industry has seen a wide adoption of technologies including electronic payments, paperless loans, mobile banking, e-wallets, and wealth management because to continual technical improvements. India has one of the largest adoption rates of Fintech among emerging countries worldwide, at 87 percent versus the global average of 64 percent. Today, more Fintech manufacturers are working to increase financial inclusion, which will enhance the standard of living for underbanked communities. By 2025, the Indian Fintech market, which is currently worth $31 billion, is anticipated to grow to $150 billion.FinTech is the Path to Economic Expansion: Modernity is increasingly reliant on technology in all of its manifestations. The way conventional financial services organisations function has undergone a substantial transformation as a result of technological advancements. The pandemic and numerous government initiatives that have been put in place over the years have caused the traditionally cash-driven Indian economy to seize the opportunity presented by new technologies. When businesses are being essentially forced to move their operations online by the new 'Low-Touch, High-Tech' economy, Fintech is expected to experience a growth in the ensuing years. As the digital transaction mode develops rapidly, traditional businesses & uncommitted. Customers who had concerns about adopting innovations like digital banking, for instance, will swiftly come off the fence.There is a growing connection between NBFCs and the FinTech ecosystem. Financial services companies are using technology more than ever across their entire process loop right from the lead generation, customer on-boarding, underwriting, disbursements and collections. This deployment phase has greatly improved the customer's digital experience. This movement is mostly driven by new technologies like ML, IoT, AI, Blockchain, and Cloud computing, and organizations that use them will succeed far more than those that do not.The substantial Indian consumer base, which has generally been particularly hesitant to use technology for financial transactions, requires FinTechs to strive toward increasing consumer confidence. The availability of Internet, smart phones, and consistent electricity to power tech devices for the vast majority of Indians across the nation is another issue that continues to impede the quick growth of FinTechs. The potential for further improving the entire value chain and integrating the unbanked and up until now underserved segments of the Indian people exists as the fintech sector expands and changes. In the upcoming years, FinTech applications should continue to emphasise more accessibility, quicker processing times, and novel payment ways.THOW FINTECH REVOLUTION RESHAPED THE INDIAN ECONOMY EDITORIAL EXCLUSIVE
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