siliconindia | | MARCH 202319Fintech has enabled millions of underserved people across the country to have access to financial servicesboost growth traction, there will be more innovation and collaboration among banks. In this context, banking as a service (BaaS) has developed as a critical component in the financial industry. As a result, we will soon be able to switch bank accounts without difficulty. Furthermore, the number of new banking platforms has gradually increased in recent years. According to an EY analysis, investment in Indian neobanks is poised to reach $215 billion by 2023. The personalized financial solutions supplied by neo-banks are valued by India's young working population as much as traditional banks. When time passes, more banks and consumers will consider working with neo-banks. The fintech industry in India is growing rapidly, driven by the increasing adoption of digital payments and financial services. According to a report by NASSCOM, the Indian fintech market is projected to reach $150­160 billion by 2025, with a CAGR of 22 percent. The COVID-19 pandemic has also accelerated the shift towards digital payments and financial services, leading to increased adoption of fintech solutions in India. The regulatory environment for fintech in India has also been evolving, with initiatives such as the Reserve Bank of India's regulatory sandbox and the National Payments Corporation of India's Unified Payments Interface (UPI) driving innovation in the industry. However, the sector also faces challenges such as increasing competition, regulatory uncertainty, and the need for sustained innovation to maintain growth.All Things Considered!With the advent of technological advancements, consumers have benefited in unimaginable ways. Fintech, in particular, has made it easier for people to make payments and obtain credit. With rising digital use and government attempts to promote digital payments, the sector has a lot of room for innovation and expansion. Fintech firms in India are anticipated to concentrate on increasing their offerings, enhancing the user experience, and using emerging technologies such as artificial intelligence, machine learning, blockchain, and so on to provide new products and services to consumers. As a result, it is safe to predict that fintech innovations will be at the forefront of driving the sector forward.
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