Impact of FinTech in India

By SiliconIndia   |   Monday, 07 May 2018, 09:55 Hrs
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Here?s a new word to add to your vocabulary - FinTech.

If you think it will make you sound smart, you are probably right. But at the same time, you must know what it means since it is all around us. Fintech or financial technology is a relatively new industry emerging in India. Financial institutes are not investing and developing technology to make lives faster and easier. Convenient services and solutions have been introduced in several areas across insurance, asset management and payment to name a few.

FinTech in India Across Different Segments

? Payments

Gone are the days when you had to run around ATMs to withdraw money, feel embarrassed about not having enough money when you are about to pay the bill or panicking if you forgot your wallet at home.

Digital payments give you the freedom to make pay your phone bills, insurance, electricity or gas bill, credit card bills at any time, from anywhere, just using your smartphone. Most payment apps offer huge discounts and deals on different recharges and transactions.

Two such examples include Paytm and Freecharge. Paytm is a really popular app for online recharges and bill payments. This e-wallet and UPI app offers several services on its platform which include payments, money transfer, shopping, recharge facilities, bill payments, and movie, bus and air tickets among others.

? Credit

Wouldn?t it be awesome to be able to use technology to get a personal credit line in India? Now you can. Yes, this means no more running around the banks to get a small loan!

MoneyTap is India?s first app-based credit line and can proudly boast of being the next big revolution in the loan-lending segment. You can download the MoneyTap app and get a credit line of up to Rs 5 Lakh within a matter of minutes from which you can get a quick personal loan for any reason you need instant funds for. Some benefits include:

  • You can borrow an amount as low as Rs 3,000

  • The credit limit is available for lifetime. The limit gets recharged as you repay the borrowed amount, giving you the flexibility to withdraw multiple times

  • Interest rates are applied only on the amount you borrow and not on the entire approved limit from day one

  • MoneyTap allows you to borrow and access money without requiring any collaterals and guarantors

  • You can repay the entire loan without any extra charges

  • MoneyTap credit card allows you to enjoy rewards on the very first swipe along with discounts on food, fuel, and entertainment.

Get this loan app on Google Play Store and you will never have to rely on family or friends for funds.

? Investment Management

Various software with relevant algorithms are making it possible to help people make informed investment decisions. These types of software, also known as robo-advisors, are gaining importance in the financial industry, especially in portfolio management and stock markets as they can make trading intuitive, cheap and mobile. Some prominent examples include Scripbox and myCAMS.

myCAMS allows investors to buy Indian Mutual Funds online with an easy investing experience and Scripbox helps you save tax by suggesting the best tax saving mutual funds.

? Personal Finance Management

You don?t need to have a background in financial education to make excellent personal management decisions, all thanks to the advancement in Fintech. Numerous apps are capable of managing accounts, automatic budgeting, asset management and finance planning. These apps also make tracking your expenses and managing your money easy and intuitive.

Two examples are mTrakr and Moneycontrol. mTrakr helps you manage the bank accounts, expenses, credit/debit cards, budgets, bills, reminders and documents all in one place and Moneycontrol helps in tracking the latest updates on Indian and Global financial markets on your smartphone.

? BankTech

Fintech has made it possible to perform almost all your banking tasks using a laptop or a smartphone. It is now possible to open a new account, check your balance, transfer funds and pay bills from the comfort of your house.

Two popular BankTech examples include the HDFC Bank Mobile Application and ICICI Bank?s iMobile Application. HDFC?s mobile banking app allows its customers to view their account summary, transfer funds, make credit card payments and pay utility bills. It has over 1 million downloads and is also available in Hindi. ICICI?s iMobile app has over 10 million downloads and is used to transfer funds, pay credit card and utility bills, open fixed deposits and recurring deposits, and manage Life Insurance policies.

? InsurTech

InsurTech refers to the use of financial technology in the insurance industry. Numerous insurance companies are adopting the use of technology, making it possible to take an insurance cover without having to physically present yourself to the company. You can even file claims online.

Companies in both public (New India Assurance) and private sectors (Cholamandalam M S General Insurance) have launched their mobile apps that enable customers to renew their policies or buy new ones.

With each passing phase, fintech is getting stronger in India and soon enough all your financial needs and tasks will be taken care of in matter of minutes, or eve seconds from the palm of your hands. Start making use of what is available from what?s listed above the next time you need a personal loan, track expenses or need help with investment management. And, thank the fintech for making the job much easier, faster and more intuitive.

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