Innovation and technology have brought about a radical change in traditional methods of doing business. The digital revolution has transformed the traditional aspects of management. From planning to evaluation, every stage is now controlled by AI. Fintech is a technological innovation in financial services.
The two words ‘finance and technology’ can be measured by going into a bank to request your balance and the ability to pull up that information in real-time on your phone. This is how Fintech is impacting human’s life. Moreover, it offers a number of potential benefits such as speed and convenience, cheaper deals, increased choice, and more personalized products.
Fintech is empowering humans to take charge of their financial lives, leading to much greater financial suitability than ever before. It’s tearing down the old silos and helping to advance the consumers’ financial situation and the transactions easy to process. Moreover, it reduces the span of time for transactions and gives widely positive outcomes by leveraging advanced technology. In short, the concept combines traditional financial services coupled with the latest digital technology and Big Data to make end users’ lives easier and better.
Government initiatives to support the growth of the Fintech industry!
Increase in a number of start-ups; rising penetration of fintech from corporate to retail customers, many are considering how they could leverage to improve their services or experience, respectively; increasing investments by investors such as Angels, VCEs and PE Houses are driving the growth of the industry. Government support is one key trend boosting the demand worldwide, for instance, the Start-Up India initiative launched by the India Government in January 2016 includes USD 1.5 billion funds for fintech start-ups.
Fintech in India: New technology to take over traditional banking methods
India is transitioning into a dynamic digital ecosystem offering fintech start-ups a platform to potentially grow to compete with the global benchmarks. This has led the Indian start-ups, from tapping new segments to exploring foreign markets. The traditionally cash-driven Indian economy has responded well to the fintech opportunity, primarily triggered by the growing prevalence of e-commerce, and smartphone.
Fintech industry to grow robustly in future
The industry is likely to gain broad support from start-ups and regulatory banks, worldwide and to grow robustly in a short span of period. The timing for this industry is certainly right – Bloomberg recently mentioned in its report “as regulators around the world scrutinize the explosive growth of new technologies the industry of fintech will show a most attractive growth”.