The FinTech industry has taken advantage of rapid digitisation in the modern world. Finance regulators are focused on customer protection and satisfaction. Advanced technologies and innovative problem-solving have evolved the financial world.
Fintech companies require large capital to invest in technology. Personal loans in Noida provide capital to such companies at low interest rates. As reported by EY, India is leading the FinTech adoption race with an adoption rate of 87%, substantially higher than the world average of 64%.
For instance, Shopify provides business owners with loans through an e-commerce platform. The funds are added directly into your account without traditional banking services. The incorporation of financial tools streamlines processes and enhances the customer experience. This allows businesses to access capital without needing traditional banking services.
The emerging trends of the FinTech industry
The finance industry has become tech-savvy with upcoming times. The industry is increasingly collaborating with banks, prominent technology players, & regulatory bodies in the market. There have been a few key trends shaping the path of the Indian fintech landscape. Let us delve into it ahead:
| Emergence of Digital adoption: The unexpected pandemic advantage | post-pandemic world has emerged as the online era. People are now using digital services in their everyday lives.
Micro, small, & medium-sized enterprises (MSMEs) promote the use of Fintech services. India’s digital economy is experiencing exponential growth to $800 billion by 2030. Digitalisation has been advanced in UPI development, infrastructure, etc. |
| Horizontal expansion: path to PayTech profitability | There has been a tremendous development of a payment ecosystem. It is facilitated by the advancement of technology and innovation.
The technology has helped in making quick, efficient payment processing. In addition, it also ensures security and innovative payment systems. |
| Neobank: partnerships facilitated with customised products | Neobanking startups have been receiving funds, leading to a rise in the industry.
Investors and shareholders understand the neobanks potential. Thus, they promote neobanks, bringing them to the larger financial service industry. |
| Ecosystem banking: value-based ecosystems | An ecosystem banking ensures enhanced customer experience & generates long-term value.
Ecosystem banking provides one solution to your multiple problems. These problems are complex processes across various applications run by multiple partners. |
| InsurTech: a novel product and enhancing innovation | With increased funding growth, doubled in the past two years, it ensures novel business models.
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| Looking for an opportunity in the equities market slowdown | Earlier, physical assets, including real estate and FDs, were the prime domain for funding.
However, in the past two years, demat accounts have increased rapidly. This resulted in more virtual assets. |
| Digital adoption ensures financial literacy | The introduction of education in the fintech industry leads to high financial literacy.
The aim is to increase awareness amongst those with little knowledge of fintech. In addition, it provides them with advantageous financial services. |
| India to transform the global payment landscape | Digital payments and credit spaces have evolved in the modern world.
The RBI and NPCI build on customer’s data privacy. Whereas, private fintech payments build a financial services ecosystem, maximising profitability. |
| Bank and FinTech will bet on product hyper-personalization | A synergic partnership must be maintained between bank & fintech companies.
Banks use their customer base and regulatory understanding. On the other side, the fintech industry offers innovative and customer-orientated products. |
The conclusion
To sum it up, the fintech industry has been booming with advanced technology. In modern times, fintech companies have seen a rapid surge in funding, leading to its boon globally. Fintech services are usually customer-centric, promoting personalised profitability. It is believed that in upcoming times, the fintech industry will see a bright future.
