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FinTech as we know, refers to the financial services offered online through means of technology. The inclusion of technology for back-end services has taken place much later than the other industries. Irrespective, it is making the process of delivery and efficient services easier than before and is definitely here to stay! 

 

Future of the Fintech industry in India looks brighter than ever considering the adoption of the cashless India and Digital India drives. Companies are looking to move their business online and this is going hand-in-hand with the increasing number of start-ups coming up.  Increase in smartphone usage and the journey towards building a digital infrastructure for a digitally empowered India is only opening up avenues for the FinTech industry. 

 

As we know, the Covid-19 outbreak has imposed a lot of restrictions on physical movement and introduced various norms of social distancing. This has led to an increase in usage of payment gateways, internet banking, online transitions, etc. Thus, the opportunities for digital FinTech services are on a rise. FinTechs are excessively working towards making payment services contact-less and accessible to the maximum number of people. They are striving towards transforming the financial landscape into an efficient and affordable one.

 

• One platform, various services:

  The consumer today, wants an easy way out. Most FinTech companies offer a one-stop solution to customers. These websites and applications are usually easy to navigate, customer-friendly, time-saving and also cost-efficient. Banks are also turning to the digital world. With a hectic lifestyle, consumers rank convenience at par with customer service. 

 

•  Peer-to-Peer (P2P) Lending Services:

  Borrowing and lending money no longer requires individuals to physically meet. It is done online and FinTech companies are instrumental in facilitating these services. Peer-to-peer lending is gaining more significance with the prevalence of innovative credit models. This has provided consumers with easier access to capital and guaranteed security of returns for lenders

 

• Invisible payments:

  The idea of cashless India has undoubtedly started the journey going digital but with Covid-19, consumers’ preferences of invisible payments have gone up. Debit and credit cards are not outdated but online, invisible payments at the tap of your finger is the new trend. Therefore this has addressed concerns of financial safety and presented customers with easier options to store data and maintain records.

 

• AI and data analytics:

  Cloud computing improves access to financial products and also in maintaining records at one place. This includes maintaining a database of something as small as a daily task or the overall financial history of an organisation. Blockchain and Big Data are a couple of complementary technologies progressing in full swing. The horizon of Artificial Intelligence and Data Analytics is vast and instrumental in addressing key problems like cost minimisation and transaction risks. 

 

The age of SMEs

Small and Medium Enterprises are largely responsible for the growth of the FinTech industry. They are an innovative approach to securing funds. SMEs are in extensive need of such affordable and efficient services for their smooth and effective functioning as they often face challenges of lack of credit support offered by traditional financial institutions. Meanwhile, they can easily avail of capital by uploading all the necessary documents. They can raise loans at a shorter notice facilitating quicker returns. 

 

At Trivium, we serve a plethora of clients and FinTech lies in our range of expertise. Our work for AYN InfoTech and SLK Globalfinancefinance has provided us with a better insight into the industry giving us the overall knowledge of its functions and operations.

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