FinTech Ecosystem, Bengaluru estimates an individual’s likelihood of acquiring various diseases over the next several years. The algorithm also calculates their propensity to file claims. India outswing many established markets such as the US and UK to win the majority of deals.
India, Home of 3rd Largest FinTech Ecosystem in the World
Accenture claims that India’s fintech investments almost doubled to $3.7billion by 2019, up from $1.9billion the previous year. This places India as the third-largest fintech center in the world, after the US and UK. Accenture reviewed data from CB Insights to determine that investments in payment companies tripled to $2.1Billion, from $660M in 2018, while funding in insurtechs increased strongly, increasing 74% from $510 million
India’s fintech Industry.
India’s gateway to payment services used to be the bank. This is changing as technology advances rapidly. India’s payments infrastructure is gradually being challenged by new interfaces, payment mechanisms, and other improvements. It was also crucial that the government’s “Make in India,” Digital India projects, and other initiatives played a significant role in Fintech adoption. It is commendable that the Reserve Bank of India (RBI), has encouraged electronic payment to help establish an entirely cashless society.
In addition, the government’s implementations of GST and demonetization have given fintech companies throughout the country a huge opportunity to grow.
Internet financial services were the first to market in India as a consumer-oriented fintech product. While Internet banking develops over time to become a classic fintech product. It wasn’t until 2016 that demonetization was used as a catalyst to accelerate customer adoption of fintech services in India. The disruption enabled the rise of fintech startups. These startups brought customers digital financial products like Digital Lending and Digital Insurance. In India stack, pandemic, and other factors played a crucial role in increasing customer adoption of these new digital-first models. Their only hope of ever becoming fully digital banks with a separate license is also diminishing as the RBI Governor disallows them from doing so.