At the Infinity forum launch, a thought leader forum on Fintech, Indian Prime minister demanded a “Fintech Revolution” in India. This was to include a security shield, which would be driven primarily through income, investments, and insurance. At 87 percent, India is the country with the highest Fintech adoption rates in the world. This is much higher than the global average of 64%. These factors include the Digital India Initiative, a favorable policy environment, and the presence of a substantial talent pool.
Trends Driving India’s FinTech Revolution?
Innovations in fintech have been encouraged by India’s strong customer base and product-market match. The acceptability of digitalization has increased with the acceptance of cashless payments. Because transactions are so easy, customers have adopted digital modes of payment. With greater demand comes greater challenges. The solution is to create super apps that integrate all financial services into one app.
Foreign investment in India’s fintech industry is making a difference as the country is highly competitive. As the Industrial Revolution 4.0 & Web 3.0 take off over the years, the target audience will grow to nearly 160 million high-income and middle-class Indians by 2030. Services will move beyond typical lending, investing, insurance, and digital products to include embedded finance and P2P.
Fintech India Revolution ecosystem
Once all stakeholders have joined the ecosystem, a virtual ecosystem will be the ultimate goal of this ballgame. Blockchain will allow transparency in taxation and public spending. This will reduce leakages. Despite its many disadvantages, the current centralized financial environment has been in existence for more than a century. Questioned for all of the right reasons. Intelligent Robotic Process Automation is an example of a system that has developed. They are also cost-effective, and they are gradually becoming more scalable due to positive effects from the ecosystem’s network. Big data analytics has made great strides in offering personalized solutions for D2C and other differentiated models.
Why India is at the forefront of the FinTech revolution
FinTech is quickly changing the face and environment of the banking industry. Many banks are moving to digitization, along with paperless and non-cash processes. FinTech, or financial technology, is a term that refers to emerging digital technology. It aims to automate and improve the delivery and use of financial services. FinTech is a combination term for “financial tech” that was first used to describe the technology at the back-end.