The Indian Fintech industry witnessed a boom in the early 2000s, and it has shown no signs of slowing down. We take a deeper look at India’s Fintech industry
Since the beginning of 2010, India saw the dawn of the financial era. Banking institutions began seeing the advantages of technology and invested heavily in emerging technologies. This gave rise to a number of financial technology or Fintech courses start-ups in India. Technologies such as AI, Blockchain and cloud computing began to seep the financial market making it easy for transactions to be carried out easily with minimum human intervention. This resulted in e-commerce blossoming where consumers could make financial transactions such as online payments, shopping and paying bills without any worry.
There are six basic benefits that were highlighted during the Singapore Fintech Festival 2018 and these included access, inclusion, ease of living, connectivity and growth of opportunity and accountability by individuals and banks. Technology has now entered the mainstream and is creating opportunities like never before and has impacted the economy tremendously.
Prime Minister Narendra Modi spoke at length about the fintech industry at the Singapore Fintech Festival 2018. He spoke about the growth of fintech startups in the country, the impact of demonetization. He said that there is an eruption of fintech innovation and enterprise in India. The future of fintech and Industry 4.0 is emerging in India according to the Prime Minister.
In this article, we want to list down the top reasons why India is emerging as the IT capital of the world. Prime Minister Narendra Modi’s Digital India has seen success with many industries adopting technology at a rapid rate.
When you deploy technologies such as blockchain and AI, it makes it easier for banking and financial institutions to address frauds and crime. Since all the data and transactions are well protected and human intervention is minimum, crimes are drastically reduced thereby decreasing costs. It also prevents money laundering to a great degree.
The introduction of the Aaadhaar card in India has made it possible for marginalised parts of the society to open bank accounts with ease. It has ensured connectivity and ease of living with opportunities for 1.3 billion Indians. The Jan Dhan Yojana has enabled the opening of 330 million new bank accounts in the past three years.
Ease of Payments
Online payments and its accessibility have opened a gateway of possibilities thereby ensuring that there is high levels of productivity in the country and had a good impact on the economy.
It has been two years since the occurrence of demonetization in India, and the fintech industry has only grown at a rapid pace with the rise of digital payments and transactions. There is a 207% increase in the volume of transactions carried from 79.67 Cr transactions as recorded in October 2016.
The fintech revolution has only begun, and with banking institutions adopting newer technologies, it will give rise to more start-ups, making India a sought-after destination for financial innovation.