#5 Trends that have Become Encouraging for India's FinTech Sector
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The financial revolution has refurbished the traditional financial sector. Fintech in India has received a good response so far and is looking forward to brighter days ahead for 2019 as reports have surfaced that the Indian finance ministry is on the verge of issuing a report on fintech. The report will supposedly elaborate on the policies and regulatory guidelines that will supposedly uplift the sector. The boost will create an inflow of more number of fintech startups in this sphere.
The credit for all these goes to India’s strong mobile market and inexpensive data.
For all those new and potential fintech entrepreneurs watching the space, here are some of the trends that are promising for the industry:
Blockchain – Blockchain technology is one of the most crucial trends in the banking and financial services industry. It is refurbishing the fintech industry and is much vouched for by industry operators.
The distributed ledger records transactions and it is needless to say that this, along with keeping a tab of the data, offers transparency, data accuracy and efficiency. A major highlight of this technology is the security that it offers, helping to secure data integrity. Thereby, the technology helps to seamlessly strengthen the trust factor.
Mobile Lending – Digitization of money lending platforms have eliminated a lot of creases from the credit market. The operations of the various new and existing fintech hands are creating more awareness about money lending.
Building the trust factor helped the fintech operators to reach out to more number of potential customers in the country.
Their offerings like instant money transfer, no cost EMIs, flexible timeframes & interest rates for repayment and more are alluring. This is attracting various age groups in the country, starting from young adults to elderlies everyone is availing the same.
AI-Based Chat Bots – Fintech companies are showing a great inclination towards AI based chatbots. These chatbots have the potential to replace financial executives and representatives in the future.
The chatbots are getting more and more geared up to offer financial suggestions to customers on their own. This will give the customers the feel of interacting with a personal financial assistant.
Payments wallet – Digital payments wallets systems have opened a different segment of payments system that allows users to add money in the accounts through their debit and credit cards.
It helps them to eliminate the needs of owning plastic cards, do paperless transactions and all these through the wallet where the money is stored. Through these wallets, users can make payments on e-commerce websites, pay bills, etc.
The promising nature of these wallets have convinced multiple players to enter the domain and many of them like Paytm, MobiKwik and JioMoney have already come out as names that everyone knows.
Payments Security – Payments data are susceptible to the most number of security threats. Although Indians have shown an immense inclination towards digital transactions, the frauds in the realm don’t let users invest 100per cent of their trust in the digital payments platform.
In this regard, number of security providers are coming to the forefront with their security offerings to help these payment platforms get end-to-end secured.