Why New Entrepreneurs Could Consider Fintech as a Sweet Spot
Lives of people are set to become a lot smarter and easier
Technology is undoubtedly a big driver of entrepreneurship and startups today. Smart models are today finding increased takers in the form of entrepreneurs, through technology. Now, finance in India has also been undergoing a rapid transformation as far as becoming accessible and utilizable by the vast majority is concerned.
In this regard, Entrepreneur India attempts at analyzing the smartness of the current Fintech sector in India:
Initiating acceleration of solutions
"AI is accelerating the velocity and ease of payments for consumers," states Varun Rathi who is Co-Founder and COO at Happay.
He envisions disruptive technical aspects viz Artificial Intelligence (AI), and Machine Learning (ML) as driving major decisions in finance which traditionally were considered overly complex.
"Merchants along with digital payment companies are using machine learning to identify a new set of customers by evaluating the digital footprints related to customer's recent purchase history. Advanced algorithms are able to find new or complimentary services that the same customer may value," he informs.
The key takeaway here is that society requires smart models now; you could have models driven by AI and ML for aspects such as smart evaluation of potential loan customers, expense management within large organizations, and smart data crunching.
Scope for innovation
" It started with a simplistic business model of peer to peer lending but Fintech curve has moved quickly and we are now seeing some innovative and India specific businesses being launched in the space," informs Bhaskar Majumdar who is Managing Partner – Unicorn India Ventures.
Lending is another area which is now turning smart thanks to technology.
"Technology has enabled us to open multiple channels to serve customers and reduce our operating costs – such services are usually offered to only premium customers of universal banks," added Ittira Davis who is COO at Ujjivan Small Finance Bank.
Hence, the scope to simplify services is at an all time high now. The key takeaway here is the "Customer is King" approach that is re-iterated through smart Fintech models.
Your solutions also stand relatively higher chances of getting accelerated; with aspects such as Predictive Analysis and Big Data. Data is the key here; and if your solutions could crunch data effectively, then there should be no stopping your offerings from disrupting the Fintech domain.
"We believe that wealth-tech is going to be the next frontier because there is a steady rise in wealth amongst individuals who will actively look for robust investment platforms," states Nitin Agarwal who is CEO at Oro Wealth.
Agarwal's insights hits the nail squarely on the head; you could even sue Fintech to enable investors to create wealth. Here, the important aspect is to ensure that right investment decisions are made to empower customers (and investors). Your technology leverage would be a plus as far as actual empowerment and qualitative equipping of consumers is concerned.