Fintech is one of the most attractive and the hot topics in the global market. Our country is also developing rapidly in the fintech industry. Though the very young fintech industry has associated itself with the Indian economy but there are so much more to innovate and discover. With the emerging of the fintech industry in the Indian market, the demands and needs of the customers, investors and clients are also increasing.
The Indian fintech industry is becoming the major sector which is feasible for some major innovations. The emergence of the fintech sector in the Indian market is the introduction to the changes in the payments, lending options, personal finances, etc. The whole conventional financial system has seen a major transformation from being product based to client based.
The feasibility and opportunities are developing because of the Indian fintech industry. There are major scope for development and advancement in the fintech industry of Indian market. Numerous business start ups have been established in the past year with a vision to become the leading fintech company.
There are various areas in the country which requires development in the fintech industry. Here are some of the major fintech themes that are a source of opportunity for the Indian market –
- Next generation payment methods are one of the top most requirements in the present times. Almost half of the Indian fintech industry is involved in the payment transactions. Payment initiatives like the UPI will make the payments robust and feasible.
- The regulation in the peer-to-peer lending. The Indian fintech industry is beginning to acquire the alternate lending model.
- Financial inclusions are one of the major areas that are seeking the advancement of the fintech industry. The Indian government is also putting efforts and launching new initiatives to work upon the development of financial inclusions.
- The introduction of the blockchain technology and bitcoins in the Indian fintech industry. The global industry is coming to a same platform with the help of the blockchain technology. The Indian fintech industry is yet to explore the various aspects of the technology.
- The revolutionized robot advisors are one of the major areas of fintech industry all over the world. The Indian market is slowly getting acquainted with this technology. The innovations in the technology are going to be a landmark in the history of the financial system.
- The fintech industry is giving way to the development of the high security in the financial industry in India. The biometric security system and the voice recognition system are gaining grounds in the Indian fintech industry. There are yet more to develop to make the fintech robust and secured. Even the Adhaar Card linked biometrics would be of importance in the coming years.
- The non financial companies are also influencing the financial technology sector in India. The demands for the service providers are increasing day by day. The development of the ‘Bank in a box’ is trending.