The introduction of the fintech industry in the Indian market has taken place few years back but the rate by which the fintech industry is growing is remarkable. The fintech industry has crossed the investment capital range of million US dollars in the previous years in India. The growth of the fintech industry in the Indian market has been appreciated by the big minds in the financial and investment banking system.
The fintech industry is getting great exposure and support in the Indian markets. The collaboration of the banking systems with the innovations of the fintech industry have optimized and revolutionized the working of the banks. Indian market is providing the apt conditions for the intense growth of the fintech industry.
The pillars of fintech ecosystem are the users, the financial and banking institutions, investors, innovation labs, business start ups, universities and research institutions. With the help of these pillars, the fintech industry is capable of deepening its hold in the Indian market. And not just the fintech is putting efforts to grow in the country, but the Indian market is also providing the ample support to the financial technologies.
From the beginning of the craze for the fintech industry in the country, there are approximately 750 business start ups. It is not shocking to know that out of these 750 business start ups, 125 ventures have been launched in the previous year only.
The landscape of the fintech industry in the Indian market is not just evolving rapidly, but it is also introducing the necessary changes that are essential for the banking system. The modifications in the financial and banking infrastructure need to collaborate with the financial technology so as to keep pace with the global economy.
The financial services like the payment services, remittance services, personal financing, lending services and investments have revolutionized after the introduction of fintech in India. Fintech industry have also introduced various opportunities for the people to innovate and develop new technology to create a much more robust and secured banking infrastructure. The financial technology has a potential to grow in the Indian market and to reach greater heights. The financial and investment banking system are not the same what they used to be a decade ago. The financial institutions need to learn that the collaboration of the fintech is the way by which they can stand in the competition at global platform.
The fintech sector in India still have a lot to conquer and there are yet much more innovations to be introduced. There is a great scope for further development and growth. The main challenge for the growth of the fintech industry would be to reach up to the people that are not connected to the banking system. For the complete growth of the fintech industry, the population that lacks the financial awareness have to get acquainted with the new fintech world.