Insights

Fintech Spreading in India – A Boon or a Bane

The world is becoming digital with a thundering speed and so is the pace of the technology in the financial and investment banking sectors. The fintech has grown up into the present financial system to the very core and now it is revolutionizing the looks of the financial market. The fintech has left some of the most remarkable landmarks in the history of the financial sector and there is yet more to come from the fintech. The fintech is growing and it is advancing more and more to keep up with the pace of the people and their ever so growing demands. The fintech is bringing all the clients, customers, investors, and stakeholders on a single digital platform from where the banking operations and workings have become so much easier and simpler as compared to the early times.

fintechshapingthefuture

The conventional areas are very much exposed to the fintech and the technology has casted its charm on the financial market. So many new fintech companies are getting launched in the past few years. According to the report by the Accenture, the global investment in the fintech businesses has seen a raise from 4.05 billion USD in the year 2013 to 12.2 billion USD in the year 2014. India is also not much behind in the list of the countries that are struck by the fintech ventures and our country is a home for 750 fintech ventures itself. Out of these 750 fintech ventures, 174 companies were launched in the year 2015 only. These data show the enormous growth of the fintech in each and every part of the world.

It is a win-win situation for the country as the people are getting more involved in the business world and the fintech is spreading out its reach in every corner of the country, but at the same time the competition is raising so much. There are many small venture companies that are left unnoticed and they collapse just because they are not having enough financial security and support to build up a strong base for their business. Fintech is helping these small ventures to reach out to the big lenders in the financial sector and to seek the help from them to survive in the competitive world.

fintech industry now

Fintech is supporting the digitization of the country at a fast pace but the technology should not just limit on the mere thought of connecting the people, financial bodies and the technology together via the digital gadgets like mobile, PCs or laptops. There is more to do with the fintech in the country and it can be done if the scope of the fintech is increased and not just the reach of fintech. The fintech needs more time to grow and advance so that the global economy and the market can get the maximum benefits from the technology.

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