The Indian market is becoming one of the major hosts to the financial technology. The fintech is developing and expanding so rapidly in the country and it is becoming one of the most rapidly growing industries not just in India but in the whole world. The fintech has reached its hyper growth phase in the Indian financial market within a very short duration of time and there is no scope of the technology going down in the upcoming years.
The fintech is ruling over the banking sector and it has been advancing more and more in the present times. The financial experts say that there are yet much more scope for the fintech to develop and this is just the beginning of a new digital era. The anticipation of the growth of the fintech industry is rising and it is envisaged that this fintech industry will be covering most of the aspects of the financial world as well as the other small factors too that influences the living standards of the people.
The fintech has made some of the remarkable landmarks in the global economy and now it is also doing the same to the Indian economy as well. The saturation to the hyper growth phase of the fintech is not near. In the coming 20 to 30 years, the digitization of the world will be achieved and all of the aspects of the financial market will be brought to a single platform with the help of the technologies that have been introduced into the market by the fintech.
Currently, the fintech is just limited to deal with the lending, mobile and online payments, transactions, loans and insurance provisions, remittances and asset management. In the coming years, the fintech will soon become the backbone of the financial and banking sector and the financial services will be provided to the individual with the click of a single button from their mobile phones, laptops or PCs. The fintech will make all of the financial services easily accessible to the common man.
Our country is becoming a hub for the fintech industry as per the Nasscom report. The previous year 2015 has seen so much growth in the number of the fintech start ups in the country. There are a total of 750 fintech ventures in India which are running in the present times and out of these, 124 fintech companies were launched in the year 2015 itself. The total investment that the fintech industry has witnessed in the financial year of 2015 is of worth 450 million US dollars. This estimation is more than enough to depict the present hyper growth phase of the fintech industry in the country and how people are getting more and more used to the technologies provided by the fintech.
India is at the verge of the financial revolution but there are some challenges that needs to be tackled to become the fintech hub.