Having an overlook of the current scenario of the global economical market and the way in which the technology is ruling the financial and investment banking sectors, it can be easily imagined that a century from now, the fintech will be the soul of the financial industry and banking sectors.
The term ‘Fintech’ is defined as the technology that is associated with the financial sectors. But the definition of the fintech will not be the same in the upcoming years and it will change very soon with the expansion of the scope of the financial technology. The mankind is known to deal with the finances since ancient times in one form or another. But if the financial conditions of the ancient times are compared to now then it is so much developed just because of the technologies that have been provided by the fintech. Fintech is sinking deeper in the banking sector and it is becoming the backbone of the financial market. The fintech storm is about to surge throughout the globe and the whole economy will be the witness for the changes that have occurred in the financial sectors and the investment banking sectors. The financial sectors are not similar to the ones they were 100 years ago and it will not be the same a century from now.
The world is subjected to change and so will the changes take place in the fintech industry. The experts and financial professionals just envision what will be the scenario of the financial market in the country a century from the present date.
Some of the experts have mentioned that the financial market will be easy on the online lending and the peer to peer marketplaces will be an eminent part of the whole financial and banking system. The fintech supports the peer to peer marketplaces and the P2P lenders are also gaining popularity. The P2P lenders are providing the money on comparatively lower interest rates with a higher yield to the people. The combination of the P2P lenders, the blockchain technology and the internet has brought about major changes in the disaster management strategies. And many more such combination will bring about drastic changes in the fintech industry.
Indian markets have always been the centre for the economical and frugal innovations all over the world and most of the major innovations have been outperformed and tested on the ground of our country. The fintech industry is provided with a cheaper option to develop in India and in this way the industry can become successful and can go global through India.
Fintech will be the source to reach out to the people in the remotest areas of the world that are far away from the global economy and it will bring them a level higher so that they can also perform on the same platform. Micro financing, the inclusion of the unbanked segment of the population, offering financial services to the rural people will be much easier 100 years later. The people will be able to seek financial advice over a missed call and the banks will be client based and not just product based. A century from now, the financial world will be a different place.