Fintech Adoption goes mainstream!
Fintech brings a new age paradigm shift from the traditional banking system wherein information technology is driving innovation in the financial industry. Largely focused on the convenience of the consumer market, Fintech has paved its way to providing a smooth customer experience by introducing concepts like mobile-first banking, digital payments, secure payment gateways, mobile wallets, paperless lending, etc.
Built upon rigid technology and complex organizational structure, Banks equip the highest number of branches in India, gaining large volumes of customer loyalty by providing a general range of services at a competitive price range.
However, with the technological revolution over a period of time, quality assured fast-paced customized services became a priority for business growth in India. And as they say ‘Feedback is the breakfast for Champions’, the fintech industry backed up on these consumer behaviors and came up with more digital and mobile-friendly solutions catering to masses presently and providing services round the clock.
According to the recent report by BCG and FICCI ‘, India will realize a FinTech sector valuation of USD 150-160 billion by 2025’. Furthermore, they have also mentioned the success in FinTech India is due to large addressable demands, Big shift initiatives(GST, UPI, etc.), investment ecosystem, and technology talent pool making India the fastest-growing fintech market in the world.
Fintech has evaluated its services by seeing them through the eyes of its consumers. Right from ensuring interactive yet easy to navigate UI platforms with predictive data analytics driving key business results to steadfast customer support and leveraging on cloud-based technology, the FinTech landscape has succeeded to provide agility, transparency, and underlying growth to the businesses across India.
Key Drivers leading to fast fintech adoption in India: India has nearly around 2100 plus emerging fintech firms by MEDICI Fintech report. Also, According to a report by EY, India and China lead the fintech market adoption with an 87 percent adoption rate in 2019. This exponential rise is seen as FinTech-enabled ease in the accessibility of services for the consumers. Following are the key drivers leading to a rise in fintech adoption.
Diverse functionality and features: Fintech leverages on cloud-based technology cataloged with enormous features catering to consumer-specific requirements with tailor-made solutions.
24/7 availability of support: FinTech runs on the idea of agility, process automation, and customer satisfaction. Thus, proactive customer support is readily available, reducing back and forths( lengthy approval process, complicated process flow, heavy interface, etc) faced by customers using otherwise conventional methods.
Ease of setup and configuration: Fintech allows businesses to go live with them at a faster pace by enabling online and automated services like paperless verification, mobile responsiveness, approval systems, etc. This reduces the overall turnaround time and streamlines business goals with the right technology adoption.
Compatibility with daily operations and infrastructure: Fintech offers seamless functionality. With its open APIs, cloud-based technology, and secured platform, fintech offers sturdy compatibility with businesses existing operations and infrastructure.
Analytics-based decision making: Fintech allows businesses to track customer behaviors and analyze trends with a dashboard interface and auto-report-generating system. These inputs are very important for businesses to quantify decisions and scale up to advancements.
Fintech is continuously gearing up its wheels towards innovation and customer satisfaction and there is no way its articulated value proposition can be overlooked at. On the other hand, banks are collaborating with Fintech firms to build the best ecosystem.
Moreover, it is equally important for Fintechs to navigate their way through banking organizations by setting up the right framework and pricing models. Fintech is the way to modernize traditional banking to new-age banking - ultra simpler and ultra-efficient.
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