Fintech is no longer a fancy term and a concept that is not known to many. Today, we have reached a stage wherein we get to see new Fintech companies emerging out on a regular basis. The advancement in technology is one of the main reasons behind the rapid growth of Fintech in India. Over the years, these Fintech platforms have played an important role in making financial access and transaction processing for end-customers through artificial intelligence (AI) and machine learning (ML).

Ways in which Fintech is Changing India

The impact Fintech has had over the years is remarkable. Here are some of the ways in which Fintech is Changing India for the better.

Unique products to a larger number of people

Needless to say, demonetization move has led to a massive fillip to the Fintech sector. Also, with newer Government policies that come up every now and then, have paved the way for favourable backdrop for Fintech. No second thoughts about how Fintech has already altered the market. What we get to see these days is how a lot of traditional financial organisations are aiming to collaborate with Fintech companies in the coming years. Wondering why? Well, that's because many companies fear they will lose out. The fact that most of the financial institutions fearing about a part of their business would be lost to standalone Fintech companies in the coming few years cannot be overlooked.

Now the brighter picture -.the collaboration between the traditional financial organisations and Fintech companies holds the potential to bring the best of both worlds and offer unique products to a larger number of people in India.

A consolidated platform

Remember the days when paying bills, recharging mobile phones, etc. involved a lot of time and effort. Well, it doesn't end there. We had to visit a number of platforms to get our tasks done. But with the advancement of technology, we have found a solution for this. Rather than relying on different applications to get done with the tasks, the users now have an option to choose from a range of aggregated services and interconnected systems. The extent to which Fintech has transformed our lies cannot be ruled out.

Loans processing

We, Indians, have a lot of expenses to bear. Hence, relying on loans for the same comes as no big a surprise. With Fintech companies, lenders and other financial institutions have benefited from faster payments like never before. Also, the borrowers can now receive money into their bank account within minutes after being approved for a loan.

Bringing in advanced technology

The Fintech industry is known for leveraging big data, machine learning, and alternative data to underwrite credit and develop credit scores for customers as well as to improve the penetration of financial services in India. All this is done with limited credit history.

Start-ups

Fintech start-ups are likely to reduce costs and improve the quality of financial services. These firms with negligible burden pertaining to legacy operations, IT systems, and expensive physical networks, benefits of leaner operating models can be passed on to customers.

All in all, the Fintech industry has brought in a lot of technological advancements and is all set to see the emergence of innovations that will facilitate holistic financial services over a single mobile interface for Indian users across the world. Today, the Fintech platforms are already offering consolidated Fintech solutions to users thus making it easier for them to proceed with a range of operations such as spending, lending, investing, fund transfer, etc.

The future of Fintech is arguably limitless. We do not know what exactly the future holds but one thing is for sure – Fintech will be a significant feature of our lives for many years to come.