Emerging advancements such as blockchain and artificial intelligence are embracing the fintech technology revolution in the Indian market. The facts and details presented in a joint report by professional consulting firms like KPMG and IT lobby Nasscom unveiled interesting data about the same.
The report is dubbed as “Fintech in India – Powering a digital economy” which states that increased use of the internet, smartphone and digitization have triggered a rapid adoption of advanced technologies. All kinds of financial institutions in India are exploring the potential of blockchain based systems and usage of artificial intelligence to cater customer needs more effectively, according to Tech Circle,
KPMG India, digital fintech partner, Manish Jain supported the idea that there is a new wave of transformation in the field of emerging fintech technology which is rapidly changing the conventional business models. In addition to this, he also revealed that instead of treating the client as a transactional segment the companies are giving more importance of the behavioral pattern of the user as each one of them is different.
Fintech deploys the use of analytics, technology, and data to deliver finance based services through a medium of digital media. Advancement of ground-breaking products and business practices have generated confidence in the customer due to which Fintech companies are now reaching out to wider audiences at a much faster pace than conventional financial services. Digital technology enables the user to gain a complete control, consistency, inclusion, and speed over the services available within a network. (Via Entrepreneur)
Fintech Growth And Prospects In India
This revolution is not just a fancy whim that will pass with time but it offers serious business and growth perspectives for the Indian economy. There lies a significant contribution in the economic value towards GDP and employment growth status. In Indian, Fintech companies have an expected ROI of 29 percent as compared to 21 percent for the rest of the world.
Check out the complete report of Fintech Technology here.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]