Fintech

The Indian Fintech market saw massive growth during the last few years propelled by the strong government reforms including digital India, aided by the growing internet and smartphone penetration, which has led to the adoption of digital technologies to steer the country towards a digital economy. The financial services industry is rapidly evolving and moving from the traditional ‘one size fits all’ approach to a more personalized service approach. Adoption of these technologies by financial institutions can be achieved through fintech collaboration, integration or development of in-house skill set to execute these technologies. However, the real impact of digital transformation is likely to come from concurrent adoption of open banking, AI-driven data intelligence and distributed ledger technology. For India to embark upon the journey to become digital economy all the stakeholders in the shared ecosystem - government, regulators, financial institutions, and foreign companies are expected to play a critical role.