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Fintechs in India
Knowledge Partnerships: CII
The banking sector is undergoing a transformation where technological innovation and capital preservation have become fundamental for the survival of every organisation. On one hand, various macro-prudential regulatory efforts and restructuring initiatives have led to resurrection and revival of the sector. On the other hand, the sector is continuously facing challenges due to the launch of digital innovation, and disruptions from within and outside the sector. Spurred by increased awareness among customers and a shift in their expectations, emerging competition from start-ups, and limitations in traditional business models, the banking sector appears to have reached a tipping point. To stay relevant in the business, banks are being forced to redefine their purpose, disrupt their own business models, and show a great deal of resilience in absorbing and propagating exponential change.
Banking is becoming increasingly convenient because of internet, and the future of the banking sector seems to be going increasingly digital. Today’s digital age and hyper-connected environment require banks to continuously reimagine their business. Indian banks appear to be making great strides in the arena of digital transformation. In the technology arena, the promise of exponential technologies seems more real than ever.
In this report, we touch upon the rapid rise in the financial technology (FinTech) industry in India and the key trends seen.