Fintech services in India are witnessing growth in recent years. India is one of the top five markets in the fintech sector. The Fintech sector in India received a finding of about $270 million in 2016 and it has grown a lot since then.
The technology innovation in India and the surge in usage of smartphones has helped in the growth of fintech services. The recent coronavirus outbreak has also made people shift towards online modes of transferring money. Let us see the trends and opportunities in the fintech sector in India.
Trends in Fintech in India
The top trends in fintech that one should look for in India are:
- Platform as a Service (PaaS) is helping fintech companies to provide more services to their clients. With the help of PaaS, fintech firms can provide payment processing services, credit risk management services. It also helps in resource management & team collaboration.
- The usage of new-age technologies like machine learning, artificial intelligence, robotic process automation is also trending. These technologies are helping in generating automation & helping in processes like online credit report generation, customer support services, etc.
- The usage of Blockchain as a Service (BaaS) in fintech services is also witnessing a growth.
- The shift of traditional financial institutions towards fintech is also booming in India. A lot of traditional banks have come up with their own mobile applications to compete with the fintech giants.
Top Start-ups in the Fintech Sector in India
Some of the top fintech start-ups in India are as follows:
- One97 Communications
- Policy Bazaar
- Capital Float
Jobs in the Fintech Sector in India
Fintech is a combination of banking services & technology. IT experts in data analysis, blockchain, machine learning will be in huge demand in India as they will be required in building smart algorithms that can automate the financial processes and can save time & money of any particular fintech firm.
Job opportunities will also be available for mobile application developers, UI/UX designers, etc. There are many fintech start-ups/firms in India and thus more jobs will open in the banking & IT sector.
Challenges & Opportunities in the Fintech Sector
There are a lot of challenges faces by fintech companies. They have to make sure that their online transaction platform is secure. They have to secure the sensitive information of their users at any cost. They have to also cope up with the rules and regulations laid by the government.
The lack of deep-technology experts in India has also created hiring problems for fintech firms. The recent coronavirus outbreak has also impacted the working culture of the employees in the fintech sector. The monitoring of staff is also done remotely via online mediums.
There are a lot of opportunities in India in the fintech sector. The government of India also promotes the use of digital transfer mediums. The government of India is also providing financial aid to start-ups up to 1 crore if your idea is worth it. There is a huge user base in India because there is a lot of population and almost everyone is having access to smartphones. In recent years India saw demonetisation being imposed by the government which has fueled the use of fintech services.
Fintech services are challenging the traditional banking services up to a great extent in India. If you are thinking of building a Fintech Career, then perhaps this is the right time to step in this sector.
You can learn more about this industry via various Fintech courses available on the internet.
This was all about the fintech trends, challenges & opportunities in India.