Top Fintech Tools Which Will Have a Major Impact on the Financial World

FinTech is fast becoming a powerful industry where technologies such as IoT, AI and blockchain is making waves and influencing a massive shift in the financial industry. 
You have walked into an ATM and withdrawn money only to realise the traction is incorrect. In the earlier days, this would mean running to your bank branch and a lot of paperwork to reverse the transaction. Today, thanks to a technology called block chain, the payment is reversed in a matter of minutes. FinTech Tools have revolutionized the way consumers interact with financial institutions and organisations. At the beginning of the 21st century, financial organisations worked with financial technology experts to optimise their services and provide better user experience using IoT, Blockchain, Cloud and other emerging technologies.
Fast-forward 2018 and we are at the dawn of FinTech industries growth. Reputed institutes are offering FinTech courses for professionals to upskill themselves and enhance their growth trajectory. In order to understand the landscape, it is essential to understand the finer aspects of FinTech features which influence the industry.
Now, a new wave of FinTech Tools and applications are hitting the market to appeal to the consumers and businesses alike. These new applications are powered by IoT and AI and provide simplified user experience, seamless integration with other services and much more. As a business or a professional here are a few key things to watch out for in the FinTech industry.

Analytics Are Everything

One of the key aspects of FinTech Tools is the ability to provide real-time data and analytics to both users and businesses. This data will focus on problem areas of the business, provide insights to take business decisions which will reduce costs and utilise resources effectively. Most banking and financial services have complex layers of processes which would require time and energy to sort through. Analytics help simplify this and provide only assets which would enhance the business.

Fintech Are Increasing Relying On AI and Machine Learning

While Block chain changed the way transactions are made and managed by financial institutions, AI and Machine Learning is helping businesses reduce cost, effectively utilize resources through automation. Artificial Intelligence has the ability to learn and perform tasks thereby empowering business to make strategic decisions in a timely fashion. Plus, it helps curb financial crimes such as fraud, theft and protects data.

Risk Mitigation

In the financial world, it is imperative to keep crimes at bay. Blockchain has ensured that every transaction is recorded and sealed to prevent fraudulent activities. In addition there are also software which are now available which offer clients an understanding of their finances so that they can prepare their financial goals and mitigate risk.

Conclusion

The FinTech revolution will provide a significant opportunity for both businesses and individuals to harness the power of technology to enhance customer experience.

How to Traverse the Future of Fintech The Best Fintech Courses to Learn?

If you working in finance already, or are interested in switching to finance as a career choice, you will most likely have heard of the high number of opportunities present in the field. Huge changes are being implemented in the way finance is done now, and a digital transformation is happening already – therefore, professionals need to have a larger skill set too.
Today, you can be certain that most of what is known today about finance will become obsolete or unnecessary in the next decade or so – such is the digital transformation occurring. The digital disruption movement has arrived at finance, and it can be visible in instances like the rapid growth of Zhong An. The digital insuring company Zhong An currently has more customers in five years than what traditional giants like Citi, JPM and HSBC have combined, even though they have been in the market for more than a century now.
SO how do you obtain the skills which are required for you to make a splash in this field? Luckily, there are many Fintech online courses available today. Actually, Fintech Courses in India are making quite a splash, and have an increasing number of students with every passing day. This is because both working professionals in finance and rookies feel the need to understand the digital transformation that is happening today.
Some of the best Fintech Courses available have been mentioned here, in no particular order. These courses touch upon most new technologies, from blockchains to cryptocurrencies and machine learning, since these are the innovations which are most likely to have an impact on your career as a Fintech professional.

Best Fintech Courses     

Oxford Fintech Program, Said Business School

The course by Oxford University has two broad aims – to arm the students with a working knowledge of Fintech innovation today and to impart a sense of critical thinking which would help them launch their own Fintech venture. The course has a heavy workload and has a number of practical exercises which truly stretch your mind when you think about what can be possible in modern finance. It requires some basic understanding of future of Fintech from beforehand, as it is an advanced course. The cost of the course is around 2500 Pounds, and it is an online, ten-week-long course.

Introduction to Fintech by University of Hong Kong

Taught by some of the leading academics in the field, this course is for university graduates and relative amateurs to get a feel of the field they are interested in. The course starts from some of the key concepts and progresses well. It is available online for free, too.

Innovative Banking, by Imperial College Business School

This course is meant for bankers with extensive experience in the field and those who are looking to understand the digital transformations taking place today. The course gives an idea about how you can implement Fintech systems in their own organisations. There is a focus on the new, modern blockchain technology too. It costs around 2390 Pounds, and it is a 2-day in-class programme.
If you find yourself yearning to learn more about Fintech, check out the Fintech Courses available at Imarticus Learning!                                 

10 Easy Ways To Facilitate Innovation In Fintech

Fintech is being touted as being ready for disrupting and has a lot of financial investments riding on its back. Fintech is what it suggests, a bit of finance and technology. The financial transactions sector finds immense uses for its services and the advantageous blessings of blockchains. This growth in the Fintech sector fuels the gap of the demand-supply position for aces and the trained professionals while driving their payouts to very high levels.
Uses of automation are at the forefront. Fintech companies use technology and automation to the hilt to satisfy customer needs in the financial sector which employ state-of-art financial processes and have moved away from older processes through inducing effective automation. Innovation occurs constantly in the sector and several measures are in place to give Fintech the edge for innovation. Startup hubs, incubation facilities, disrupt forecasting and several such incentives make it attractive to ride the wave of fintech innovatively. Traditionally banks and financial services especially payments were stuck with ennui. Paypal was one such disrupt recently reported disrupt.

Here are some areas and ideas for fintech innovation

1. Digital real-time financial transactions:
The banking sector transactions take 3-5 days to do a simple cheque clearing within India. Global payments take longer. Fintech courses can help you exploit technologies for online digital payments that are near instantaneous and secure too! Innovatively managing financial transactions in a variety of sectors like banks, insurance, real estate, and other financial transactions are a wonderful opportunity to exploit. It is now possible to use technology like blockchains and pay in a moment with current balance and managing your account made childishly simple. No further fees for drafts, statements, or transactions online!
2. ML and AI adaptations:
A completely virtual and digital world is plausible with better algorithms in ML, better storage facilities like cloud services, and faster hardware that is compatible across platforms and keeps customer needs in mind. And it is the way to go for the ‘Digital India’ initiative. AI and ML can be an exploitable chance for those services which include customer service chatbots, better-scheduled payments, payment options, products that are block-chain based, exposure to new services like the cloud, and those that leverage data to provide efficient business and financial operations.
3. The Industrial canvas:
The industrial scenario itself is moving online and using cloud storage for data. Fintech has the potential to use these opportunities to leave its mark on multiple sectors and verticals. Online transformations, customer service, logistics, supply chain management, digital payments, cloud concept, blockchain technology adaptation and more will pave the way for industrialization to reap Fintech benefits when handled innovatively.
4. Financial services in lending and borrowing:
Online portals are fast replacing the traditional one-to-one networks of lenders and borrowers. Extending this concept buyers and sellers can be matched in the real-estate segment, compatible persons can chat on matrimonial and dating sites, sites like NoBroker, BankBazar, PolicyBazar and such can get you a house for rent, loan online or insurance policy at the click of the mouse. The concept is elastic and flexible to innovate with and has gained customer trust very rapidly.
5. Wealth Management field:
Opportunities abound in managing wealth. Investment planning and better returns especially later in life make a huge difference and form a corpus of funds that are being exploited as SIPs, equities, stock and share trades, and mutual funds. Lack of investment advice was a deterrent thus far. Today Fintech industries can exploit the services of advisors, secure data and wealth storage facilities, virtual management plans and even education itself. Take the lead offered by online training courses services offered. Fintech can make all these possible and profitable too!
6. Networks of Cryptocurrencies:
Virtual cash that can be traded in for services form the basis of the cryptocurrency network. The idea is still in its infancy and worth legally exploiting because of its simplicity, secure transactions, excellent record-keeping, encrypted keys, and a distributed ledger system free of intermediaries and truly decentralized.
7. Currencies like Bitcoin:
The cryptocurrency of BitCoin ushered in the latest technology of blockchains to offer customer-centric virtual money that was decentralized and immutable because of its distributed ledger. Though illegal and banned to the grey-net areas in India the technology and concept are still exploitable for government subsidy distribution, verification measures, biometric networks etc.
8. Technology innovation of Blockchains:
The distributed ledger, immutable record keeping, encrypted time-stamped transaction and lack of intermediaries have allowed this technology to rile the roost of new technologies. They have also spawned innumerable applications using the technology to make digital payments and virtual financial management a reality. This technology is bound to be adapted by one-and-all and across all verticals of the industrial scenario wherever money may be involved.
9. Measures for risk: Risk management and constant monitoring of prices, trends, and asset values opens the field to technology that can boost customer confidence in financial services while sticking to the standard rules. Regtech itself for data, patents, share prices, stock markets and such applications can digitize and automate activity and thus reduce crimes like compliance factors, frauds, money-laundering, fake transactions, illegal money, and more.
10. Transactional Platforms:
While the Ethereum technology is heavily borrowed from the blockchain and Bitcoin technology it also offers to remove intermediaries and provide a platform involving blockchain technology for financial payments, digital gateways and encrypted record keeping fields. The Ether token is used for transactions and is bound to cause a disrupt in the banking sector. There is also a legal complication in India with cryptocurrencies being not considered legal tender.
Conclusion:
The doors to innovation in the Fintech industry are wide open. Do a course in fintech innovation from a reputed institute like Imarticus to get ahead profitably. Their courses score and their certifications are widely accepted in the industry. They also ensure you get the right mix of theoretical concepts, practical hands-on experience on real-time real-world projects and certification that endorses your practical skills as being measurable and job-ready. Why delay such a logical path?

The Future of Fintech and Industry Is Emerging: PM Modi

India is today moving fast towards digitisation and focusing on the fintech industry to help it achieve financial stability and inclusion. At the recent Singapore Fintech Festival the Indian PM Narendra Modi mentioned that with the explosive growth seen by fintech enterprises and innovation, India has emerged a good destination for technology and fintech firms. With India showing an ROI of 29% against the global average of 20% according to the Fintech 2017 report, the PM’s account is indeed true!

The Vision and the Prime Minister’s Observations

Delivering his keynote address the Indian PM claimed that Industry and Fintech were emerging. The government’s policy and the PM’s vision is to use financial technology to eradicate financial crimes and money laundering, he said, while launching the APIX banking technology to reach out with banking services to nearly 2 billion unbanked people worldwide. He also commented that adopting fintech and its potential helps reach the marginalised poor people globally and financial inclusion.
Modi emphasised that his government’s efforts in four years gave citizens easy access to credit, bank accounts, and financial pluses when compared to the previous ones aided by innovations from fintech. Demonetisation pushed the total digital transactions to 244.81Cr in 2018 August and is expected to reach $2.4 billion in the next two years as per the Ministry of and Information, Electronics, and Technology.

Future of Fintech

The midterm 2018 election in the US has impacted the emergence of fintech in the USA. With a wafer-thin majority and poor coordination between Democrats and Republicans over a host of issues like the Americans first policy, immigration issues, and sanctions, data privacy, and internet openness policies, India stands to gain.
The mantra of financial inclusion in India has been a success so far with Aadhar based e-KYC, the evolution of digital financial transactions, mobile telephony, internet banking, cashless transactions and many such modern innovations reaching the common man. This definitely benefits the government too as it taps into the huge reserve of the unbanked in India on its way to financial stability and financial inclusion.
India will definitely see the emergence of visualisation and block-chain technology in aiding financial transactions. The dropping prices of the smart-phones and internet services will only spur more people to adapt to digital transactions. The slight setback of the Supreme Court judgment is a small hiccup that India will overcome with the proper use of its fintech courses, tech-savvy personnel and vast potential for innovation in the fintech field.

How Would You Define Fintech and Blockchain to the Lay Business Person?

Two of the most common buzzwords that seemed to have taken over the banking industry were Blockchain and fintech. These are terms which have revolutionised banking over the last decade or so and are seen as the future of banking, especially in the hands of the millennials, who have technology at their fingertips.
If you’re working at a financial institution, then there may be situations where you’ve to explain what “Fintech” and “Blockchain” are to a lot of people. Here’s a small guide to help you do so:

Fintech

FinTech is simply a combination of “Finance + Technology.” But obviously, there’s more to that. It is a massive field that covers a wide array of startups, and these can be divided into five categories, with each solving a different unique problem:

  1. Payments
  2. Lending
  3. Cryptocurrency
  4. Banking
  5. Personal finance and wealth management

For each category, FinTech solves a multitude of problems by improving it in either one of two ways:

  • Making it more available for more people
  • Making the product or service easier and cheaper to use.

Fintech basically takes a common problem plaguing a lot of individuals and simplifies the same. By doing so, it allows innovations in the industry to prosper and make finance a much easier sector to work in. Companies are able to transfer their paperwork electronically, saving precious time and money as well.
There are special fintech training and fintech courses available which make it easier for those looking to specialise in this field.

Blockchain

Blockchain, in the simplest of terms, is just about security and fairness. It is a large database which is available to the public and cannot be tampered with. Blockchain stores all important financial data and since it cannot be erased, it just adds another “block” of information.
This block is part of a series of blocks which create a chain or network of digital information. Anytime new information is added, it creates a successive block, which means that all transactions are public and can be viewed.
It also helps banks save money by having one centralised system for all transactions. If anybody tries to tamper with the information, the common code which all parties involved are given,
Thus, Blockchain and fintech are going to play a major role in shaping the financial future of the world. Learning and applying their basic principles to modern banking will serve you in good stead over the long term.

AI, blockchain playing a key role in India’s fintech revolution: Report

Financial technology, or fintech, as it’s popularly known, has taken the finance world by storm by introducing path breaking innovations and a very novel way of banking, the world over. And recently, fintech has become the next big thing in India too. Buzzing e-commerce and product deliveries at the doorstep have risen the demand for ‘one touch’ banking that only fintech can provide. India is truly moving towards becoming a ‘knowledge-driven’, reasoning oriented and digitally empowered nation.
What facilitates fintech is a set of technologies and business models that are responsible for its growth and sustenance. Among the technologies that power fintech, Artificial Intelligence (AI) and blockchain have played a very significant role. This article discusses as to how AI and blockchain have played a central role in the fintech revolution in India, based on the joint report by the consulting giant KPMG and IT services giant NASSCOM.
In India, “Go Digital” initiative, together with the ever-growing e-commerce market, has been a significant catalyst for the fintech revolution. As India is inching towards a less-cash economy, digital payments are estimated to increase by at least ten times. Studies indicate that prepaid payment instruments registered gigantic volume growth of over 162% in the 2016-17 fiscal year. With the digitization of banking, interoperability and universal wallets are hassle-free and seamless.
The Government of India has proposed a two per cent discount in GST for users who make digital payments. This is a strategic move that will automate workflows, ensure best accounting practices,  tax compliance and a new approach towards digital inclusion. In the insurance sector too, there is an increased usage of advanced data techniques and analytics to identify risks and avert potential dangers.
Public and private sector banks are implementing Artificial Intelligence and Machine Learning methods. Take, for example, Kotak Mahindra Bank and HDFC banks have introduced AI-powered chatbots for enhanced customer experience and efficient business operations, raising the productivity by leaps and bounds, as clearly shown by the profit margins of the various quarters. Added to that, robo advisors, the first of their kind provide comprehensive and accurate information to make the best possible decisions.
A lot of iterative processes can be avoided, and customer satisfaction is much higher because they are given the exact specifications that they are looking for, without much hassle. With AI, a lot of grey areas and ambiguity can be eliminated. These are some of the many wonders that AI is capable of! Of course, AI can solve problems with efficiency and speed that are beyond the purview of the human mind. Automation is the one thing banks and fintech companies are looking to achieve, and this is mostly backed by artificial intelligence and machine learning.
When everything went digital, a large group of people expressed concern over how they prefer human interaction. Well, AI has been able to fit that requirement to a large extent. There are many bots that are now ’emotionally capable’.  One of the most significant advantages of using AI to power fintech has been the accuracy of fraud detection and pre-emptive policies based on predictive analytics. For example, based on behavioural patterns, bots can suggest users about their financial habits and suggestions for better handling of finances, all at the touch of a mobile screen. Even the most minute and seemingly insignificant data are analyzed by machine learning algorithms to form meaningful insights.
Another behemoth running the fintech revolution is the blockchain technology. Essentially, blockchain is a public ledger like a system that records transactions publicly and sequentially, for cryptocurrencies. Blockchain has been a robust system, making it much preferred for fintech. It is a formidable combination of public sharing and tight security. Aligning with fintech‘s vision, the blockchain technology empowers the user and makes for a friendly experience. With peer to peer money transactions becoming operational, blockchain has found a stable ground for itself.
The Indian government has recognized the role of blockchain technology in good governance. Andhra Pradesh has set up a Blockchain centre of excellence that has invited startups and experts to collaborate towards creating the first blockchain state in the country. Other states like Karnataka and Maharashtra are catching up fast with this trend. ‘India Chain’ of the NITI-Aayog is planning on implementing a fully enabled blockchain infrastructure to deal with e-governance, Aadhar, court cases, property records etc. On the educational front in India, several universities are providing fintech courses, replete with artificial intelligence and blockchain technologies and business models supporting the same.

Is Blockchain Worth Investing In? If So, How Do You Go About It?

Cryptocurrencies drew a lot of discussion and attention with falling prices, bans and legalese. Currently riding high is the Blockchain technology supporting it worth investing in.

Blockchain Technology

Simply put, the revolutionary Blockchain technology makes possible a precise digital system that accounts all transactions while storing every change in a “block.” A series of blocks form a “chain” and its name. Further, they are locally stored but updated instantaneously on all networked computers making the system recorded, secure and manipulation-free. A huge boon, especially when financial transactions are involved.
Very large names like Google, Apple, Microsoft, IBM, the banking, fintech, and financial sectors and startups like Sia Cloud are probing, using and relying on Blockchains and hence the share values of firms invested in it is bound to grow in leaps and bounds if it becomes the next successful unicorn in today’s digital and rapidly transforming markets.

Blockchain Shares and Where Is It worth Investing In

When cryptos are not for you then investing in the technology behind them, makes perfect sense and is the right way to go. Brokers and trading are synonymous, and the field is complex. There are also free brokers like ING-Diba and Comdirect who provide a good experience in trading.
Currently, the market in Blockchain shares has two groups from the investment perspective.

Low Capital Startups and Holding Companies

  • TIO Networks provides cloud services to pay multiple channel invoices in the unbanked areas. Currently, they have three BU’s Telecom Solutions (service-provider area), Consumer Financial Solutions (B2C) and Biller and Agent Solutions (for process-payments).
  • Bitcoin Group SE the holding company focuses on disruptive, innovative business models and technologies for the cryptos and Blockchain segments. They own Bitcoin Deutschland AG.
  • The British Coinsilium Group is invested in fintech innovations and Blockchain-based technologies.
  • Digitalx and Telefonica will collaboratively make the Blockchain-based money transfer app Airpocket for payment transfers.

Large Companies Using Blockchains in Cryptocurrency and Financial Technology

  • Apple terms Zcash a legitimate crypto because it is anonymous, private and uses secure zero-knowledge Blockchain technology.
  • IBM offers ‘Blockchain Clouds’ targeting high-speed transactions of 1000/second in businesses and trading markets.
  • RWE and Innogy are also using sustainable Blockchains for their new venture.

There are many others like these which are worth researching and are using the technology for cybersecurity, the IoT, AI, cloud computing and such emerging areas. The most significant innovation would be when fintech courses are involved and include important areas like investing in internet values and potential of Blockchains conduct open discussions on cryptocurrencies investments and their future in our digital world of TODAY.

The New Concern with Bitcoin

Bitcoin has seen massive growth over the past few years or so, mostly due to the ease with which it makes transactions possible. There is no middleman, and it helps eliminate the need for an extra payment for taxes while running a number of transactions.
The blockchain is the fundamental software that bitcoin works on and it is known to be stable and reliable. However, a lot of investors are starting to feel that the “perfection” surrounding bitcoin may not be as flowery. It’s always better to inform and equip yourself with the knowledge surrounding a new investment to be on the safer side.
Here are a few concerns that bitcoin can bring up:

Wallet Vulnerability:

Bitcoin wallets have a real vulnerability towards hack attacks as well as theft. A team of researchers from Edinburgh discovered weak spots in these online wallets that could be exploited. The encrypted wallets are still susceptible to external attacks, and it’s important to be wary of the same.
Scientists were able to intercept any communication between the wallet and PC, thus syphoning off information and even diverting money to different accounts.

Cyber-Attacks and Hacking:

Bitcoin is always at risk of being attacked by cybercriminals. There have been attacks prior, and the value has slumped. The fear of losing a heavy investment online and not knowing about it is also a major fear in the mind of many investors.
Hackers have been trying to get into Bitcoin exchange systems for years now, and in 2014, they ended up being successful after syphoning off close to 850,000 bitcoins. The value of the same today would be a gargantuan $7.2 billion.

Single Client Mining:

There are certain mining pools which have become strong enough that they can command their own mining ratios, which are significant. This stems from the continued use of the proof-of-work consensus mechanism.
A pool can also use computational power to mine blocks of bitcoins and then hide it from many honest miners. This is called block withholding, and it prevents a new block from being broadcasted throughout the network.
The pool also attempts to find more blocks and the others are left in the lurch. Greedy miners find a new block before other miners and then broadcasting the two blocks they have makes the forked chain extremely long. These miners will always be a step ahead of the others, taking the lion’s share of the rewards.

Spending Double:

While there have been reinforcements to help control double spending. There is still a fear that concerns the risk to bitcoin. It has become stronger against any co-ordinated double spends online.
There are still people who can constitute attacks to help them benefit from twice utilising the same coin in a transaction.
Take, for example, Tom sending Bob x bitcoins for a transaction. Tom also executes a similar transaction at the same time to a certain address that he controls with the same bitcoins, x. While Bob believes Tom has sent the money and doesn’t confirm the same, Tom’s address has been credited, and the transaction doesn’t go towards Bob’s name.
Conclusion:
Then the feature of irreversibility causes the transaction to become invalidated and pointless. Since bitcoin is also unregulated, there ends up being no recourse.
Thus, bitcoin has always been a major source of debate among many financial technology advisors. While the technology behind it is revolutionary, its own identity is still murky without a clear route on its future. If you’re looking to invest in bitcoin, it is highly suggested that you speak to an expert and get all your doubts cleared before moving forth and making any investment.
Get to know more about bitcoin through : https://imarticus.org/Professional-Certificate-Course-FinTech/

Andhra Pradesh Government’s Initiatives to Promote Fintech in Vizag

Known as the city of destiny, Vizag recently made its presence felt in the global fintech scene. We witnessed global financial technology start-ups like SOSA, DXC, and Cardlytics announcing their launch in the city. How was this possible? Let’s consider some of the enabling factors in this article.
Launch of Fintech Valley Vizag
In 2016, the government of Andhra Pradesh launched a project named Fintech Valley Vizag. Since then Vizag has developed a self-sustainable global fintech ecosystem in its premises. The Valley has outlined a series of initiatives in Vizag to gain global recognition. Few of them are detailed below:

  1. The Blockchain Business Conference 2017

    Blockchain has proven to be the key to India’s digital future. The security woes of fintech organisations are expected to be resolved through blockchain technologies. In 2017, the Valley conducted an international business conference primarily addressing the topic of the blockchain. Vizag also hosted global leaders of the blockchain technology during this conference.
  2. The launch of BFSI case repository program

    To operationalize the BFSI Use Case repository, the Valley launched a Hackathon and Innovation Challenge. This event was backed by many leading banks, insurance companies, NBFCs, and capital markets companies.
  3. Fintech Valley Accelerator Program

    This program gave an opportunity to the selected startups of the valley to connect with the leading Fintech players around the world. This three months long program provides market access, technology resources, fundraising and legal guidance to the beginners.

Though these events boosted the image of Fintech ecosystem in Vizag, more key facilities were developed around the city prior to this.
Building the Fintech Ecosystem
The whole state of Andhra Pradesh was prepared to host the Fintech Valley of Vizag through the initiatives of the state government that include the following among others.

  • All the Gram Panchayats of the state were provided with a high-speed internet connection and all the businesses were connected to a 1Gbit/s internet.
  • Literacy in Digital Financing: A program named Marpu Nestam was launched in AP. Agents were deployed all over the state to educate people on digital financial literacy on an incentive scheme.
  • Andhra Pradesh – Purse – The government launched a mobile app comprising 13 mobile banking and 10 other mobile wallets. It helped to promote E-transactions in the state.
  • The dashboard of Chief Minister: The chief minister of the state was provided with a dashboard to effectively monitor the key performance indicators of government departments.
  • E-Pragathi: Digitalisation of government projects were carried out to enable E-governance. These projects include education health and agriculture.

The Incentive Plans
Various incentive schemes were introduced for the companies to kick-off their launches with. For projects with land allotments, a discount rate of 80% and $700 per employee was offered while $1500 per employee was offered for the projects without land allotments. The electricity tariff also had an incentive of 20% discount.
In general, the state government of Andhra Pradesh is determined to make the Fintech Valley a global hub for Financial Technologies. With the current aggressive rate of promotion and success, we can expect that dream to come true in the near future.

Challenges Fintech Companies Face While Expanding to Rural India

Fintech companies move ahead with creative innovations in both the field of finances and technology. In India, Fintech does have a successful turnover in the Indian market which concern financial transaction between masses through various media. Citing examples of Fintech in daily lives of Indians, one may note the usage of payment apps like Paytm, PhonePe or Google Tez app which have progressively changed the process of monetary transactions for various purposes.
Such apps are especially popular for peer-to-peer (PtoP) transactions i.e. digital money exchanges at the local level. In fact, these Fintech start-ups have been on the increase in the subcontinent giving multiple options to a larger section of the community without the documentary hassles which had often been associated with the banks. One can thus say that Fintech is a booming process in India be it the upper class or the much larger population of rural India.
Nonetheless, one can easily accept that as opportunities grow for these Fintech courses, new challenges also crop up. The online money transfer feature was a huge success for the initial start-ups in the field especially during the period of Demonetisation when larger currencies were banned. Eventually, a lot of start-ups have opened up providing the same feature increasing the competition in the market. Only those can stay put in the market that have a robust foundational framework and have been kept intact with a strong experienced team.
A firm foundation depends on apt funding which can be a problem in India due to the cap on foreign investment. It is a well regarded fact that most Fintech players can only stay intact in the long run if they work on collaborating with the bigger well-established banks in India and the top few players can hit the home run on that front.
One of the major obstacles faced by these Fintech organizations is the lack of proper regulations since the Reserve Bank of India and the Exchange Board of India are yet to work on a comprehensive, exclusive set of guidelines for them. Moreover, the organizations must have a firm outlook while developing strategies making them reliable to the banking firms. Key technologies like cryptocurrency have not been given due credit in India.
At this point that Fintech is all about fresh new innovations at the right time since the digital market is a volatile playground. India’s record on that part is yet to reach a world class level. The market is specifically dynamic sensitive to small changes in prices and the evanescent base of customer loyalty. Cryptocurrency is a primary keyword of Fintech incorporating concepts like blockchains and liquid money to enhance the digital market.
Cryptocurrency with AI technology like Robotics Automation Process (RPA) can have great potential. RPA has in fact been actualized by organizations like Wipro and Accenture. Insurance companies have maximum usage of RPA followed by banking and financial services. A cost-effective solution is still being tested to explore the possibilities of this rather new tool.
Talking about the audience, there is a significant gradient scope in the level of digital awareness of masses. While there is an increasing base of tech-savvy people, there is also a large section deprived of basic literacy. Thus, in spite of a huge population, these organizations fail to reach the masses and even those who desperately need it. The sellers therefore need themselves to be aware of the fact that there’s a large portion of the crowd that needs awareness. While developments are being made, it will still take a considerable amount of time to cover this gap of knowledge.
Finally, one comes to the discussion of the anxieties of data security which is a constant threat to any Fintech industry. Personal financial data of individuals are very sensitive which can never be under-valued. A strong force of security should be the topmost priority in a country of massive population.
Cyber security rules in India are still under development and several cases keep coming up of hackers and their threats. Sellers should be extremely cautious from the beginning since any vulnerability displayed may cause a massive rupture in reputation and future prospects.
The Government and finance controls play indispensable roles for these Fintech firms. Newly developing products go on to increase complexities before the resolution of the previous problem and as such, a stack of issues crop up which leads to the ultimate downfall. While Indian firms are working on these issues but the audience adaptations is a crucial area to explore.