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10 Easy Ways To Facilitate Innovation In Fintech

Posted on by Imarticus Learning

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

Posted on by Imarticus Learning

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 Is Fintech Disrupting Traditional Banking?

Posted on by Imarticus Learning

One of the common buzzwords that seem to have taken over the banking industry off late is Fintech. The word simply refers to using technology in all aspects of financial servicing and its functions. It is mainly seen as the replacement to all paper-driven tasks and processes, which take up a significant chunk of the banking industry.
Fintech was initially used for office functions with software used to control and manage transactions, handle personal accounts, manage databases and more. Today, however, fintech has completely transformed and changed the way banks operate. Fintech has become a vital part of customer-facing processes with every digital transaction, now available on the customer’s fingertips. Be it stock investments, transferring money, shopping, forex or even opening a bank account, FinTech is at the forefront of it all.
Here are a few ways fintech is transforming financial services in a huge manner:

Chatbots

Chatbots are software which have been coded to apply machine learning and natural language processing techniques to learn from interactions with humans. It has become a very popular tool, and banks are using it judiciously for a wide range of customer-facing processes like directing customers to departments or handling simple queries. One of Japan’s biggest banks is releasing a chatbot which aids customers to find any relevant information, directly on their website.

Blockchain

Blockchain is seen as the future of banking and as a primary disruptor in the FinTech industry in general. It uses a digital public record of transactions that is decentralised, unchangeable and anonymous. Instead of depending on a bank to maintain a private database of any records, blockchain fintech technology releases all records to the public. The impact it could have is touted as revolutionary and life-changing.

Personal Finance

Personal finance was seen as an industry that was wholly controlled by most of the major financial institutions. There are companies, however, that are making it more transparent and affordable. There are online platforms and even cell phone apps which aid businesses develop budgets, file taxes and invest and more. FinTech courses also allows people to track their expenditures on a daily basis and scan through their financial status whenever needed.

Payment technology

There are a wide array of payment technologies which allow individuals to transfer their money via the internet. By simply using smartphones and the NFC tech, payments can be completed in a flash. These services eliminate the need for a debit and credit card and even cash!
Thus, the FinTech industry is here to stay with many innovations looking to change the way individuals bank.

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

Posted on by Imarticus Learning

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.

What Problems Can Fintech Innovations Solve That Still Exist in Finance

Posted on by Imarticus Learning

One of the biggest disruptors in the financial industry over the last decade or so has been Fintech. Using technology to solve a slew of problems faced by banks has caught on and is here to stay. While FinTech has revolutionized sectors such as personal finance and banking, there are still a few places where its potential hasn’t been utilised.
Here are a few problems Fintech technology can solve:

Increase in Regulations

Ever since the 2008 market crash, policymakers have been forced to lay greater emphasis on safer financing. The financial crisis bought in newer regulations in the hope that it would restore confidence back into the banking industry. With most banks having paid back their regulatory incompliance fines, regulators are starting to ask for innovation in these markets and they need to create a safe environment.

Startups in the FinTech industry should expand beyond their home nations and make international payments possible. The home country regulations can be expensive with a lot of legal fees but innovations in FinTech courses such as Blockchain should be able to solve this issue and make it easier.

Regulatory measures can be a roadblock for many companies looking to grow domestically. By having the freedom of moving abroad, they can expand their horizons and successfully continue their business elsewhere.

Product Distribution

Product information is generally very random and scattered all across the board. Different folders, separate drives, a random excel sheet can all be frustrating to follow up on.

Product distribution lines can be managed in a much simpler manner with the help of FinTech. By having a central record of all transactions, companies can have a centralized repository of their products. By innovating with the front-end and introducing cool searching features, FinTech can be used to eliminate the same for banks that aren’t using this system yet.

Compliance Monitoring

Many banks today have tools for compliance reporting but since there are a lot of complexities involved in regulatory requirements, it just isn’t enough. Compliance violations are becoming harder to find and most of the systems, written in legacy code aren’t cut out for this task.

RegTech, a new field in the financial services has boomed, with over 150 startups present globally. These startups understand data better than anyone else and leverage a lot of data architecture innovations. While still ongoing, this is one of the major problems that Fintech Technology / Financial Technology can solve in today’s world.

M&A Consolidation in the Fintech Landscape

Posted on by Imarticus Learning

Fintech or financial technology is a term that can broadly apply to any kind of financial activity through digital/online means like money transfers, depositing checks through one’s smartphone, raising money for a business through the online medium, so on and so forth. Basically when one carries out any kind of financial activity only through technology and without the assistance of a person is when one has adopted the Fintech landscape.

The Growth of Fintech M&A

New businesses, even a few years back, were met by issues like inertia, funding problems and even the fear of their own obsolescence. However, now with Fintech being the “in” thing, large corporations are now beginning to view fintech startups as an opportunity to scale up what they offer and even amplify their customer experience at a faster pace in comparison to their competitors.
‘The Global Fintech Report’ by PwC published in 2017 states that “82% of financial institutions expect to increase fintech partnerships between 2018 and 2023”, thus making the fintech M&A the core for the development of the financial service sectors.

Large Corporate Opting To Acquire/Merge with the Fintech Landscape

With technology being extremely important in today’s world, large corporates across businesses are now opting to get into the M&A space in Fintech. These organizations realised that, to deal with the company’s financial needs they would need to establish calculated partnerships with lean, tech-savvy teams that would help in bringing about significant benefits to their business.
Such M&A consolidation would mean:

  • Cost-effective and speedy routes into the market with the help of the latest technology.
  • Easy access to the demographics of a new client who prefer to engage with businesses through digital channels.
  • Easy cross-selling opportunities through the digital platform.
    Mergers and Acquisitions in 2018 in the Fintech Landscape:
    2018 in fact has seen some of the big names in the corporate world merge and acquire some fintech startups to further their business need in various ways.Earlier in 2018 JLT Employee Benefits (JLT), acquired the award-winning digital saving and investment service Moola! The acquisition of Moola by JLT’s was to help UK businesses deliver better performance through the improved financial, emotional and physical wellness of its people. Basically with this acquisition JLT aimed at helping its clients and employees at better wealth management.
    Marsh the insurance broking giant invested in ‘Bought By Many’ this year (2018). With this investment Marsh aims at collaborating with insurtech firms in a bid to open distribution channels and create innovative insurance solutions for clients.
    Cake Technologies, the U.K. fintech startup was acquired by American Express as well this 2018. Cake Technologies aims at bringing about more convenience to pay restaurant or bar bills and with American Express onboard the plans are to beef up its payment options for Amex members.

    Best Performing Fintech Sectors Currently

    Lending: After the financial crisis in 2007-2008, the lending sector dried up, thus making space for a host of alternatives in the lending business. These made use of technology largely and the need for middlemen were cut off. Fintech being a part of this sector also meant greater returns.
    Investment: With banks being reluctant to increase the rate of interest on investments the fintech landscape stepped in. Fintech courses aims at solving this issue by delivering online investment platforms.
    Payments: Transferring money between accounts has also been made easy with the help of technology. It’s also less expensive as compared to the pre-fintech era!

    Conclusion:

    As the fintech M&A is picking up pace and formation of partnerships and alliances among companies and fintech is gathering momentum it is becoming increasingly important for large corporates to have a targeted M&A strategy as it is highly needed for businesses to keep up with the technological growth. On the other hand, fintechs need to carefully plan and decide with whom they would like to get into an M&A space so as to be able to grow exponentially.
    For more details, you can directly browse: https://imarticus.org/

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

Posted on by Imarticus Learning

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?

Posted on by Imarticus Learning

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.

How the US Midterms Changed Fintech?

Posted on by Imarticus Learning

The ironic response of the US asking India to be more open and encourage international companies makes one wonder about the impact of the midterm elections in the US. 
Let’s ruminate a bit on it.

The Midterms 2018

The US midterms-2018 has split the political struggles of the legislature between the Democrats and Republicans who insist on the deregulation for rules on processing payments and creating a focus on the protection of US consumers. It even brought in changes in the committee leadership creating a political-stalemate with a wafer-thin majority. While opposing sides claim to promote innovation and technological progress, their policies are in opposition to crucial issues affecting the fintech industry.
The Democratic stance is over-sighted and could harm market-based developmental pushes, while the Republican stance is isolated and not in the interests of international cooperation or an unregulated internet. It is a no-win situation with the Democratic control of the House giving congressional action proposals which face vetoes or stalling in the Senate.

Effects on Innovation

The financial technology based e-commerce and payments across borders developers using blockchains, clouds, and mobile apps will now think twice about the US first and excesses reining in policies. Though it was proposed by Steven Mnuchin the Treasury Secretary to offer fintech startups, identity-based technology, and sandboxes regulatory relief even temporarily as in the UK, the Democrats shut it down. The administration, however, ended the policy of internet neutrality vital to technology development and innovation.
The Trump administration’s stance on immigration curtails benefits to skilled tech workers which in turn will affect the global tech-markets and America’s competitiveness. Political pressures have also affected the data protection policy and impacted fintech companies as a result. In the political chasm is the open data rule.

Learning from the Midterms

Fintech courses would do well to study both Trumpism and Brexit and their core policy of isolationism favouring domestic-development. Western payments companies like Paypal, Stripe, Mastercard, Visa, Walmart, Amazon, and others are now in a state of flux and uncertainty. The vital markets of China and India now require local-presence to make or offer payments in them. India also requires local data storage which it terms a security measure while silently promoting Paytm a local mobile payments solution. The success of the UK’s sandbox concept is affected by the Brexit’s uncertainty. Meanwhile, Lithuania emerged as a fintech hub for the fleeing fintech companies.
The net result is that sanctions and an uncertain political environment become a hurdle to both technology and market development. The US stalemate is its own foe irrespective of any political party’s vision.
 

Financial Inclusion and Fintech Use in the Industry

Posted on by Imarticus Learning

In a bid to liberate the poor and marginalise, the Indian Government has rightly focused on creating jobs. The focus lights are on the fintech startups, the banking sector, digital payments and measures to encourage them in the hope of achieving financial stability and financial inclusion.

Importance of Fintech and Financial Technology

The winning combination of technology and finance working in harmony is now coined fintech and is crucial to all financial transactions by banks, e-commerce sites, NBFCs, payments providers, merchants, and service- providers. Every sector including banking, real estate, governmental measures and subsidies, telecom, insurance and everything in between depends on technology to crunch their numbers, maintain paperless records, KYC compliance, subscriber identification verification and a host of other supportive technological innovations.
Fintech holds immense developmental potential. It creates more jobs through its startups, sandboxes, incubators and newer companies that improve telephony, cloud services, data storage, big- data, and deep-learning capacities across the board. They, in reality, accelerate financial inclusion.

Fintech in Financial Inclusion

Fintech Start -ups have been able to revolutionise the technology backbone of the financial transactions impacting almost all sectors of our economy. Delivering better financial services to the disadvantaged and unbanked has over the last decade been able to take digitalization to the grass-root levels thereby improving financial inclusion.
The government has implemented on its part, many measures backed by fintech courses to improve the lot of the rural poor. Measures like promoting mobile telephony, e-KYC, the opening of basic zero balance savings accounts, encouraging rural banking, delivering of subsidies through Aadhar directly to beneficiaries, self-help-groups, and micro-financing, improving credit counseling centers, the Kisan Credit Card and many more. Using fintech, in little over a decade, the government has also successfully implemented its policies by bringing in internet banking, ATM machines, mobile banking, electronic instantaneous fund transfers, and many such innovative measures.
Notable among the measures for financial inclusion is:

  • Aadhaar card
  • The UPI and cashless transactions
  • Smartphones and mobile telephony
  • Zero-balance Jan-Dhan Yojana bank accounts

Suggested Policies By Fintech Courses
Cybersecurity, regulation of data protection and privacy, proper use of the Aadhar database are required and the need of the hour for financial transactions and digitization. Creditworthiness evaluation, e-KYC, online payments need to be strengthened to fulfill the urgent credit needs of all people rural or urban.
Initiating measures like sandboxes, incubators, and testers to encourage mastering the skills in Fintech is the right way to go, to a country that has no dearth of innovators or technical knowledge. India now needs to adapt and assimilate changes in technology by using strategically the full potential of the fintech advancements.
In conclusion, loopholes and gaps in policies need to be plugged for common good rather than personal vision.