After the fintech revolution, India is witnessing enormous growth in the fintech industry at an exponential rate. The reshaping of the technology industry has become an absolute necessity as more people are indulging in the world of digital transactions, especially micro-transactions. Hence, the need and want of fintech cannot be avoided.
With global technological development, customer expectations tend to change all the time. Fintech trends are ever-evolving and multiple factors help or guide the industry to adapt to these changes. More people are registering for the best fintech courses in India as several factors keep on expanding the scope of digital transactions in this country. Read along to learn all about the trends and drivers in the fintech industry in India.
What is Fintech?
Fintech is the amalgamation of two words - finance and technology. It refers to those enterprises and businesses that use the technological revolution as a means of availing and accessing financial services. The term indicates a rapidly growing market that has proved to be beneficial because of innumerable reasons. Fintech caters to the needs of both customers and businesses in several ways.
Driving Factors for the Best Fintech Courses in India
Fintech courses online are a great way to know this industry better and increase your knowledge in the same. It will help you to get an upper hand over others as the various online courses will allow you to be well-equipped with the knowledge of the fintech domain.
Certain driving factors for the adaptation of the best fintech courses in India are stated as follows:
The Indian government is working very hard to make available and accessible financial services to its citizens and budding businessmen. To achieve this, many schemes and projects have been started by the government as a stepping stone. Multiple programmes and schemes will help the government to directly or indirectly help the fintech industry reach a greater height.
The government initiatives may include the following heads:
- Digital India campaign: It has been announced by the government for promoting technology and digital transactions in the country. It has seen a sudden growth during the time of pandemic. Multiple UPI and Aadhaar pay applications have been introduced to encourage cashless transactions.
- Jan Dhan Yojana: This scheme has become a great success in providing financial services in India. This will help you to make easier and cashless payments.
- Startup support programmes: The Government of India is taking several steps for supporting startups that have the potential to grow in future. The establishment of a startup scheme in India is a huge success that enables several companies to avail tax benefits.
The financial market is witnessing a sudden growth in the technological arena that includes the introduction of certain technologies such as artificial intelligence, machine learning, and blockchain. The main technological factors that are driving the growth of the fintech industry are as follows:
- The emergence of a strong pool of talent
- Building relations and increasing collaborations between the banks and various financial institutions and enterprises
- Coping up with the fast pace of technological innovations
Such technological factors also give a sense of security to customers through techniques like voice recognition, biometrics, and iris scanning.
Fintech courses online will also let you know about the credit demand and details. It has been seen that the demand for credit has seen a rapid increase in the last decade. There is not enough supply of credit to fulfil the total credit demand. In this case, fintech can be very helpful for getting access to credit supply.
There are long processes for getting credit accessibility and many people leave the process because of several inconveniences. Lengthy paperwork and challenging circumstances do not let people avail credit when it's urgent. Fintech is there to solve this particular problem. This is a major advantage of the fintech revolution.
Large Unbanked Population
There is an unimaginable unbanked population in India especially belonging to rural areas. This is mainly because they do not have access to the traditional banking system as many of them do not have any deposits that they can make to the banks. Millions of people do not have any Aadhaar card or identification card from the government that has to be shown to the banks.
Some traditional banking options are so expensive and inconvenient that rural people cannot avail them. Fintech is here to bridge the gap between the banked and unbanked population in India. Remote financial services allow these people to better handle their finances without going to the banks every day.
The fintech revolution is very much a reality in India. The industry offers multiple opportunities for availing better financial services in India with several tax benefits. Such benefits may help startups and small companies to flourish. If you are enthusiastic about getting deeper insights into the fintech market, then register yourself for the fintech certification course by Imarticus to know how the industry works and become a part of it.