{"id":243274,"date":"2020-10-26T05:13:11","date_gmt":"2020-10-26T05:13:11","guid":{"rendered":"https:\/\/imarticus.org\/?p=243274"},"modified":"2024-03-26T11:32:53","modified_gmt":"2024-03-26T11:32:53","slug":"a-new-era-of-fintech-with-customer-engagement","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/a-new-era-of-fintech-with-customer-engagement\/","title":{"rendered":"A New Era of Fintech With Customer Engagement!"},"content":{"rendered":"

The term fintech is an amalgamation of finance and technology. Thus, when financial institutions use technology to offer financial services, it reflects the fintech course of functionality. According to EY Global Fintech Adoption Index, India has the quickest growing fintech market with an 87% adoption rate. Other countries have an average of 64%, which is comparatively lower.<\/p>\n

Recently, RBI shifted focus towards fintech industries by creating a special department that only caters to this. By 2026, the digital payment market is estimated to reach $10.7 trillion and make the economy cash-free. Policymakers are making online payments safer to build trust among customers.<\/p>\n

How is India growing the fintech course?<\/strong><\/p>\n

The most trustable financial institutions are banks. Thus, when banks collaborate with growing fintech companies, customers are more likely to trust them too. Many growing companies in this niche approach banks to work hand in hand. If approved, they have a massive consumer base to expand their market. Moreover, when banks collaborate with such financial institutions, their joint expertise can make customers\u2019 lives easier.<\/p>\n

Secure digital payments<\/strong><\/p>\n

Due to strict guidelines set by the Reserve Bank of India (RBI), digitally running financial companies have to enable high security for payment processes.<\/p>\n

\"SecureThe most crucial part is keeping customer data safe. Cyber threats are constant challenges, so strengthening payment gateways is a priority.<\/p>\n

The companies must create awareness to educate their customers about making safe digital payments. They must give details on how to protect their information. Moreover, doing this can make them more reliable for their customers.<\/p>\n

Tech providers use API-based systems to ensure complete security. They incorporate features like tokenization, risk-based authentication, and interceptors to maximize safety. These features safeguard customer\u2019s personal information from cyber threats. As India is rapidly growing in terms of digital payments, such security measures need to work efficiently.<\/p>\n

Increasing digital transactions for rural areas<\/strong><\/p>\n

Since the pandemic began, people became a lot more conscious about payments. More and more like to use payment wallets instead of carrying cash or cards, to limit touch. However, India\u2019s rural areas still prefer dealing with cash instead of digital modes and depend on local banks for their regular financial requirements. Some of the crucial reasons behind these are:<\/p>\n