{"id":245093,"date":"2021-08-13T13:07:56","date_gmt":"2021-08-13T13:07:56","guid":{"rendered":"https:\/\/imarticus.org\/?p=245093"},"modified":"2024-05-23T10:19:38","modified_gmt":"2024-05-23T10:19:38","slug":"fintech-a-wintech-in-india","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/fintech-a-wintech-in-india\/","title":{"rendered":"Fintech a Wintech in India?"},"content":{"rendered":"

Fintech is a new-age industry that runs on technology, delivering better financial services to consumers. It provides varied technological solutions to improve the financial sector through innovation with the help of the internet. This often gives birth to innovative models of business and new businesses.<\/p>\n

\"onlineFintech is bringing a revolution in the financial sector worldwide with its innovation. Financial accounting has been an integral part of financial operations; since the inception of fintech, there have been many changes in the way financial accounting is carried out.<\/p>\n

An online MBA course<\/a><\/strong> can be a great way to learn more about Fintech.<\/p>\n

Technologies used in Fintech Companies<\/u><\/strong><\/p>\n

Fintech uses technologies like Artificial Intelligence, blockchain, robotic process automation. Artificial Intelligence or AI is used in predicting and analyzing the expenses of customers, which further enables companies to have a better understanding of their clients. Artificial Intelligence is also used in providing customer services through Chatbots.<\/p>\n

Robotic Process Automation or RPA is a technology that automates accounts payable and receivable more accurately, eliminating manual labor and error. Through this technology, invoices are sent to the customers quickly, which further eliminates chances of delay in getting payments.<\/p>\n

Big Data is used to apprehend the investment habits of clients and turbulence in the market, creating new business models and strategies. This technology helps in detecting fraud and making better marketing strategies.<\/p>\n

Blockchain is used by the finance industry to do away with third parties to carry out a transaction. It is estimated that there will be a 22% CAGR in the Fintech market within 2025. As per the data of May 2021, UPI participation has increased by almost 15x from 2018 with 2.6 billion transactions, approximating around $68 billion.<\/p>\n

Factors that have led to the growth of Fintech start-ups in India:<\/u><\/strong><\/p>\n