Indian fintech industry has grown rapidly during the pandemic

#fintechindustry #pandemic #DigitalBanking

Businesses around the world are grappling with challenging times and with the emergence of banking technologies, it has changed the face of the fintech industry. Fintech is now part of the BFSI sector and is changing rapidly, with the evolution of innovative, new-age technologies like Artificial Intelligence (AI), Machine Learning (ML), and more, digital banking is climbing to new heights. Banks are now joining forces with fintech startups to upgrade their existing systems and enable smoother operations to deliver a better experience for consumers. Banks have not only partnered with fintechs but have also been busy in modernising the lending infrastructure and the value chain which includes biometric KYC, pre-approved home loans to support digital banking.



Technological advancements seen globally are playing out in India as well. The pre-defined APIs allow banks and financial entities to club in their frequently used microservices to accelerate their business. With easy integrations and data sharing, APIs can help banks save several weeks. The demand for personal loans has only grown over the years, especially among the low-income families and borrowers, who mainly avail of these loans for consumption purposes. All fintechs popping up these days target young and low-income people who are digitally savvy and seek short-term credit solutions for pursuing various aspirations. Now fintechs are adopting a completely remote and form-less onboarding process, which is based on video, voice and images with video based KYC, fuelled by consumer demand resulting in a digital lending boom in India.


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By VARINDIA| 131 views