Fintech is best described as financial services initially being provided by banks now provided with the help of technology by banks and other tech firms. For my Non-Tech readers, I would best describe Fintech as the marriage of finance with technology. Fintech is the buzz word now especially in the developing countries where banking is still a luxury for a majority of the population and currency is “the” main means of trade. Now compared to the west the emerging markets are potentially huge markets for the fintech firms. By emerging markets, I mean the BRIC countries (Brazil, Russia, China, India), South Korea, Mexico, Indonesia, Turkey, Saudi Arabia and Iran, Kenya, Zimbabwe. China and India are the top emerging countries contributing to the fintech boom mainly owing to a growing e-commerce sector. Surprisingly China has overtaken the west in fintech adoption levels. Zimbabwe, Nigeria and Kenya lead the African team.
Here I would be taking on the Indian Fintech market, India being an ideal EC** market for highlighting. What is making the fintech firms to click and stay around here ? It is primarily their disruptive technology. Companies like Paytm, Oxigenwallets, Mobiqwik provide fintech applications easily accessible on smartphones anytime anywhere. Also, for the EC’S population that has easy access to a smart-phone than a bank, this comes as a boon. Present trends such as UPI indicate that Indian fintech firms are busy taping payment solutions, customer engagements and process involvement segments.
According to KPMG and NASSCOM study, the current monetary value of the Indian fintech sector is $33 billion and would annually shoot up by 22% to $73 billion levels by 2020. 2017 would witness Indian fintech eyeing areas of wealth management, lending and insurance to further scale up their activities.
Apart from expansion the upcoming trends that Indian Fintech sector would be witnessing would be :-
Teknospire is an example of a fintech company in sync with the trends. Our Fintech solutions are :-
Having discussed on the current fintech trends and how Teknospire is in sync with the trend, we would be highlighting the
"Fintech Technologies used in 2017 "in our upcoming blog.
**EC Emerging Countries