Recently, I came across a report which assessed the rise of FinTech as a new chapter in the Indian Financial Services sector. This encouraged me to share how I, in my experience, think digital transformation has changed the economic landscape of India.

A traditionally cash-driven economy, India has responded surprisingly well to the fintech opportunity. I don’t necessarily see FinTech as a replacement, but an inevitable evolution of the banking space. The increasing adoption of new trends is positioning India as an attractive market worldwide and shaping the Indian economy with tangible social returns. Here are some of the developments since the country was introduced to the new format of financial services:

Wave of Tech startups: Entrepreneurs are coming up with more innovative solutions, hence expanding the scope of India’s tech startups.

Affordable delivery of financial services: Financial processes that took hours or days to complete can now be done in a fraction of time. Increased awareness among the masses (Digital India) will create a larger market.

Self-service applications: Growing use of smartphones and mobile apps is leading to enhanced customer experience, along with saving time & effort. FinTech lending platforms are turning out to be preferred modes.

Job creation: FinTech is also helping boost employment. The sector is a magnet for new talent & skill.

Speed, transparency and convenience are major factors that Fintech firms are leveraging to capitalize on the Indian economy. The consumers are benefiting with services at their fingertips, while businesses as banking on technology to grow in the new ecosystem- basically, a win-win situation!