3. Introduction
In the most succinct terms, a Fintech is
an abbreviated form of Financial
Technology.
It’s also used as a collective term for all
the technology in the fiscal industry.
From a technical standpoint, it is the
seamless integration of technologies in
the finance industry to produce fast,
efficient accurate solutions for both
consumers and businesses.
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5. The Fintech Ecosystem
Let us deconstruct the various players in a fintech ecosystem and how they are inter-linked to
Fintech solution providers.
6. Investors: Venture Capitals, angel investors and private
equity houses are considering fintech providers as the next
golden goose.
Traditional financial institutions : Banks and financial service
providers are devising ways to collaborate with fintechs to
leverage the technological advent as well as to reduce cost
of operations.
Government and regulators: Suitable laws protect the end
users as well as lay the guidelines for fintechs to operate
within set parameters.
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7. Universitiesand research institutions : The acute shortage of
talented and equipped workforce is being met by institutes
with a curriculum that focuses on fintech companies in
India.
Incubators: Several established companies are setting up
incubators for fintechs in India to experiment and develop
their services.
Users : The end user remains the most important cog of the
fintech wheel. The increased adoption and acceptance by
Indians are paving the way for more fintech companies in
india.
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9. Payment Services: Payments are a lot easier now.
You can have a multitude of payment wallets
without the lengthy procedure of opening a bank
account. All you need is a smartphone and a
mobile sim and you can buy almost everything
within the wallet limit. Players like PayTM,
Freecharge and MobiKwik have completely disrupted
the Indian payment scenario. Physical wallets are
no more a necessity when you go out. Just carry
your phone and scan away!
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10. Digital Lending: Fintech innovation is being
leveraged to create a space in lending.
Traditionally, customers have to go through long
cycles and paperwork to get a loan. Prominent
companies like Union Bank of India, Profectus
Capital, Bank of India, UCO Bank, SIDBI etc. are
changing the age-old method. Customers without
steady employment, bank account statements can
also avail loans now. Fintech is opening up a
host of lending models such as flow-based,
vertical-based and ecosystem-based lending.
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11. Insurance : Another sector going the paperless
way is Insurance. Aggregators like Policybazaar
and Coverfox have emerged which help consumers
choose among host of service providers by
comparing their offerings and purchase the most
suitable one.
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12. Savings WealthManagement: Fintechs like
Scripboxand Funds India help individuals save
and invest their money. These platforms provide
comparable options to choose from.
Point-of-Sale : Fintechs in this segment provide
card swipe machines to enable cashless payments.
Demonetization has given rise to new players like
Mswipe, PineLabs, ICICI Merchant Services in this
segment which has made the market competitive.
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