How Fintech Innovation Is Changing Personal Finance In India?

Anyone who has ever paid for any product purchased or service acquired using an application or any medium using their phone or any electronic device, verified their bank account statements or transferred an action from their account to another is already involuntarily and unknowingly part of a multi-billion dollar industry known as the FinTech Industry.

Fintech is an abbreviation for financial technology that is currently changing economies around the world. It has done wonders in the global market and includes a huge range of products to deal with, technological advancements and an indescribable number of safe business models that are enough to shape a new future for the financial market across the map. It covers everything from a simple cashless payment mechanism to a platform as difficult and complex as crowdfunding and virtual currencies.

Today, a huge amount of money is being invested to overturn the traditional way in which banking and finance have continued to be conducted. Investors buy these vehicles with a keen desire to change the course of action by which money was borrowed and paid for. Since the year 2010, there has been an addition to investments in the FinTech sector of around $ 100 billion. The graph saw an incredible increase in development during the year 2017 itself, when the additional investment came down to almost 18%.

With financial technology impacting so many industries across all businesses, personal finance is no exception. FinTech has had as much of an impact on personal finance in India as it has on other digital banking platforms, if not less.

Customers have started to depend on technology to compare, research, manage, and invest in their finances. The evolution and innovation of financial technology is streamlining several processes for the services that a consumer wants to acquire. It is thanks to fintech that the world of finance and banking involving vast and not so easy to understand complexities is now much more accessible to a large population.

The evolution of financial technology in recent years has given birth to the ear of digital banking. As we sit in our homes, pioneering technology has made it so easy for us to transform our devices into our personalized banks, accessible at our fingertips according to our wishes and will. Not only does this provide ultimate security, but it also helps consumers take control of their finances.

Comparison websites are one of the most prominent and leading innovations in the industry that enable the consumer to make rational decisions about large investments. They are given a platform to explore valuable information about options for saving and spending their hard earned money. They tend to save a person time and effort by preventing them from going looking for different financial products and programs by serving whatever they need on a platter. This will result in more tailored and personalized services with less risk.

It cannot be denied that the future holds everything for the personal finance industry. From unimaginable innovations to tailor-made developments for consumer choice and transparency, the era of generic and out-of-the-box services is emerging as a technically empowered era. Rightly so, consumers began to take an interest in managing and using their precious finances in the most optimal way possible, also caring about the security aspects. The very rewarding “fintech evolution” has proven and will continue to be a promising and hassle-free experience for its users all over the space.

The author, Manikanta Racharla, is Chief Growth Officer and Co-Founder of Coine.ai. Opinions expressed are personal

(Edited by : Anshul)

First publication: Dec 21 2021, 16:27 IS