Here's how technology will shape future of FinTech Industry

Tech innovation in financial services has been accelerated the growth extensively. The rising demand for holistic financial services, better customer experience, and cost-effective solutions have further catalyzed the growth and influence of technology-driven financial services

- Shubhradeep Nandi

The pace of innovation and advancement of technology in financial services has been out of ordinary globally. India has been at the forefront of this global revolution. This high-speed growth has been accelerated by extensive internet usage both in urban and rural regions, cheaper mobile handsets, cheaper 4G subscription charges, and the pandemic accelerated digital penetration.

With this increasing globalization and consumerism, there has also been a dramatic rise in both customer and regulatory expectations. The demand for easy-to-use, trustable, fraud-resistant, consent-driven, and more inclusive systems are few top ones.

This intensified demand for holistic financial services, better customer experience, and cost-effective solutions have further catalyzed the growth and influence of technology-driven financial services. They are broadly categorized as the TechFins in Fintechs.

Covid-19 have wreaked havoc globally starting 2020, global economies are still trying hard and slowly limping back to normal. Economies have been re-routing their expansion plans, businesses trying to stay afloat, higher levels of unemployment, people compelled to stay on bare minimum but for digital-led companies it has accelerated the operations at a remarkable pace, moving them ahead by several years.

During the pandemic with fully curtailed human social interaction the entire customer segment has moved drastically towards online modes of communication and work. Financial Service providers say that over 77% of customer interactions became digital, three times higher than before the pandemic.