Into The Indian Fintech Endgame

As we approach the possible endgame in the current wave of technology change, watch out for interoperability in payments, saas, technology debt, and user experience—these four trends are set to revolutionise India's fintech industry.

- Raja Gopalakrishnan

FINANCIAL SERVICES AND TECHNOLOGY when locked in a firm embrace, result in disruption and synergies. Fintech is transforming the financial services space and will continue to do so as the industry makes the shift towards fostering innovation and delivery. Moreover, the greater flexibility provided by the application programming interface (API) technology means banks can provide the kind of product customisation and experiences customers now expect. Here are the top four trends that are set to revolutionise the industry:

Interoperability in payments: The Unified Payments Interface (UPI) brings together a larger number of people under the umbrella of financial inclusion. While traditional banks have seen moderate success with their mobile wallets, UPI has seen a turbo boost, allowing for interoperable payments. A strong environment of interoperability in the payments system benefits all the participants in the ecosystem; it can produce cost efficiencies and enable superior risk management. Providers to these end-users, including banks, networks, and processors gain revenue from payments in the interoperable systems that they may not be able to achieve with closed-loop (or non-interoperable) systems. The end-users, including consumers, merchants, and governments now find it easier to make and accept payments.