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While traditional banks have managed to gain customer loyalty and success over the years, in this day and age, customer experience plays a more important role than anything else. And, that’s where fintech comes in. India is home to more than 20 fintech unicorns and the fintech industry is expected to reach $1 trillion in throughput and $200 billion in revenue by 2030. Like every other startup, fintechs need technology, but they take a different approach to it due to the large amounts of financial data involved.
According to Souparno Bagchi, COO of Balancehero India, when it comes to deep domain positioning in the fintech space and a solid understanding of regulatory expectations, fundamentally two things are quite different. “Any product that involves in-depth field positioning, no matter in terms of safety, responsibility, and supervision, if you don’t absorb it, it will be difficult to create a good product that consumers love
looking for. “
Hardika Shah, founder and CEO of Kinara Capital, said, “Regulators are taking control. But even though we are a fintech company, we are building a newer version of old school so that the regulatory framework remains the same. People have to understand that we want jobs with regulators.”
According to Amit Tyagi, CEO of Payworld, “If you’re a consumer tech startup, it’s you and
default consumer. But in fintech, you need to work with regulators, other industry players and consumers.
If your head is not in the correct position, the adjuster will ensure that it will not start
Unless you’ve already sorted out the basics from a security and consumer standpoint. “
But what about disruptive technologies like blockchain in fintech? Industry insiders say blockchain technology with wider use cases will really expand trust in the industry. Sumit Chhazed, co-founder and CEO of OTO, said: “Fundamentally, any technology needs three things to thrive – trust and transparency, improved process efficiency, and reduced costs. In blockchain, executing payments The cost of decision-making is getting higher and lower. In terms of assets, blockchain can access data in real time. Trust and transparency are higher.
Fintech companies make money available to everyone. Pallavi Shrivastave, co-founder and director of Progcap, said, “Regulators have always been open to exploring and
experiment. Refyne CEO and Co-Founder Concus Chitresh Sharma “We are
Financial health in the last mile.When you do this, you are building for 93% of the
People who are not used to credit scoring.
Another interesting aspect of the fintech industry is payment systems and subsets thereof. UPI is an example of this. “It’s here for a number of reasons — from the customer’s point of view, ease of payment to zero MDR (Merchant Discount Rate) for merchants,” Krishnan Vishwantahan said.
Founder and Executive Director of Ring.