FINTECH & FUTURE OF FINANCIAL SERVICES FOR SMALL & MEDIUM ENTERPISES IN INDIA
Dr. Kalim Khan
Joint Managing Director, Brains Trust
Prof. Mohd. Osaid Koti
Assistant Professor, Rizvi Institute of Management Studies and Research
Innovation and Technology have guided a radical change in traditional financial services. Now, Technology seems an essential keyfor the growth of digital economy. Over the years Indian banks and financial service providers have cautiously adopted technology to augment reach to the customers, provide services to and operational efficiency with growing market and technological advances. But still, the momentum of technology adoption is not equivalent to its potential. Accordingly, there are gaps in the realization of financial services. Traditional Banks and Financial Institutions have noticed technology as a potential to empower the business propositions, rather than originating new business propositions themselves. Financial Technology (FinTech) Companies however are modifying that role by gratifying digital financial technologies to establish new business propositions and target new market segments which presciently were not possible. Even, RBI is enabling the development of fintech sector to multiply there ach of banking services for unbanked population.
FinTech is the legitimate sight in the utilization of technology to offer new financial products and services to new market segments in an economically feasible manner. From a business model perspective, the FinTech sector is manifest by technology companies that either attempt to disintermediate, or partner with incumbent Banks and Financial Institutions confide in on strategic account and market landscape. Hence, FinTech is progressively becoming a foremost center of attraction for all the key stake holders in India’s Financial Services industry–Regulators, Traditional Banks, NBFCs, Payment Banks, Investors, Payment Service Providers, Broking and Wealth Management Companies, Insurance providers and pure play FinTech players. So, the impetus of this paper is to confer about various facets of Fintech in India.
Keywords: Technology, financial, economy, digital, services, initiatives