{"id":688,"date":"2020-06-08T12:30:15","date_gmt":"2020-06-08T07:00:15","guid":{"rendered":"https:\/\/rzplearn.com\/?p=688"},"modified":"2024-10-14T12:12:02","modified_gmt":"2024-10-14T06:42:02","slug":"fintech-trends-india-2019-payments-wealth","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/","title":{"rendered":"Fintech Trends to Look Forward to This Year"},"content":{"rendered":"\r\n<p>In the last couple of years, India has gone through a digital makeover, rapidly transforming how businesses operate today.<\/p>\r\n<p>The makeover has also resulted in a paramount shift in the conventional money management and banking services industries as fintech has construed into a series of disruptive innovations.<\/p>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d69f9542ebe\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d69f9542ebe\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#The-current-Indian-fintech-space\" >The current Indian fintech space<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#India-encourages-innovation\" >India encourages innovation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Easier-payments\" >Easier payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Increased-partnerships-between-fintechs-and-corporates\" >Increased partnerships between fintechs and corporates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Simplified-personal-wealth-management\" >Simplified personal wealth management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Cloud-banking\" >Cloud banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Increased-security-in-digital-payments\" >Increased security in digital payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Seamless-interaction-using-NLP-based-chatbots\" >Seamless interaction using NLP based chatbots<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Enhanced-Personalization\" >Enhanced Personalization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#The-Bottom-Line\" >The Bottom Line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/fintech-trends-india-2019-payments-wealth\/#Long-and-short-of-it\" >Long and short of it<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The-current-Indian-fintech-space\"><\/span><strong>The current Indian fintech space<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>India is no longer holding back from leveraging the latest technology to simplify financial services, and UPI is an excellent example to support that statement. Since the innovation of UPI, there have been many apps contending to be &#8220;the one&#8221; while Google Pay has been the go-to app for many. These apps have significantly hit the high spots, making payments easy and instant.<\/p>\r\n\r\n\r\n\r\n<p>The current ecosystem comprises of fintech startups, digital payment companies, banks, multinational technology pioneers, and insurance companies.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"India-encourages-innovation\"><\/span><strong>India encourages innovation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"810\" height=\"301\" class=\"wp-image-690\" src=\"https:\/\/razorpay.com\/learn-content\/uploads\/2019\/04\/7-Trends-to-Look-Forward-to-in-the-Indian-FinTech-Space--e1554701629806.png\" alt=\"Narendra Modi Prime Minister of India about Fintech at the Singapore Fintech Festival, Fintech trends to look forward to in India\" srcset=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2019\/04\/7-Trends-to-Look-Forward-to-in-the-Indian-FinTech-Space--e1554701629806.png 810w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2019\/04\/7-Trends-to-Look-Forward-to-in-the-Indian-FinTech-Space--e1554701629806-300x111.png 300w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2019\/04\/7-Trends-to-Look-Forward-to-in-the-Indian-FinTech-Space--e1554701629806-768x285.png 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Easier-payments\"><\/span><strong>Easier payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Payments have seen a significant revolution in the last few years, particularly because of the disruption of e-commerce, mobile commerce, and online payments. Although financial inclusion is much more than just payments and transactions, payments are thought of to be the gateway for financial inclusion.<\/p>\r\n<p>Consumers and businesses will continue to embrace digitized payments while UPI will still remain to have its firm ground for both P2P and P2M transactions.<\/p>\r\n\r\n\r\n\r\n<p style=\"text-align: center;\"><strong>Suggested reading: <a href=\"https:\/\/razorpay.com\/blog\/upi-2019-transactions-data\/\">UPI in 2019 &#8211; A Story of Numbers<\/a><\/strong><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Increased-partnerships-between-fintechs-and-corporates\"><\/span><strong>Increased partnerships between fintechs and corporates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>The <a href=\"https:\/\/thefintechtimes.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Fintech Times<\/a> says 2019 will be the year of smart collaboration &#8211; partnerships between fintech innovators and corporates, where corporate companies would much preferably invest in Fintech, rather than purchasing solutions.<\/p>\r\n<p>We will also observe banks teaming up with fintech to clear out irregularities to provide value-added services and smooth customer experience, along with a series of advanced features to ease operations.<\/p>\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_fintech_trends&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Xperience the future of banking<\/a><\/div>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Simplified-personal-wealth-management\"><\/span><strong>Simplified personal wealth management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>There&#8217;s a rising change being experienced by the Investment Advisory administrations with the development of computerized wealth advisors, also called &#8220;robo-advisors.&#8221; And, by &#8220;robo,&#8221; we mean digital wealth management platforms rather than actual robots. They can provide advice about wealth management by utilizing algorithms, helping customers make financial judgments on their behalf.<\/p>\r\n<p>The ideal result is the capacity to yield custom-made, significant advice to investors without the involvement of human emotions, and at a lower cost. This helps in creating scalable business models that are sustainable even at low-profit margins.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cloud-banking\"><\/span><strong>Cloud banking<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Implementation of cloud computing will reduce costs by a great extent because no additional investments are needed for managing resources as the costs associated with dedicated hardware are software are eliminated.<\/p>\r\n<p>Cloud adapts to the changing demands and provides resilience to serve the changing needs of customers. Cloud resources also scale upon requirement and allow easier integrations with advanced technologies.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Increased-security-in-digital-payments\"><\/span><strong>Increased security in digital payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Security will be widespread since financial transactions are subjected to threats and attacks. An EY report says, technology like Blockchain will be all the rage, attributing to its exemplary features like transparency, immutability, traceability, and auditability.<\/p>\r\n<p>Blockchain will be able to provide a high level of security when it comes to the exchange of money and sensitive information, allowing users to draw off its transparency while lowering operational costs.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Seamless-interaction-using-NLP-based-chatbots\"><\/span><strong>Seamless interaction using NLP based chatbots<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>There is already a wave of disruptive technology in businesses in banking and finance. It is well-known that customers are always trying to find better ways to interact with companies, be it banking or otherwise, seamlessly.<\/p>\r\n<p>According to PwC India, Fintech will create a whole new sensation by employing NLP based chatbots and innovating Conversational User Interface (CUI) to reform mobile banking. These chatbots will be able to respond to customer problems and provide feasible solutions in real-time, thereby elevating customer experience.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Enhanced-Personalization\"><\/span><strong>Enhanced Personalization<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Fintech is improving customer experience by providing tailored arrangements and administrations to suit the customer\u2019s individual needs. The eventual fate of fintech will see customized illustrations that can envision significant occasions in a customer&#8217;s life.<\/p>\r\n<p>Implementing Artificial Intelligence (AI) and Big Data for personalization will result in improved risk identification and qualification, which can be utilized in the advancement of modern service models.<\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"The-Bottom-Line\"><\/span>The Bottom Line<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>RazorpayX is a full stack financial management suite tailor made for Indian businesses. With RazorpayX, you can:\u00a0<\/p>\r\n<ul>\r\n<li>Manage their contacts and end-to-end payout operations via powerful APIs<\/li>\r\n<li>Make 24*7 payouts, disbursals, and refunds through UPI, <a href=\"https:\/\/razorpay.com\/learn\/neft\/\">NEFT<\/a>, <a href=\"https:\/\/razorpay.com\/learn\/rtgs\/\">RTGS<\/a>, and IMPS<\/li>\r\n<li>Offer 24*7 instant refunds and payouts to their customers and vendors etc., without any manual intervention<\/li>\r\n<li>Instantly access and download financial reports and summaries of their contacts<\/li>\r\n<li>Get complete control and visibility of their finances with real-time summaries, without any help from financial analysts<\/li>\r\n<li>Automate and execute payroll, compliance, and contractor payments with a dual tax regime compliant payroll software<br \/><br \/>\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_fintech_trends&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Xperience the future of banking<\/a><\/div>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long-and-short-of-it\"><\/span><strong>Long and short of it<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>While 2019 was a massive contributor to the Indian fintech space, creating a solid foundation for innovative technologies to emerge, fintech will remain an industry that will be on the leading edge of innovation.<\/p>\r\n<p>As India is evolving to be a digitized country, we can only expect more advances to cause a breakthrough in the Indian fintech space.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>After UPI and other advancements completely transforming how payments work, what can we expect next in the Indian Fintech space?<\/p>\n","protected":false},"author":151156458,"featured_media":2836,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3437],"tags":[1627,1507,1628],"class_list":{"0":"post-688","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-fintech","9":"tag-payments","10":"tag-technology"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156458"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=688"}],"version-history":[{"count":10,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/688\/revisions"}],"predecessor-version":[{"id":13958,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/688\/revisions\/13958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/2836"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}