The year 2020 has been a miscellanea for Indian FinTech business with sure unforeseen circumstances rocking the business in recent times though the increase in digital payments holds some promise. From block the unified payments interface (UPI) handles of affirmative Bank once the bank of India placed the personal sector investor beneath moratorium to weathering a crisis scenario for one or 2 quarters a lot of amidst the COVID-19 pandemic, FinTech start-ups ar keeping their fingers crossed against more unforeseen jolts coming back their means.
A lot of changes that are shaping the FinTech trade these days take into thought the adoption of a lot of open banking culture wherever info exchange is formed doable between third party systems. this can make sure that the top client gets access to a far better additionally as a wider vary of banking merchandise and services to settle on from. Also, the increasing levels of security that are being added to FinTech systems for secure and secure banking expertise ensure that going forward such incidents, would, in most cases be nipped within the bud itself.
Incidents like the affirmative Bank collapse can try to herald a lot of levels of checks and balances additionally as transparency across stakeholders going forward. Up until currently, it absolutely was principally the general public sector banks that have command management over a majority of assets within the Indian industry. within the future, we’ll see that side dynamic with non-public banks additionally as alternative players enjoying an even bigger role to make sure that fiascos/fraud of this nature et al that we’ve witnessed over the past years don’t seem to be recurrent.
The crisis can have a modification in mentality not solely within the FinTech trade however all businesses globally. As organizations return up with their BCP (Business Continuity Plans) for these unsure times, they’re going to realize a lot of and more practical ways that of obtaining work done remotely. Self-service choices, digital banking with risk mitigation, continuous delivery and constant improvement of processes begin enjoying a lot of very important role than it’s been done up to now.