Fundamental changes in customer’s understanding of finance has taken place because of the emergence of fintech startups, according to Siddharth Mehta, founder & CIO of Bay Capital. By using advanced technologies, these startups have been able to offer fresh goods or services, improve existing ones and above all, improve customers satisfaction and experience. This transition had been brought towards providing customers form all financial levels a unique, secured and comfortable procedure.
Fintech startups have given a broad array of services within the financial sector. To name a few, this includes Insurance technology, Neobanking, payment gateways, investment technology, wallets and personal finance technology. With the commitment to open the gate of organized finance even in rural areas, fintech have formed filling the whit spaces that currently exists in the system.
Fintech apps are being regarded as ‘super software’ which encourage users save, spend, lend and most important of them, provide a hassle-free experience. All of these services, from banking to payments and investments, are being provided via the same app. This reviving fintech industry has created an all-in-one centralized dashboard to book-keep users assets, obligations, and balance sheets without having them to get in to each app manually.
FinTech initiatives have been proven to be a one-stop shop for innovative financial services. According to Siddharth Mehta, IL&FS former director, These apps are making sure that even with a busy schedule, interested people are to buy various financial products and staying updated with the financial status. Additionally, these applications are also helping in streamlining the payment method with their supportive web tools.
Moreover, the key aspect of FinTech is to be applauded as they are now promoting financial inclusion through digitally enabled platforms and it is aiding individuals to bridge the gap that exists between the demand and supply of financial goods.
Since traditional banks are well known for their overdrawn agreements and complex rules, FinTech has found an opportunity to fulfil the requirement of the current market by providing an easier way of doing business. That is why businesses like Bay Capital have enabled access to capital to various organisations, helping entrepreneurs arrange techs for their startup businesses. The simpler format saves time and money for business owners who are looking for support to receive adequate funding from the market.
Fintech startups are now proved to be the top companies of the modern markets. They are aiding the Indian market by presenting services that are quite nominal with a high-level tech based solution. Furthermore, they are also helping in making financial services available via a spectrum of technologies employed such as artificial intelligence, machine learning, big data and blockchain.
Siddharth Mehta, the founder & CIO of Bay Capital and former Director of IL&FS, is a prominent figure in the financial industry. He is a leading expert in investment, risk and portfolio management, blockchain, financial inclusion, capital markets and venture capital funding. He also offers strategic and corporate advisory services to various financial institutions through Bay Capital. Mehta also serves as a consultant and financial advisor to various organizations.
Mehta has penned down his thoughts and experiences into several books like ‘Financing SMEs in India’. He has been a beacon for the Indian financial sector and has worked for its improvement for years. With the help of his extensive research, experience and strategic solutions, he has been actively promoting the interaction between banks and fintech companies, to create a stronger and more resilient banking system. All in all, his works make him a perfect figure to describe the emergence of fintech startups as the new ‘unicorn’ of the market.
In conclusion, the development of the financial technology sector has brought new business models, innovative financial products, and improved designs of digital delivery tools. Fintech startups have proved to be a stepping stone to change the financial landscape in India. Undoubtedly, they are the new unicorns of the market, with investors, lenders and business owners reaping the benefits of fintech solutions. In the upcoming years, the sector is expected to transform the financial sector even more and aid in the development of numerous economies.
