Digital Newz 24

The conveyance of monetary and protection administrations is changing because of the two quickly extending enterprises known as "fintech" and "Insurtech." By offering state-of-the-art mechanical arrangements, guaranteeing Siddharth Mehta Bay Capital Founder & CIO, that helps protect organizations in smoothing out their activities, further developing client experience, and making new items, fintech is progressing Insurtech. These are a couple of ways fintech is propelling protection innovation: Information examination: Fintech firms have made state-of-the-art information examination arrangements that can help protect organizations better grasp the requests and propensities of their customers. Guarantors can find examples and patterns through information investigation that can direct item improvement and advertising plans. Computerized reasoning (simulated intelligence): Fintech organizations are using man-made consciousness (computer-based intelligence) to...

There is little question that when financial businesses collaborate and develop new goods and services, the globe will undergo a significant transformation. We may anticipate, asserts Siddharth Mehta IL&FS former director, FinTech businesses to be set up with low overhead expenses, providing them an advantage when it comes to speed, cost, and client happiness across the board as banks & NBFCs (Non-banking financial companies) start to adapt to the changing times. Furthermore, in order to continue to be relevant, these financial institutions will be in continual competition with one another. Regtech: The use of technology to assist financial organizations in adhering to regulatory standards is referred to as Regtech. More fintech firms may concentrate their efforts on creating Regtech solutions in 2022 so, that banks and other financial institutions may fulfill their compliance duties says Siddharth Mehta IL&FS former director. Embedded Finance: Embedded finance is the in...

In recent years, fintech businesses have been recognized to be successful. “ These businesses have been able to upend established financial institutions and provide their clients with cutting-edge financial services,” says Siddharth Mehta IL&FS former director, which has assisted them in achieving significant profitability. The ability of fintech firms to use technology to boost productivity, save costs, and enhance the customer experience is one of the key factors contributing to their profitability. For instance, digital payment companies like PayPal and Square may charge clients less for their services since they have fewer overhead expenses than traditional banks. These systems are more appealing to clients because they can handle transactions more quickly and securely. The capacity of fintech businesses to grow fast is another aspect that affects their profitability. Fintech businesses may enter new industries and swiftly increase their client bases thanks to technology,...

India has a vibrant fintech ecosystem with a number of startups and established companies offering innovative financial products and services says Siddharth Mehta IL&FS former director. Some of the top fintech companies in India include: Paytm: Paytm is a leading mobile payments and financial services company in India, offering a range of services including digital payments, banking, and investments. PhonePe: PhonePe is a digital payments and financial services company owned by Walmart, offering services such as mobile payments, UPI transactions, and mutual fund investments. Razorpay: Razorpay is a leading payment gateway and digital payment solution provider for businesses, offering a range of payment options including credit and debit cards, net banking, UPI, and mobile wallets. PolicyBazaar: PolicyBazaar is a leading online insurance marketplace in India, allowing consumers to compare and purchase various insurance policies from multiple providers. Lendingkart: Lendingkart is a...

Fintech is a rapidly growing sector as per Siddharth Mehta IL&FS former director, with new trends and growth opportunities emerging all the time. Here are some key trends and growth opportunities in fintech:  Digital payments: The shift towards digital payments is accelerating, driven by the rise of e-commerce, mobile payments, and contactless payments. Fintech companies are developing innovative solutions in this area, such as mobile wallets, digital currencies, and blockchain-based payment systems. Open banking: Open banking is enabling new levels of collaboration and innovation in the financial services industry. By opening up their APIs, banks are allowing fintech companies to access customer data and develop new services that can improve financial inclusion, enhance customer experience, and drive growth. Regtech: Regulatory technology (regtech) is becoming increasingly important as companies seek to comply with complex regulatory requirements. Fintech companies are develo...

Fintech, or financial technology, has revolutionized the way we manage, and access financial services says, Siddharth Mehta IL&FS , former director.  Here are some ways in which Fintech is a boon: Accessibility: Fintech has made financial services more accessible than ever before. With digital platforms and mobile applications, people can easily manage their finances, transfer money, pay bills, and invest in financial markets from anywhere in the world.   Cost-Effective: Fintech platforms offer cost-effective financial services. For example, some digital banks offer lower transaction fees, higher interest rates on savings accounts, and even free ATM withdrawals. Moreover, Fintech platforms have lower operational costs than traditional banks, which allows them to offer better rates and fees to their customers. Financial Inclusion: Fintech has the potential to promote financial inclusion, especially for people who have limited access to traditional banking services. ...

The improvement of fintech has adjusted how we see banking and monetary administrations. It has seen a lot of progress as of late, moving from Visas to contactless installment. It is one of the areas of global exchange that is growing the fastest and has essentially adjusted our economy, claims Siddharth Mehta IL&FS , former director. Finance is all over, from Bitcoin markets to crowdfunding sites.   The following points demonstrate the significance of fintech in our lives. Availability of Funding Access to capital is now simple and transparent thanks to fintech. It has altered how consumers obtain loans and mortgages from banks in order to borrow money. Crowdfunding and peer-to-peer financing are the emerging unconventional ways to obtain cash. Financial Sector The financial market has undergone a significant, favorable transformation as a result of fintech developments. Automated stock market trading is now possible because of machine learning and artificial i...

New innovations in financial technology are assisting small firms in starting out, says Siddharth Mehta IL&FS former director , growing, and succeeding. Small companies now have more alternatives than ever for finance, payment processing, money transfers, and other services thanks to fintech. According to CNBC, global funding for fintech reached a new high in 2018, rising to $39 billion , an increase of 100% from the previous year. These are six ways that fintech is assisting small businesses. 1. Processing of Payments Nowadays, the majority of retail shoppers prefer to pay with plastic. 61% of Americans prefer to use their debit or credit cards to make purchases at nearby stores, according to Federal Reserve research from 2017. To give clients alternatives to paying with cash, additional digital payment methods, such as mobile wallets, are also starting to emerge, claims Siddharth Mehta IL&FS , former director . Small companies must grow to take debit and credit cards...

A global bull run in fintech that started over a decade ago is facing a perfect storm. As recessionary fears stalk the world, as interest rates climb and quantitative tightening becomes the norm, the era of dubious business models and reckless unprofitable growth seems to be coming to an end. But despite headwinds in global fintech, India appears poised to strengthen its position. Thanks to critical path-breaking innovations such as the Unified Payment Interface (UPI) and the e-Rupee (CBDC), Indian fintech is estimated by EY to grow at a CAGR of 31 per cent and reach $1.3 trillion by 2025, with a secular rise across digital payments, digital lending, insur-tech, retail investing, neo-banking, and embedded finance. This presumption of growth is supported by near-ubiquitous access to affordable smartphones, no-frills bank accounts, national digital identity management, and frictionless acceptance based on QR codes, all acting in tandem. Today, one in five unicorns in India a...

In India, banks have traditionally been the entry point for payment services. This no longer seems to be the case, though, given how quickly technology is developing and how steadily banks' stranglehold in this market is eroding. The development of new payment methods and interfaces, including Immediate Payments Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), and others, have significantly improved India's payments infrastructure in recent years. Siddharth Mehta IL&FS former director claimed, the "Made in India" and "Digital India" government initiatives have significantly contributed to the rapid uptake of fintech. It is admirable that the Reserve Bank of India (RBI) has recently pushed for the establishment of a genuinely paperless society while simultaneously encouraging the expanding usage of electronic payments. Also, government initiatives like the installation of the GST and demonetization have given fint...

With the start of the 2008 financial crisis, the financial services sector has undergone significant upheaval. Part of what aided the growth of the FinTech sector was general dissatisfaction with traditional financial institutions and their failure to adjust to changing client requirements. A third of all digitally engaged people utilize fintech products, up from 15% in 2015, according to EY Fintech Adoption research. The sector is projected to keep expanding in the years to come as more individuals accept the digitization of banks and receive access to essential financial services via technology. As per Siddharth Mehta IL&FS former director “in terms of potential for short-, mid-, and long-term growth, FinTech is one of the most popular sectors today”. It's important to distinguish between organizations that are de facto socially conscious and those that have robust social corporate responsibility (CSR) practices while discussing social FinTech. Social businesses, on the o...

Since the launch of OpenAI’s ChatGPT , the chatbot had taken the world by storm. No wonder ChatGPT has made its way to the FinTech Industry too. OpenAI’s ChatGPT is revolutionizing FinTech Industry and for all the right reasons. The usage of chatbots in the financial sector to enhance customer service and assistance is transforming the way we interact with technology. Compliance is a major issue in the heavily regulated financial sector.   By automating repetitive processes, chatbots can assist banks and financial institutions in meeting regulatory requirements, freeing up people to concentrate on more difficult duties. Additionally, chatbots can enhance the client experience by offering quick response times and 24/7 service, which is crucial in a sector where time is of the essence. ChatGPT has had a big financial impact.     Banks and other financial institutions have benefited from the technology by being able to operate more efficiently, cut expenses, and pr...

The fintech sector, widely recognised as a major competitor to banks, is expected to double in size from $135.9 billion in 2021 to $266.9 billion in 2027, according to DIFC fintech Hive’s 2022 fintech Report. According to recent research by Report Ocean, the global fintech Lending Market was valued at approximately $573.05 billion in 2021 a...

The transaction value of recurring payments will exceed $15.4trn globally in 2027, rising from $13.2trn in 2023, according to a report from Juniper Research.  It attributes the slow growth of 17% to the fact recurring payments are a well-established market, but also disguises a rapid change of payment methods in the space, with open banking and digital wallet payments outstripping overall growth.  A recurring payment is any transaction that is made on a repeating basis, regardless of payment method or billing cycle. As part of its research, Juniper updated its Competitor Leaderboard for 2023, which ranks the top 20 recurring payments platforms. The top three vendors were Mollie, Zuroa and Recurly.  Companies at the top of the list had a wide spread of integrations with different payment methods and deep tracking and customisable payment plan capabilities.  To stay ahead of the market, Juniper claims recurring payments platform vendors need to build solutions that sup...

India is quickly approaching the educational transformation brought on by the epidemic era. What then awaits those connected to education? The broad adoption of digital learning among students, academics, and parents is undoubtedly the cause. Siddharth Mehta IL&FS says, “Indian education has seen a fantastic leap and has become more digital”. The actions that educators take in the digital sphere will alter the nature of education for many years to come. In addition, a growing portion of the rural population wants to enroll in higher education. They always work hard to achieve this, yet many people in the old system are unable to pursue further education. Naturally, the digital infrastructure is under increased pressure to provide everyone with access to high-quality higher education.  It is undeniable that technology has revolutionized many operating domains, whether it is gadgets, speedier communication methods, or even the realm of education. The COVID-19 pandemic epidemic...

Indian railway has sought to support and accelerate Rail Digital Transformation initiatives in Asia and Pacific region through platform provided by United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The commitment came at the two-day high-level conference on Accelerating Rail Digital Transformation in Asia and Pacific region was organized by United Nations Economic and Social Commission for Asia and the Pacific ( ESCAP ) in collaboration with the Ministry of Railways. The conference was attended by the representatives of the Ministries of Transport and Railways of 18 countries including Armenia, Azerbaijan, Bangladesh, Cambodia, Georgia, India, Islamic Republic of Iran, Kazakhstan, Kyrgyzstan, Lao People’s Democratic Republic, Nepal, Russian Federation, Sri Lanka, Tajikistan, Thailand, Uzbekistan and Vietnam.   Read more at https://tatsatchronicle.com/indian-railway-to-support-digital-transformation-in-the-asia-pacific-region/

Digital India has become a force to reckon with. Now International Monetary Fund has praised India's digital transformation. Asking the world to learn a lesson or two from India. After all, the country is emerging as a global leader in digitization. Palki Sharma tells you more in this report. Read more at https://www.firstpost.com/vantage/imf-lauds-indias-digital-transformation-lessons-from-digital-india-vantage-with-palki-sharma-6242

Air India , India’s leading airline and a Star Alliance member, announced the successful migration of its core Enterprise Resource Planning system using RISE with SAP , a tailor-made ERP software, bundled with transformation services, business analytics, and partner expertise that helps companies complete their personalised path to the cloud. This migration was a critical component in the larger digital transformation of Air India, with an impact on the modernization across business operations such as Finance and Human Resources as well as major functional areas such as Commercial, Operations, and Engineering. One of the biggest challenges Air India faced in its comprehensive modernization journey was its outdated ERP system running on a decade-old mainframe and associated software. The migration and cutover of such critical systems is normally performed with backup and restore operations on an equivalent system. The unavailability of such a system anywhere in the world w...

Present-day customers' impressions of finance have changed due to fintech. Fintech Startups made new services and goods or adjusted existing ones by utilizing technology says Siddharth Mehta IL&FS former director, all with the essential goal of further developing the client experience. The making of significant worth for purchasers through particular offers, with buyer solace and well-being at the front, is a shared objective. The area offers administrations in different fields, including Neobanking, installment entryways, wallets, protection innovation, speculation innovation, and individual budget innovation, among others. To grow the range of coordinated finance in India, fintech new businesses have filled the holes between shopper interest and existing items. By coordinating many monetary items, FinTech Startups offer another age neobanking experience, as per Siddharth Mehta Bay Capital CIO. Because of time requirements and the size of one's private and expert respons...

The new buzz word in India's growth story is services exports. While India's goods exports clocked just 7.5 percent growth in the April-February period, and actually declined 9 percent if you count only February. India's services exports have shot up 30 percent in the April-February period and a whopping 37 percent in February alone. Professor Richard Baldwin, who has written a paper for the World Bank, points out that globally, goods trade peaked in 2008 and is falling; but global services trade as a percentage of world GDP has climbed from 12 percent in 2010 to 20 percent in 2020. Another point to note is that India's services exports is not entirely a software story. In fact in April-December 2022 software exports grew by only 21 percent but business services exports grew by 38 percent.   Among the people who are contributing in a big way to these services exports are the big four - EY, Deloitte, KPMG and PwC. Rajiv Memani, CEO of EY India, believes that d...