Fintech market In India to grow at 22% by 2020

reogma|Fintech market In India to grow at 22% by 2020

72% of Indian consumers are using digital technology to make payments and transfer cash. Government policies have led financial inclusion to grow up to 78% in 2017. Currently, FinTech software market in India reaches $ 1.2 billion and is estimated to touch double at a CAGR of 22% by 2020.

  • Definition / Scope
  • Market Overview
  • Market Risks
  • Top Market Opportunities
  • Market Drivers
  • Market Restraints
  • Industry Challenges
  • Technology Trends
  • Pricing Trends
  • Regulatory Trends
  • Other Key Market Trends
  • Market Size and Forecast
  • Market Outlook
  • Technology Roadmap
  • Distribution Chain Analysis
  • Competitive Landscape
  • Competitive Factors
  • Key Market Players
  • Strategic Conclusion
  • References
  • Appendix

Definition / Scope

Globally, technology is leveraging a wave of disruption in finance that is changing the value chain and how services are offered. Fintech is a relatively new industry in India, but its rapid growth and potential impact both on the financial sector and on the general population mean that it has garnered a lot of attention.

“Fintech,” stands for financial technology, or technology used for the financial sector, and comprises of multiple things – use of technology such as: artificial intelligence, blockchain, virtual reality, machine learning, cloud-based software – which are enabling financial institutions to redefine their value propositions and allowing them to expand their reach without having to incur significant costs.

In India especially, Fintech is a startup trend that is upsetting the structured format of traditional financial companies such as banks, mobile payments, money transfers, and asset management.

According to Financial Stability Board (FSB), of the BIS, “FinTech is technologically enabled financial innovation that could result in new business models, applications, processes, or products with an associated material effect on financial markets and institutions and the provision of financial services”.

Companies like Infosys, Wipro, and TCS are the major players in the supply side to provide back-end services to banking institutions. FinTech sector is divided into B2C and B2B. B2C platforms like Paytm, clearTax, bankbazaar, policy bazaar, mobiKwik, etc. are mainly providing personal finance, lending, insurance, and payment service while companies like Lenddo, Unocoin, FIXNIX, etc. are serving into the B2B platform.

FinTech Sub-domains: Technology adoption in India has increased tremendously over the last two years. According to EY’s FinTech Adoption Index 2017, 72% of India consumers are using digital technology for money transfer and payments comparing only 50% of global consumers adopt financial technology for this service.

Similarly, 20% of Indian consumers are adopting FinTech for financial planning while globally consumers using such service represent only a half comparing to India. This is exactly the same case when it comes to borrowing activity. For insurance-related service, only 20% of consumers adopt technology globally but the number is just double in India.

reogma|Fintech market In India to grow at 22% by 2020

reogma|Fintech market In India to grow at 22% by 2020


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Thu May 31 , 2018
72% of Indian consumers are using digital technology to make payments and transfer cash. Government policies have led financial inclusion to grow up to 78% in 2017. Currently, FinTech software market in India reaches $ 1.2 billion and is estimated to touch double at a CAGR of 22% by 2020. […]
reogma|Fintech market In India to grow at 22% by 2020reogma|Fintech market In India to grow at 22% by 2020

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