Through 2017, we have seen technological advancements, new regulatory policies, and ever demanding customers reshape the banking industry’s landscape. For some time now, incumbents of the financial sector have been under pressure to address the demands of the well-informed millennial customer while staying relevant and profitable at the same time. Gone are the days when banks viewed FinTech companies as disruptors; today, they are partners that are pairing up to take on the challenges of a digital-first world.
The Indian FinTech scene comes with an added extra; new initiatives by the government to boost financial inclusion and promote a cashless society have opened windows of opportunities for FinTech companies where first-mover advantages are tremendous. As a result of the government’s initiatives, there has been a sharp increase in consumer adoption of FinTech. EY, one of the big four consulting firms, in their FinTech Adoption Index for 2017 states that 52 percent of India’s digitally active consumers are adopting FinTech; a figure that is only second to China’s 69 percent which is the global highest.
In these times of uncertainty, only one thing is certain – change. Below are some of the FinTech trends that could become major game changers in 2018.