Fintech- A game changer

 Siddharth Mehta founder and CIO of Bay Capital called Fintech, a game changer. He has praised the revolution, which it is bringing in banking and financial sector. The entry of Fintech in the Indian economy with respect to investments and financial trends.

The ease in banking; Fintech is the recent innovation that is revolutionising the financial ecosystem. Like internet has transformed the style of connectivity and communication, Fintech has brought a new innovation in banking and payments. Now it is not mandatory to go to any physical location. You may use “digital wallet” linked to your bank account for all the purchases, payments and transactions by your smartphone.

Customer focused; Siddharth Mehta, IL&FS former director, believes that as comparison to the traditional banks here in Fintech the leaders are customer centric. They lay greater emphasis on the operations carried out for the customer. They find, focus and execute the problem and offer better accessibility, convenience and provide customised offerings.

Future of fintech; Worldwide the Fintech market has surpassed $100 million and by 2030 it is expected to cross $300 billion dollar worldwide. According to the predictions Fintech will lead the banking and payments system also in financial planning. The investment in Fintech will lead the nation’s economy in financial terms. According to Siddharth Mehta, IL&FS former director, “Fintech growth and widespread/pervasive use are expected by investors and technologists”.

Siddharth Mehta has a very positive and optimistic view for the expansion of Fintech in the Indian market. A very big portion of the population in India is internet user with a tremendous increase in the smartphone usage and government’s initiatives which actually defined its growth in coming years as well. According to the data there are about 758 million internet user in India with approx. 700 million smartphones. The data consumption on an average is highest in the world which is 13.5 GB and they spent about 6.5 hrs. Per day online on an average. So Fintech is a game changer for the Indian economy with respect to digitalisation and overall development making economy ease and customer centric.