Anushruti Singh
11th May of every year in India is commemorated as National Technology Day. This day highlights the technological achievements of our country’s tech mavens, researchers, and engineers. With this, National Technology Day is a reminder of the tremendous impact that technology has had on our socio-economic progress as a country. One of the sectors that has changed the course of Indian sub-continent with technological innovations is the fintech sector.
The transformation that technology will drive in India’s financial sector will only continue to grow and scale in the coming years, feels the stakeholders in the field.
Rapid developments, like in the case of Open API ecosystems, AI/ML, analytics, automation, blockchain and big data have disrupted our traditional payment systems, enabling faster, cheaper, and transparent transactions. Empowered by these technologies, fintech is transforming our banking institutions, improving parameters like risk management, sustainability, credit growth and financial inclusion.
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Jaya Vaidhyanathan, CEO, BCT Digital says, India’s fintech industry has made remarkable progress in recent years. “This is a great time to be in fintech, and things are only going to get more interesting as we move forward. By drawing on the power of technology, we can continue to help our nation bolster its position as a leader in the fintech space. It is essential that, as changemakers, we stay ahead of the curve, and leverage the key developments in this space to accelerate the pace of change,”
Nageen Kommu, Founder & CEO, Digitap feels it’s important to recognise the tremendous impact of technological advancements on our lives and the world around us.
At Digitap, AI and ML are at the core of the services being offered by us. AI and ML have also revolutionised risk management, enabling the clients of Digitap to identify and mitigate risks in real-time, reducing the likelihood of financial losses, he says.
Digitap uses AI and ML to detect fraudulent transactions and identify potential risks. “These technologies help in analysing large amounts of data, including customer behavior patterns and transaction histories, to detect unusual activity and prevent fraud,” he adds.
“As a CEO, I feel it is essential to invest in AI and ML to remain competitive and provide customers with the best possible services. The opportunities presented by these technologies are too significant to ignore,” he adds.
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“In the ever-evolving fintech landscape, the potential for form-free onboarding based on Video, Voice, and Images will serve a powerful tool for promoting financial inclusion and expanding access to vital financial services,” says Anil Pinapala, CEO & Founder, Flexpay (Vivifi) India Finance.
“At FlexPay, our unwavering vision is to empower every household in India with formal credit, transcending barriers of language, literacy, location, and livelihood. As we challenge the status quo, our focus remains on striking the delicate balance between innovation and risk management, fostering sustainable growth within the boundaries of the current regulatory framework. By embracing technology responsibly and sustainably, our ultimate goal is to establish a paradigm of truth in lending and pave the way for a brighter future in fintech, one that is truly inclusive and empowering for all,” he says.
