Trends To Look Out For In Fin-Tech Industry In 2018

Though still fairly young, the Indian Fin-Tech industry is red hot and sizzling! A dynamic market landscape, governmental push for a cashless economy, awareness about digital monetary systems and a surge in mobile technology has brought the Fin-Tech space to the forefront. Not surprising, since the innovative sector of the financial services offers huge opportunities and paves the way for a world of endless possibilities. In fact, the Indian Fintechs are generating a lot of excitement and growing at a rapid pace. Here’s a quick look at some interesting Fin-Tech trends that are likely to take shape in 2018.

Fewer ATMs:
The coming year will see a dramatic fall in cash transactions with more and more consumers turning towards digital tools for making payments. The demand for paper money will naturally plummet which will subsequently reduce the need for cash withdrawal. As a result, the use of ATM’s will gradually decline and the cash machines may start exiting.

Utilisation of Blockchain Technology:
The safe and transparent Blockchain technology is likely to have a major bearing on Fin-Techs. The application of virtually tamper-proof blockchain digital logbooks that provides a secure way to monitor the exchange of money and other transactions will enhance the efficiency of all processes and perk-up data management.

Straightforward Banking:
Another big Fin-Tech trend will be speed, ease of use and straightforward banking. Thanks to innovative schemes like Unified Payments Interface (UPI), mobile wallets and Aadhaar Enabled Payment System (AEPS), the banking system will become a cakewalk. Execution of financial transactions and other banking procedures would be swift, streamlined and fully automated.

Alternate Lending:
The scope for alternative finance options will gain momentum and become the norm. Fin-Techs don’t operate within the same regulatory setting as big banks and financial institutions hence online platforms like peer-to-peer (P2P) lending will really come into focus in 2018. Access to funding through such novel ways on easy terms and low-interest rates can give small enterprises and individual consumers a chance to thrive in the emerging markets. 

Implementation of Chatbots:
A hot Fin-Tech development to look out for in 2018 is the use of chatbots for basic customer interactions. In fact, we are likely to the arrival of bots offering local dialect for customer convenience. The modern innovation not only helps optimise services and boost business in the digital realm but also propels clients towards making informed decisions. All in all, more chatbots will be implemented to make for a positive banking experience for customers at all turns.

Better Mobile Technology:
Greater connectivity with the help of well-designed apps will become more widespread. Thanks to their innovative approach, Fin-Techs strive hard to stay ahead of the curve when it comes to mobile technology. They will go the distance to incorporate new digital concepts and sophisticated instruments for mobile platforms to offer user’s an awesome experience from anywhere and anytime.

Smooth and Secure operations:
Another Fin-Tech advancement expected in the coming year is the realisation of a more robust platform. With the help of artificial intelligence (AI) in all banking processes, obstacles will be spotted and rectified quickly for smooth operational workflow. Also, techniques like encryption, biometrics and OTP’s will be used to avert fraud and ensure complete security of the customer’s banking details. Not to mention, measures will be in place to deliver outstanding customer service and utmost efficiency to the clientele base.

Expansion of Digital Coverage:
Fin-Techs have mainly focused on the retail consumers to date, but the coming year may see them expand their digital coverage. They are expected to spread out to their offerings and initiatives to other segments like health, insurance, vehicles, corporate and SME banking.

These are just a few significant Fin-Tech trends that we can look forward to in the coming year. One thing is clear, that the future of the Indian Fin-Tech industry certainly looks bright and promising. The digital system has the potential to revolutionize the financial services and make them more effective.