New Delhi (India), April 10: Siddharth Mehta founder and CIO of Bay Capital, claims, “it has never been more crucial for financial decision-makers to keep up with the most recent innovations because FinTech is continuing to expand quickly”.

For consumers, fintech is altering the financial landscape in a variety of ways. For instance, you may now create a bank account online without going to a physical location. You may use your smartphone to monitor your transactions by connecting the account to it. Even better, you can use your smartphone as a "digital wallet" to make purchases with funds from your account.

The investment and insurance sectors are both undergoing fast change because of fintech and proving the claim of Bay Capital’s CIO Siddharth Mehta. Automobile insurance companies now provide "telematics-based" insurance, which uses data gathered from your smartphone or a "black box" installed in your vehicle to track you're driving. You may then calculate how much you will pay for your insurance coverage using this information. In the future, it could be possible to purchase insurance on a "pay as you go" or temporary basis.

Siddharth Mehta, IL&FS's former director, added to his words while praising FinTech as a game changer, saying, "Just as the internet has transformed communication and connectivity, fintech is now revolutionizing the world’s banking and financial ecosystem. Fintech’s evolution is a testimony to how it has changed the financial sector and will further disrupt it".

It wouldn’t be wrong to say that the new market for fintech start-ups to explore was created by the unmet need for digital financial services, small business funding, and technologically savvy clients. As opposed to traditional banks, leaders in the fintech industry place a greater emphasis on customer-centric operations, finding, focusing, and succeeding in specialized goods or services that offer better accessibility, convenience, and customized offerings.

Fintech lenders like Bay Capital have been able to thrive because of the emergence of tech-enabled financing methods like crowdfunding and peer-to-peer (P2P) lending, which is predicted to increase over the next ten years.

The value of the worldwide fintech market has surpassed $100M, and by 2030, it is anticipated to cross $300B. Predictions of more developments in banking, payments, lending, financial planning, and insurance encourage growth in financing and investments in fintech. “Fintech growth and widespread/pervasive use are expected by investors and technologists,” says Siddharth Mehta, IL&FS's former director.

It also, shown in big data, served as a point of entry for fintech start-ups, while machine learning and artificial intelligence provided a window of opportunity for online lenders. Fintech lenders use artificial intelligence (AI) to analyze creditworthiness and manage risk rather than manually processing, analyzing risk, and underwriting loans like traditional lending organizations.

The growth of fintech data computing is driving down prices and changing the face of several financial industries. According to Bay Capital CIO Siddharth Mehta, “We are facing a more competitive financial market with enterprises angling for the most sophisticated and creative financial services and platforms” because of improved customer service, improved security, and expanded access to financial instruments.

Referred from Bay Capital’s journal, “The evolution of India’s financial sector has just about begun. For the discerning investor, the opportunities are real, and with the recent turmoil, the risk-return payoffs in many pockets are hugely asymmetrical.”