Fintech, also known as Financial Technology are financial services that are made available on digital platforms. These are redefining the way consumers and organizations conduct daily transactions. This new disruption has been introduced in various segments in India. Let’s see the impact of this technology across these segments.
Earlier you had to run to the ATM to withdraw money in case of shortage of payment of bill amount and if that ATM was out of service or had no money to disburse, you had to look out for another ATM. On the contrary, today digital payment platforms like Paytm and Freecharge has made life easier since you can pay your utility bills online from anywhere at any time with just a click on your smartphone. No need of running around for an ATM.
Also read: Why Fintech Will Be The Big Player
Today various software equipped with relevant algorithm have helped people informed of numerous investment decisions. Such software is gradually achieving importance in the financial industry like stock markets for their capability of making trading cheap, intuitive and mobile. For example, myCAMS helps investors to buy mutual funds online while Scripbox helps you in saving tax by suggesting the best tax saving mutual funds.
Various insurance companies are implementing InsurTech, the use of financial technology in the insurance industry that has made it possible to take an insurance cover without the need to be physically present to the company. Even claims can be filed online. Many public sector companies and private sector companies have launched mobile apps that enable you to renew your policies online.
Today most of the banking activities like checking account balance, paying bills and transferring funds using your laptop or smartphone from the comfort of your home have become easier with the advent of Fintech. You can view your account summary, your small business loan statement, pay utility bills and credit card bills, open a new account, open recurring deposits and fixed deposits and even view and pay your Life Insurance Policies online.
Also read: Challenges Ahead Of Fintech In India
Management of your Personal Finance
Even if you do not possess the required financial education background to make personal decisions in management, there are numerous apps that are capable of managing your accounts, planning your finances and budget, tracking and managing your expenses and so on. Thanks to Finance Technology for providing all these facilities. You can also track up-to-date information on Indian Financial Markets on your smartphone.
CashSuvidha is India’s app-based credit line in the loan lending segment which you can download from Google Play Store and avail a small business loan of an amount as low as Rs.50,000 to 5 lac without requiring any collaterals. You get a credit limit for a lifetime since the limit gets recharged as soon as you repay the borrowed amount.
Fintech has made many facilities much easier, intuitive, and faster and is gradually getting stronger in India. In the coming future, all your financial needs will be executed and solved in a matter of minutes or seconds with the help of this technology.