The acceptability of fin-tech software products is gradually increasing in India. India’s fin-tech development and trading solution are powered by innovation. With an extensive focus on payment processing in the recent years, the country is gradually turning into the fastest-growing market for fin-tech products. National Association of Software and Services Companies which is representing the IT industry of the country has recently submitted a report on the same. According to this report, there are some elementary factors that are moving this sector fast.
Top five factors that keep the fin-tech sector ahead
1. Cheaper access to capital
2. Fast processing
3. Hassle-free operation
4. High innovation
5. Information sharing
Now, Indian FinTech companies are providing better, faster, and cheaper financial services to the loan seekers. If you compare the growth rate of this sector with the banking sector, you will find a visible difference. Hence, it set to challenge the banking sector in next couple of years. The operational cost of a fin-tech is substantively lower than a banking firm. Easy accessibility, fast approval, and hassle-free operation are three more factors that are keeping this sector ahead. A fin-tech in Delhi is easy to access as the Delhi-based firms are open for the aspirants from all over the country.
Top five factors followed by Delhi-based fin-techs
1. Latest technologies
2. Financial analytics
3. Enterprise development
4. Industry specific experience
5. Document management
The banking sector which is bounded by Foreign Account Tax Compliance Act (FATCA) and Anti-Money Laundering (AML) is also driven by the factors like risk management and selling status; fin-techs are much flexible in this area. You need to provide regulatory information in order to get a loan from any bank. In addition, you are likely to face certain set of challenges while getting invoice finance or a business loan from any banking firm, whether it is a government bank or public. When it comes to trading platforms, document management, financial analytics, or payment processing, banks stay far behind. Many more things are there that are connecting business minded people with the fin-tech firms, over the years.