The ubiquitous use of internet-enabled smartphones has consequentially led to automated banking and financial services. Digital innovations have yielded tangible benefits in the BFSI sector helping financial institutions, large companies, business enterprises and consumers better manage their financial operations on computers and on smartphones. Agreed that today the amalgamation of several innovative digital technologies by startups and public/private banks have disrupted the financial sector at large, but is the quantum of innovation enough or is there more need for innovation?
The answer is – of course, yes! But what are those areas that demand quick implementation of technologies that can give a turnaround to today’s BFSI sector? This feature is a bird’s eye view of the requirements in place?
BFSI is desperate for newer digital solutions
Recently Mumbai set stage for one of the most influential fintech events – Fintegrate Zone. This event was a FinTech thought leadership conclave that focused on the future of technology in financial services within India and beyond its borders. It was a mélange of conferences tracks, workshops, hackathons, meetups, CXO roundtable, and startup exhibits. As a separate entity under Zone Startups, Fintegrate Zone drew more than 1,400 attendees, with an audience mix of 50% from BFSI and 25% from fintech this year.
After extensive deliberation by seasoned grey-haired entrepreneurs to young jet black-haired startup entrepreneurs, it was discovered at the event that extensive innovations and out-of-the-box ideas that have a direct impact on rural India are much required.
Insuretech seems to be at the helm for the need of innovative solutions, especially the non-conventional type of insurance for agriculture, property, and transport are exposing untapped opportunities. Financial inclusion is yet another branch under banking services that craves for solutions to simplify and render cost-effective banking and financial solutions to rural India. That does not mean that digital financial solutions for Urban India have reached saturation. There is still tremendous scope for entrepreneurs to launch solutions that can aid better banking experience for millennials, personalized wealth creation experience, and robotic advisors in the form of chatbots. And finally, the Digital Payments sector is reflecting a scenario with a need for advanced, quick and easy solutions that can simplify B2B payments. What’s interesting is that the Fintegrate Zone event brought out the impending opportunities that lie in digital solutions for Business-to-Government (B2G) and Consumer-to-Government (C2G) online payment systems. These areas are in urgent need for solutions to ease government-related financial operations.
Fintech world throws open wide arms to accept womenpreneurs’ ideas
In the past few years, women across all verticals have thwarted barriers and crushed stereotypes. Gender biases and identity crisis no more looms on them. Fintech womenpreneurs have to their credit several innovative solutions exclusively for the BFSI sector, where they are working on providing and empowering other women access to financial technology or fintech.
It is believed that women-owned micro, small and medium enterprises have the greatest potential to benefit from digital solutions as those technologies can help women overcome the typical barriers to expansion and growth. Globally, only 6% of funding goes to women backed ventures. Till the time it reaches 50%, there is a need to provide them a platform to help them climb up the ladder. That is why Fintegrate Zone 2019 launched two major initiatives at this year’s event: Women leaders impacting BFSI and Ffintech and a Demo night for women in fintech.
In conclusion, it is evident that the highly regulated BFSI sector wants the entrepreneur community to come forward with sophisticated and easy solutions that can address multitude banking/financial operations.