With the recent buzz around the digitalization of industries, the financial domain of the world has not been left behind. Witnessing a staggering revenue growth, Fintech has taken a massive lead in the last decade. Cashless payments, encrypted transactions or the one-click bank transfers— citizens have welcomed all these significant developments with open arms.
Making its way through the pandemic-stricken world, the Fintech industry has been gradually marching forward, undeterred. India in itself has witnessed the emergence of 14 new Unicorns since the year 2021 kicked off. With such dynamic growth enveloping the sector, one is sure to expect the unexpected in the coming times!
Placing supreme emphasis on the future of the Fintech industry in India, the country is poised to reach an estimated valuation of $150-160 billion by the year 2025. To realize this estimation and witness such a surge, the Indian Fintech sector is noted to need an investment of close to $20-25 billion in the next 5 years. Now this is interesting, isn’t it?
Zooming out of the statistical lens and moving into the development side of the domain, there are various jaw-dropping trends expected to dominate the sector. With these much-needed enhancements and changes, one can be sure to take a plunge into the unknown.
Recent Trends in the Fintech Sector
The upcoming technological advancements, aligned with the financial convenience, have given a long-awaited boost to the Fintech sector. Thanks to these revolutionary trends, the industry is all set to experience an exciting boom.
Blockchain Technology
Answering the evident call for a secured monetary transaction, decentralized finance has shown a new way ahead. Enabling individuals with better control of their money, the entire blockchain technology offers an effective online mode of trading your bucks!
Cryptocurrency has been a recent talk of the town with exciting developments and newer offerings. After serving the ever-growing quest for security in the crypto world, blockchain is now on its way to changing the FinTech sector’s dynamics.
Artificial Intelligence
Want to know more about your customer behavior analytics? Hunting for better technologies to process complex data?
Artificial intelligence is here to your rescue!
Machine learning and the Internet of Things, along with efficient artificial intelligence, have given way to improved decision-making processes— making our lives simpler. Know the accurate, in-depth analysis of your customers and predict their behavior for better services.
Enhancing Modularity: Microservices
Gone are the days where industries were led by monolithic systems consisting of single units to direct all the processes under one roof. Microservices have offered an enhanced way of implementing modularity throughout the workflow.
With individual APIs for an integrated financial sector, separate modules and applications can be deployed to suit the varying needs of a business.
Conclusion
The Fintech sector is expected to witness a skyrocketed growth in the coming times. With an enormous estimated evaluation in the next 5 years, impeccable developments are underway— setting the foundations for profitable financial domains.
Exciting times are just around the corner. Are we ready for what’s coming next?
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