Unbanked Areas being served by FINTECH

Similar to the services of UPI Payments, Debit and Credit card payments have become more popular, which otherwise would bring an end to the Conventional Banking.

1. Fintech as otherwise termed as Financial Technology adopts to various models like Transfer of funds, services through ROBOTs, Lending money etc.,
2. UPI based payment system has taken a leap through Google pay, Whatsapp or PhonePe and now the Fintech has entered the system globally, to take a front seat in the technology.
3. Even in the coming days, you may expect Mutual Fund products through Fintech.
4. Digital is both an opportunity and also a challenge. We should see which one suits a consumer and accordingly work on it.
5. Years ago, we shifted to Internet Banking, then on to Mobile Banking, and now UPI has captured the market.
6. The transactions may either happen at the bank’s app or at a third party’s end, but lastly it is getting settled within the bank.
7. BankBazaar reports that they have 37 million visitors per month, 90% go to a bank which is new to them on the platform.
8. Banks are extending loans to SMEs says the Managing Director of State Bank of India. The bank is said to be disbursing 5000 to 10000 loans everyday.  This also improves the data capability and through the portal along with the disbursal lot of risks are also said to be getting mitigated and the data driven loans is said to be picking up faster.
9. It is also added that lot of transparency have been brought out in the way the banks’ products are being sold.
10. Commoditised products sold on an aggregate platform is not going to generate much revenue however the same is very useful for the customers.
11. Several background check ups have been brought in to the system and greater abilities to process the data. SME 59 minutes Platform launched by banks is said to be pulling in data from various sources, process them and thus enable disbursal of loans in no time.

Down the line lot more of innovations are going to be seen in the market and thus every unbanked area would be in the control of FINTECH..