{"version":"1.0","provider_name":"DART Consulting","provider_url":"https:\/\/www.dartconsulting.co.in\/market-news","author_name":"admin","author_url":"https:\/\/www.dartconsulting.co.in\/market-news\/author\/admin\/","title":"Rise of Fintech Companies in India \u2013 The New Trend in Disruption for Indian Retail Banking Sector - DART Consulting","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"9Chk1620Ta\"><a href=\"https:\/\/www.dartconsulting.co.in\/market-news\/fintech-companies\/\">Rise of Fintech Companies in India \u2013 The New Trend in Disruption for Indian Retail Banking Sector<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.dartconsulting.co.in\/market-news\/fintech-companies\/embed\/#?secret=9Chk1620Ta\" width=\"600\" height=\"338\" title=\"&#8220;Rise of Fintech Companies in India \u2013 The New Trend in Disruption for Indian Retail Banking Sector&#8221; &#8212; DART Consulting\" data-secret=\"9Chk1620Ta\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script>\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n<\/script>\n","description":"The term Fintech is used to denote technology integrated with providing financial services which were traditionally rendered by banks.\u00a0 With increased use of smartphones and mobile apps, there is a high preference for self-service financial application as well.\u00a0 Fintech applications are increasingly used for financial services like making online transaction, investment advisory, and payment of bills; resulting in enhanced customer experience, saving time and money.\u00a0 Most commonly used fintech in India are Paytm, Oxigen wallets, Freecharge, utilized in ecommerce transactions, travel payments in IRCTC and in mobile applications such as MakeMytrip, BookMyShow, etc.\u00a0 What makes fintech a hot topic now? \u00a0Driven by digital technologies, analytics and exceptional customer experience, these companies are competing with the major banks of the industry. &nbsp; Fintech also caters to newer forms of currencies, which are known as crypto currencies, like bitcoins.\u00a0 The fintech market in India is expected to double to US$2.4 billion from US$1.2 billion in the next four years.\u00a0 The PwC Global Fintech Survey 2016 suggests that consumer banking, and fund transfers and payments are likely to be the most disrupted sectors by 2020.\u00a0 Fintech companies are into providing many financial services, which can be broadly grouped under three major categories- Payment solutions, Customer engagement and Process involvement.\u00a0 There are many fintech start-ups looking at things differently and solving problems in brand-new ways with the help of technology.\u00a0 Some of them are given below. Fintech covers diverse areas across banking and caters to new business models.\u00a0 One of such innovative model is peer-to-peer (P2P) lending.\u00a0 It is an online platform which matches lenders and borrowers according to loan amount and cost of obtaining that loan.\u00a0 It marks a good revenue model for the fintech companies as well as reduced interest rate for the borrowers using the platform.\u00a0 It is predicted that loan originations will reach 1 trillion USD by 2025, with the share for marketplace lenders growing exponentially from the current 2%. This is expected to affect the core business of the banks, which has major source of income from money transaction and loan borrowing.\u00a0 This technological disruption is fueled by government initiatives such as Aadhaar and the direct benefit transfer (DBT) payments by banks.\u00a0 Government has also set up committees and boards like Unified Payments Interface and the Bharat Bill Payments System (BBPS) to encourage and protect the users of fintech services.\u00a0 BBPS recently granted licenses to 33 companies to operate under the system through which customers can pay their electricity, water, gas and telephone bills.\u00a0 Few ones to have confirmed the license include PayU India, PayTm, Oxigen, SBI, ICICI bank, HDFC bank, Kotak Mahindra Bank, Bank of Baroda, Axis Bank and RBL Bank and TechProcess. Majorly, banks are looking to obtain the license than non-bank companies.\u00a0 Around 75% of the banks have a notion that fintech companies could be made strategic partners to enhance the customer relationship, detect fraud, and anti-money laundering using artificial intelligence and machine learning.\u00a0 Some major banks like HDFC bank, Axis Bank, ICICI Bank,\u00a0SBI and YES &hellip; Continue reading &rarr;","thumbnail_url":"https:\/\/www.dartconsulting.co.in\/DARTBlogs\/wp-content\/uploads\/2016\/08\/Mobile-wallet.jpg"}