Evolution of the Fintech Platforms in India

In the last few years, there has been a tremendous increase in the number of digital players within the financial space. This has resulted in lessening a common man’s efforts to get access to his or her funds since access to digital platforms has increased.

Fintech has emerged as the most robust lending platform, shifting the conventional banking methods and transforming end-to-end customer travel. This has unlocked numerous opportunities for tapping into the extensive, comprehensive customer database allowing for a strong digital foundation.

The arrival of platforms for new-age lending has catered for the broader segment of people who need funds. Digitisation has helped the consumer gain financial freedom by making access to affordable finance easier. Fintech platforms provide easy and straightforward access to individuals by merely sitting at the comfort of their homes or offices to meet financial needs to meet their needs.

Fintech platforms have removed the need for frequent branch visits and the need for waiting in long queues has been eliminated too. Fintech companies are steadily scaling up to a higher-value proposition.

The Fintech industry is now at the forefront of the financial services sector, thanks to the proliferation of innovations and quick connectivity of smartphones. Chatbots, also called as the conversational agents are changing the overall consumer experience, and exceptionally changing the back-end operations.

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Chatbots are well-equipped with artificial cognition and also natural human language comprehension; they communicate with humans via audio or textual media to translate and answer questions, most of the time, without any human interference. Chatbots allow organisations to provide their customers with a streamlined, personalised, and hassle-free experience at cost-effective prices along with efficiency. 

Prevention of fraud is a vital element to the operating approach of every bank. A chatbot can be configured to track and recognise warning signs of fraudulent behaviour so that the impacted customer can be automatically alerted in real-time via a messaging app. This will also help in retaining a bank’s brand value among its customers.

Robotic Process Automation has the ability, in many different ways, to make business processes more effective. Robotic course automation systems are ideally suited for repeated, consistent process interactions with IT applications. Usually, these processes lack the scope to justify automation by IT transformation. Computer robots can execute entire end-to-end processes with little human interaction.

To cope with this growing Artificial Intelligence (AI) security threat, companies need to modify their security strategies to accommodate not only AI and creativity but also prioritise data protection. The main goal of hackers in the digital economy is to steal data, as this is where the money is. Organisations should use data-centred protection frameworks underpinned by information assurance to protect data, and continue all the developments around AI while continuing to follow a policy of prevention, detection and response.

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in