New technology and innovation that aims to compete with traditional financial methods

in delivering financial services. .

• Bye-bye bulky wallets, welcome digital wallets.
• My phone is my credit card, now and forever
• Need to split the bill? Why don’t I text you the money?
• My family abroad is less than 15 minutes away if they ever
need some financial assistance.
• Rest in peace, dear plastic credit card
• Forget payday loans. The army of peer-to-peer loans is rising.
• Bye-bye financial advisers and steep wealth management fees.
Accurate Decision-making
Data-driven management
decisions are cheaper.
Machines will then analyse
the data and will come up
with the recommended
results.
Predictive analysis Insurances Management
in Financial Services AI will automate the underwriting
credit scores process and utilize more crude
calculation and information to make better decisions
prevent bad loans. for the customers.
Automated agents can assist the user
online, in determining insurance
requirements.

Fraud detections and Claims

Automated Virtual Financial Assistants
Management
AI can automate the process monitoring
Analytics tools collect evidence and
events, stock and bond price trend. AI can
analyse data necessary for conviction.
Also can make recommendations
Claims management can be build up using
regarding bonds and stocks to buy or sell
Machine Learning techniques in different
as per users financial goal.
stages of the claim handling mechanism.
• Funding Trends
•

• FinTech investments in Asia

increased to $5.4 billion in
2016, up 12.5% from $4.8
billion in 2015, driven mainly
by China and India.
Fintech service firms are
currently redefining the way
companies and consumers
conduct transactions on a
daily basis.

India has a large untapped

market for financial service
technology startups – 40
percent of the population
are currently not connected
to banks and 87 percent of
payments are made in cash.
Start-ups: The start-up in
Fintech space is not just limited
to mobile wallets. Presently in
India there are over 600 start-
ups in Fintech that belong to
various segments like banking,
lending, document management,
insurance etc.
Universities and Research
Institutions: play a significant role in
shaping the mindset of prospective
entrepreneurs. IIT Roorkee organized
the Global Entrepreneur Conclave to
enhance entrepreneurial skills and
recognized those students who
displayed exemplary skills in
technology-related fields.
Investors: Angle, VC’s, Government and
private equity houses Regulators: The Government,
are all looking fintech along with RBI and SEBI, are
as viable investment. extending all the support to
Fintech companies, to realise
the country’s vision to become
a cashless economy.
Financial Institutions: Various BFSIs are
collaborating with Fintech on a variety of
platforms such as wallets and online client
acquisition, among others. They are
proactively mentoring, supporting, and
investing in innovative start-ups. For
example, Bank of India offers a wallet in
collaboration with Paynimo that is powered
by TechProcess.
• Paytm: paytm is the largest mobile commerce platform in India. It has more than 100
million wallet users and transactions carried out by these are more than 75 million
per month. Total funding raised till date is $890M

• MobiKwik: it is a largest independent mobile payment network that connects about

25 million users with 50,000 retailers. Mobikwik has more than 17 million wallet
users. Total funding raised till date is $86.8M

• BankBazaar: BankBazaar is the online marketplace for instant customised rate quotes
on loans and credit cards. Total funding raised till date is $80M

• Policybazaar: Total funding raised till date is $69.6M

• ItzCash: Total funding raised till date is $50.6M

• Lack of Internal Awareness
• Identification of business case and business partners for PoC
• Selection of vendor/platform
• Partner on-boarding
• Development environment and security related issues
• Integration challenges
• current initiative includes Banking,
Remittance, Insurance, Event and Ticketing
industry while Pharmaceuticals, Luxury
goods, Gambling are under
consideration.
• working at the intersection of technology,
payments and banking industry
• Blockchain Products Company that helps
evaluate, validate, design and create end
to end solutions in Blockchain.
• KrypC focusing on bringing innovative
solutions in the field of Blockchain &
Digital Currency.
 The Reserve Bank of India has The Mahindra Group
SBI is set to launch it’s
successfully tested blockchain and IBM will co-
blockchain project named
technology for trade develop a blockchain
“Bankchain”. The platform will
application. The evaluation was solution, which the
support smart contracts and
carried out in partnership with companies claim, has
KYC.
MonetaGo, domestic banks the potential to
and other financial institutions. reinvent supply chain
Yes Bank has implemented a finance across India by
multi-nodal blockchain enhancing security,
transaction, to fully digitise transparency and
vendor financing for Bajaj operational processes.
ICICI is the first bank in
Electricals. Yes Bank has rolled India and one among a few
out a commercial solution that globally to carry out Across at least 80
helps Bajaj Electricals to quickly overseas transactions which nascent but real
pay its vendors, without the long typically take a few days in opportunities to
trail of paperwork, in a system a few minutes via apply blockchain
that's both transparent and blockchain. technology, nearly
secure. one quarter exist in
insurance.