Fintech refers to any technology that automates and facilitates access to financial services.
Companies in fintech provide people with bank accounts,
loans, insurance etc. online and within minutes.
This makes financial processes more efficient.
For example, Some of the most prominent applications of Fintech are-
- Mobile payments,
- Automated investment apps (Robo-advisors),
- Cryptocurrency,
- Also, Crowdfunding platforms.
Technologies that plays major role in Financial technology
Artificial Intelligence (AI) and Machine Learning (ML):
AI and ML are one of the most used technologies in fintech.
These offer more functions as development continue.
For example,
- Credit scoring,
- Fraud detection,
- Wealth management etc.
Big Data and Data Analytics:
Data from customers and markets is of high value to Fintech companies.
Through large datasets, consumer preferences, spending habits,
and investments are extracted.
Further, this data is used to develop predictive analytics.
In addition, this collected data helps in creating marketing strategies &
also, Fraud detection algorithms.
Blockchain Technology:
Blockchain technology is employed for keeping records, transferring money,
and carrying out banking transactions.
It also eliminates useless paperwork and makes it easier to track transactions.
Top fintech start-ups in India
Paytm-
Paytm was founded in 2010 and it is India’s largest payment company.
It offers multi-source and multi destination payment solutions.
It allow consumers to make payments from any bank account
to any other bank account free of cost.
i.e., with 0% fee charges.
Razor pay-
Razor pay focuses on the payment needs of startups and enterprises.
With Razor pay, merchants can easily accept, process,
and disburse money to and from their dealers.
Cred-
Cred is an initiative of Kunal Shah, the founder of FreeCharge.
It aims to make paying credit card bills simpler;
And also give rewards for paying them on time.
It also checks your credit score with CIBIL, CRIF and Experian
On entering your phone number.
MobiKwik-
It was founded in 2009.
It is a digital wallet service provider that offers services-
- Mobile and online payments,
- Phone and DTH recharge,
- Mobile transfers,
- Online shopping and a lot more.
Other fintech startups include –
Up stox ,ET Money, Instamojo, Policy Bazaar, Zest Money, etc.
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