Key Segments of FinTech

 

                                    Key segments of FinTech Industry in India

The Indian FinTech sector is diverse and consist of several segments providing innovative financial services and supporting financial inclusion. The most important segments of FinTech industry are explained below.

Digital Payments:

Digital payment is the most important segment of this sector and they offer a secure, convenient, and efficient way to transfer money between bank accounts. Different types of digital payments in India are:

  • Bank cards
  • Unstructured Supplementary Service Data (USSD)
  • Aadhar Enabled Payment System (AEPS)
  • Unified Payments Interface (UPI)
  • Mobile Wallets
  • PoS Terminals
  • Internet Banking
  • Mobile Banking
  • Micro ATMs

Digital Lending:

Digital Lending is a remote and automated lending process by using seamless digital technologies for customer acquisition, credit assessment, loan approval, disbursement, recovery, and other related customer services. This segment occupies a greater share in the FinTech sector and is expected to remain dominant in future by using Artificial Intelligence and alternative credit scoring models to minimize the credit gap by addressing the credit needs of MSMEs and new customers previously excluded from formal financial services.

InsurTech:

Customized and accessible insurance products are offered to customers by using technologies like Artificial Intelligence, Machine Learning, Block Chain and IoT. These technologies automate manual tasks, speed up claim processing, and offer customized policies based on individual data.

WealthTech:

Use of Robo-Advisors, digital onboarding, portfolio management tools, digital brokerages, account aggregators, and integration of AI and ML have enhanced decision making, risk management, and customer experience catering to the growing needs of retail investors.

Neobanking:

This digital-only banking service operates entirely online without any physical branches. These banks leverage technology like mobile apps and AI particularly to cater to the needs of tech-savvy consumers who prefer managing their finances digitally.

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