Incedo Innovation Series - What’s Next for Fintech?
‘What’s Next for Fintech’, a closed room roundtable conducted as a part of the Incedo Innovation Series brought together an eminent and highly proficient group of guests from financial services and fintech firms. The conference saw intense discussion on impact of fintech, current and future trends in financial services, how India is emerging as a strong innovation hub, notable progress around digital transformation with special mentions of real use cases and best practices.
The round table moderated by Shalil Gupta of IDC India began with the context setting and a presentation on how certain disruptive technologies like AI, Blockchain, data analytics have unlocked a new wave of opportunities for the financial services industry to innovate by combining path breaking technology with new business models. How the traditional financial organizations are acquiring technology prowess to change the business model by increasing productivity, improving quality, bettering user experience and creating economic impact.
The panelists discussed how the government has helped drive change in this area with demonetization being a hot issue and possibly the biggest boon for the fintech ecosystem in India. They discussed how fintech offers solutions to those currently un-banked and how critical it is for them to have access to financial tools. This became an interesting point of debate on whether the emergence of a new crop of fintech firms presents an opportunity or poses a threat to the financial ecosystem.
Overall the discussion concluded that India has tremendous scope for growth in fintech innovation. It has ability to make financial services and subsequent socioeconomic improvement more accessible, efficient, and transparent for many people.