India’s Leading BFSI and FinTech Companies 2021

50 The financial and banking services segment has undergone amassive transformation, with the emergence of newplayers and technology and a favourable regulatory environment. FinTechs, which includes digital innovations and technology-enabled business model innovations in the financial sector, have facilitated the introduction of new services and transformed the way consumers interact in order to satisfy their financial needs. With technological innovations like blockchain, digital advisory and trading systems, AI, ML peer-to-peer lending, equity crowdfunding and mobile payment systems, FinTechs are disrupting existing industry structures and transforming the way financial service providers are creating and delivering products and services, while opening new avenues for entrepreneurs and democratizing access to financial services. At the same time, the emergence of FinTechs has also posed significant challenges in terms of privacy, regulatory compliance and law enforcement. Changing customer needs, shifting market conditions and entrance of new players and technology are factors that are reshaping the banking industry as well as financial intermediation across the world. In India, FinTechs have contributed mainly in terms of modernising banking and financial services, resulting in cost optimisation, enhanced customer service and improved financial inclusion. The scope of operations of FinTechs has also widened from crypto assets to payments, insurance, stocks, bonds, peer-to-peer lending, robo-advisors, reg-tech and sup-tech. Fintech in the Indian Landscape Owing to sustained GDP growth, mobile internet penetration and open data infrastructure, India has emerged as one of the fastest growing FinTech markets in the world, as well as a hub for FinTech startups. By March 2020, India and China jointly led in terms of FinTech adoption among emerging markets at 87%. Riding on the FinTech Wave Dun & Bradstreet