India’s Leading BFSI Companies 2020

LV On the regulatory front, the government has been taking pro-active measures to build necessary infrastructure to ensure financial inclusivity across the last mile. The Reserve Bank of India, recently allowed startups, banks and financial institutions to establish a regulatory sandbox to test innovative products and services in real-time basis. This will help players to test product viability within a well-defined space and duration, before its actual rollout and gauge whether the product/service has the potential to be successful. Customer data protection is another key issue confronting FinTech players. A new draft of Data Protection Bill is under discussion and could pave the way for a comprehensive data protection legislation in the country, especially for potential investments in data rich industries like financial sectors, digital wallets and artificial intelligence among others. As in any other industry, advanced technology has simplified complex processes in the financial services industry while promising to deliver enriched user experience. Industry players are taking the lead embracing these new-age technologies and in close-association with each other, co-developing solutions that have the potential to unleash a new era of digital disruption. Dun & Bradstreet