India’s Leading BFSI and FinTech Companies 2023

70 | India’s Leading BFSI and FinTech Companies 2023 F inTech has no universally agreed upon definition. FinTech i s an indus t ry that uses technology to make financial systems and the delivery of financial services a lot more efficient. According to Reserve Bank of India (RBI), FinTechs are “technologically-enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.” The FinTech industry INDIAN FINTECH COMPANIES OVERVIEW comprises start-ups and others, who use technologies to conduct t he f undamen t a l f unc t i ons provided by financial services, impacting how consumers store, save, borrow, invest, move, pay, and protect money. An RBI report quoted the ‘Global FinTech Adoption Index 2019’ to give a clue or two to the evolution of this industry global ly. The adoption of FinTech services globally has progressed from 16 per cent in 2015 to 33 per cent in 2017 and 64 per cent in 2019. Post- Covid this has further gone up. FinTech, no doubt, throws up concerns over data secur i ty. However, FinTechs, perhaps, offer low fees and ease of opening of accounts when compared to the traditional sector and hence have gain popularity in last few years with customers. The Reserve Bank regulates some FinTechs directly by granting them NBFC licenses (such as NBFC- P2P) and indirectly by regulating the banks and NBFCs associated with them. National Payments Corporation of India (NPCI) is Dun & Bradstreet