DailyFinTech

Identity Tech Any person must first establish their identity in order to be eligible for both public and private advantages. Consider those who lack a formal identity because we took it for granted because it came so readily to us. They fight constantly to establish their identities in order to satisfy various fundamental necessities. They find it difficult to create bank accounts, obtain mobile SIM cards, access financial services, purchase real estate, and other things. For these people, the cost of obtaining an identity is likewise prohibitively high; they must exert significant effort and incur significant expenditures. Additionally, a digital identity lowers an institution's acquisition costs, enabling them to provide profitable client service at a cheap price. Furthermore, establishing citizenship, property ownership, and many other things depend on an identity that has been granted by a recognised authority. The largest digital identification programme in the world, Aadhaar,...

 RegTech FinTech's  regulatory   extension   is   known   as   RegTech.  FinTech  and  RegTech  both  help  banks  engage  with  clients  by  assisting  them  in  satisfying  regulatory  requirements.  RegTech utilises multiple technologies, including machine learning and artificial intelligence, to establish enterprise-wide data governance and reporting. The goal of these new technologies is to displace the manual reporting and analytical processes now in use. RegTech assists organisations in managing their internal credit and marketing requirements, much as FinTech. FinTech, in contrast, assists them in adhering to the regulatory criteria set out by the government and imposed by many organisations, including The Federal Reserve Bank. RegTech transform the regulation scenario in India The Indian market is now booming, and investments and acquisitions are increasing co...

  InsurTech The term Insurtech describes technical advancements developed and used to increase the effectiveness of the insurance sector. The invention, distribution, and management of the insurance industry are all supported by Insurtech.The insurance sector now has a very low penetration compared to global leaders, making Insurtech the fastest-growing FinTech sub-segment in terms of market opportunity. It will assist increase the general penetration of the insurance sector as the National Health Stack emphasises the importance of health insurance. Companies (Digital Brokers) in India The State of India FinTech Report Q2 2022, InFocus: Insurtech, the most recent publication from Inc42, states that there are over 300 active Insurtech businesses in India. Few Companies among them are: PolicyBazaar Paytm OneAssure ditto turtlemint Emerging Technologies used in InsurTech Artificial Intelligence Machine Learning Internet of Things Apps Cyber Security Big Data Blockchain

  WealthTech in India From its present market size, the Indian wealthtech market is anticipated to grow. Wealth managers and investors can benefit from wealthtech, also known as wealth technology, which is the use of high-end technologies (such as artificial intelligence, machine learning, big data, and advanced analytics).  Due to the assistance the sector has received over the previous few years, the underlying infrastructure and ecosystem have already by now experienced huge growth. Wealthtech products that have gained popularity internationally and are becoming increasingly commonplace in India which includes: Robo-advisors: Digital systems and user interfaces that, with little assistance from humans, provide investors alternatives for managing their investments and giving them financial advice. Based on the preferences and factors of the users, the platforms employ innovative software and algorithms. Digital Brokerage: Online tools and platforms that give users access t...

  History Industrial Credit and Investment Corporation of India (ICICI), employing electronic banking at its branches, launched online banking services in India in 1996. Online banking services were introduced by banks including HDFC, IndusInd, and Citi later in 1999. With more banks offering online banking services in India, the trend kept gaining momentum. As a result, various new banks began providing services to customers, bringing in an age of digital transactions in India. Current Scenario In order to transform India into a digitally empowered society and knowledge economy, the Government of India launched Digital India programme in 2015. The programme focuses on three main vision areas: digital infrastructure as a core utility to every citizen, governance and services on demand, and digital empowerment of citizens. Through the programme, the government wants to ensure the availability of high-speed Internet, provide mobile phones and bank accounts to every citizen, ensure av...

Fintech is Technology used to support financial services. The umbrella phrase "FinTech" (financial technology) refers to software, mobile applications, and other technologies developed to enhance and automate conventional forms of finance for both companies and individuals. FinTech in Banking FinTech has a significant influence on all banks and financial organisations. ERP, ATM's,SAP Bookings, etc initially fed by ICT (Information and Communication Technology). FinTech in Banking domain include Alternative Financing which include Crowd Funding, Transactions, Investment Markets and Financial Inclusion. Future of Banking The whole banking sector is changing due to Generation Z and millennials. A rise in innovative banking technologies is reshaping the banking sector as a result of consumers' rising demand to obtain financial services through digital channels.  As a result of growing interconnection and intelligent automation, the Fourth Industrial Revolution, also known...