The fintech business has grown significantly in recent years, revolutionizing traditional banking and finance. However, as fintech firms continue to disrupt the market, they face an important challenge: regulatory compliance. To meet this challenge, a new industry has formed called Regtech. Regtech, or regulatory technology, is a term that refers to the use of new… Continue reading The Rise of Regtech: Fintech’s Response to Regulatory Compliance
Month: June 2023
Financial Inclusion; the need and future
Financial inclusion refers to the process of ensuring access to affordable financial services, such as banking, insurance and credit, to all sections of society, particularly the underprivileged and low-income groups. Data Points to understand Financial Inclusion The need for Financial Inclusion Addressing poverty – Financial inclusion can help to alleviate poverty by providing access to… Continue reading Financial Inclusion; the need and future
Are MSMEs receptive to digitalization?
Digitalization has technically taken every domain by storm however, the area of interest for us is the MSME (micro, small, and medium enterprises) market. MSMEs have varied levels of receptivity to digitalization, but there has been a growing trend toward digital adoption in recent years. Many MSMEs have recognized the benefits of digitalization, such as… Continue reading Are MSMEs receptive to digitalization?
Indian banks migrating to digital channels; more on the evolution
The evolution of Indian banks migrating to digital channels can be traced back to the early 2000s when the Reserve Bank of India (RBI) started promoting the use of electronic payment systems. The introduction of the National Electronic Fund Transfer (NEFT) in 2005 and the Immediate Payment Service (IMPS) in 2010 were significant steps toward… Continue reading Indian banks migrating to digital channels; more on the evolution
The Significance of Regional Rural Banks in India
The Regional Rural Banks (RRBs) were established in India in 1975 with the objective of developing its rural economy through inclusive banking services. RRBs are jointly owned by the Government of India (GoI), the respective state government and a sponsor bank with the intention to elevate and empower the population under their governance. When the… Continue reading The Significance of Regional Rural Banks in India
Hyperautomation through AI and ML
Hyperautomation in the financial domain refers to the integration of artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) to automate complex business processes, reduce manual interventions and improve operational efficiency. It has become critical to everyday operational activities. AI and ML are critical components of hyperautomation because they enable automation tools to… Continue reading Hyperautomation through AI and ML
Multiexperience in Digital Transformation
Multiexperience is the practice of creating digital experiences across multiple touchpoints, such as mobile devices, wearables, smart speakers and other connected devices whereas digital transformation is the process of using digital technologies to fundamentally change the way businesses operate and deliver value to their customers. In the context of digital transformation, multiexperience plays a crucial… Continue reading Multiexperience in Digital Transformation
AI Trends that will Revamp the Fintech Arena
The financial industry has transformed noticeably over the years. It revamped its traditional methods of service to be more customer-centric in its approach. To a large extent, Artificial Intelligence (AI) has been a critical enabler in this transformation. Today, the financial industry is majorly based on building itself as a customer-centric domain and providing never-like-before… Continue reading AI Trends that will Revamp the Fintech Arena