How FinTech Is Seeing A Major Growth in India

With a population of more than a billion, India is definitely a promising sector for the FinTech. Before we move ahead, let us first explain what FinTech is. In simple terms, FinTech is the industry that comprises of the companies that use the technology to offer financial services. These companies work in different areas of finance management, insurance, electronic payments etc.

In the past decade, FinTech has taken over globally and is expected to rise in the future as well. India isn’t behind in this global trend. With over half a billion invested in the Indian FinTech over the last three years, the segment only shoes promising future of growth.

In 2015, around 12,000 FinTech came up globally making up the total investment of $19 billion. It is expected that by 2020, the global investment by FinTech will be $45 billion, which is a steep rise of 7.1%. According to the NASSCOM reports, India has around 400 FinTech companies with the investment of around $420 million. Reports also suggest that by year 2020, the investment of the FinTech companies in India will increase to $2.4 billion.

With the help of government regulations, banks and other financial companies, India has formed a favorable ecosystem for the growth of FinTech. FinTech is helping bring about the change in the personal financial management through e-payments and e-wallets, in the country that is predominantly cash- driven.

Number of reason contributes towards the growth of Financial Technology in India. The number of internet users in India reached to 465 million in June 2017. With more and more number of people depending on the internet for varied reasons, the digitalisation has taken a new turn. Government’s effort in bringing the digital revolution through ‘Digital India’ campaign is opening many opportunities for the existing FinTechs and start-ups.

Government Regulations:
Government has realised the potential of Financial Technology in India and is constantly making efforts to make the regulations friendlier. In 2014, government relaxed the rule of KYC process for customers making online transactions and payments up to Rs 20,000 per month. It is expected that the government will lay out new set of norms to revamp the P2P lending market.

To promote cashless transactions, government is now offering tax rebates to the merchants for accepting at least 50% of electronic payment.

‘Jan Dhan Yojana’ aims at providing a bank account to every citizen of India. Since the launch of the scheme in 2014, 240 million bank accounts have been opened. FinTech start-ups can use the opportunities to provide easy and seamless transaction service.

Incubator and Accelerators:
The role of incubators and accelerators are not limited to funding but also strengthening the financial industry. The incubators provide the obligation free environment for the start-ups. India is among the top five countries that show promising results for the start-ups. The initiatives ‘smart city’ and ‘digital India’ are set to strengthen the technological infrastructure of the country. To show the support to FinTech start-ups, banks and financial institutes have partnered with incubators and accelerators.

Reasons Why IPTV Is a Highly Effective Alternative to Normal TV

About IPTV

IPTV is an alternative to a conventional television and other multimedia services. It is called an internet protocol TV as it works by using the internet networks of a place and the multimedia data is delivered to the device through internet protocol address.

It is slowly replacing television services which use satellite signals and cable formats to deliver channels, as it can simply use local network for delivering channels and various programs on any device like TV, mobile phones, tablets, laptops, and computers. It is highly popular because it can show live television as well as one can request programs and videos from the list and watch them anytime one wants.

One needs to find a paid IPTV service provider who will then set up a set-top box connected to one’s network, and then one can simply watch their favorite programs or movies uninterruptedly without any hassle.

There are some features that make the IPTV very popular and a very strong competitor against usual cable TVs and they are discussed below.

On-demand content

This is one of the most useful features of getting an IPTV subscription, that is, one can watch whatever one wants without having to wait for the TV schedule and timings. Here, one can watch the programs and movies of their choice by just choosing it from the playlist that is made available by the service providers, which means one will not have to watch the next episode or miss any program because one was busy. This feature makes the entire experience more easy and convenient.

Huge pool of content

When one is subscribed to a conventional television plan through cable connectivity, then one gets only a fixed set of channels and thus keeping the content availability limited. However, IPTV providers make sure that their customers are availed with a wide variety of shows which can be watched both live or later on demand. Also, unlike TV, one is not restricted only to watch programs at a particular time as one can watch them anytime. One can also watch international content from around the world without any extra charges.

Compatibility with devices

IPTV is not bound to television only like a normal TV network. One can use IPTV on any device of choice which means there can be various viewing points too, as one will not have to sit in front of their television to watch any program. One can use any device which can connect to internet network like computers or phones from any location wherever there is the internet.

Easy subscriptions

Like television cable networks who make their subscribers sign long term contracts which are usually expensive, with IPTV, one only pays for what one wants to watch and usually they have easy and flexible subscription plans. One can personalize their plans and also can use it the way one wants by watching on multiple devices without having to pay too high subscription price.

E-Communication Mania

It’s approximately 2pm on a Sunday and I have probably sent 50 e-messages today. This includes social media messages, text messaging and email. In comparison to other people, that is more than likely a very low number. Yet, it made me think about the high percentage of communication that is conducted electronically.

Instant Response Gratification

If I need to connect with a friend my preferred method of contact is always text. Calling is such a bother and once you get into a conversation the entire process is prolonged. Who has time for that? Plus, I usually get an instant response. Perfect. Sounds cold but this is true for most people. We talk when we meet – hopefully. None of us want to be one of those people constantly consulting their phone when meeting with friends or worse clients!

For business, my first choice is always email. Less of an instant response but the percentage is high that a response will be provided quickly. This is a bit more stressful because instant response gratification has become somewhat of a norm.

Social media is another good resource for “instant response gratification”. A post from a personal account almost always gets an instant like from someone. A post from a business account is hit or miss but it is more of a supplementary communication tool so it’s forgivable.

Still Writing Letters, but Watch your Etiquette!

Okay so now that we have established that e-communication is hot, how do we apply that favorably in order to streamline our work but avoid becoming robotic and impersonal? Everyone likes to get immediate feedback. Customers and candidates do not want to wait for an answer. That is the plus to communicating electronically. Everyone always seems to be available. The drawback is that it can lead to some confusion and lack of clarity. The positive is that it can lead to less confusion and more clarity. Huh?

Let’s break this apart. With the steady stream of messages, especially emails, many messages are missed just because everyone is dealing with high volume or they read between the lines of what is sent. The other caveat is that you always have to be careful of what you put in writing.

Everyone is not especially talented in the written word and how you communicate is always an indication of your professionalism or lack of. Grammar, spelling, and content should always be checked for correctness. In this hurried world, which is why we are communicating in this way to begin with, some of the basic rules of written communication are often violated.

It’s interesting because in days of old everyone wrote letters. Today we are back to writing letters it is simply that the delivery is much quicker. That being said, written communication is nothing new. The rules have not changed.

Have you ever sent an email to someone that should not have been on the recipient list because you mis-keyed and accidentally included them? This has happened to most of us and it’s not something that we are proud of. Apologies are usually in order but once the “send” button is pressed there is not much that can be done.

It is the same story with attachments. How many times has this happened? You boast a litany of reasons why the recipients need to check out the document as soon as possible only to have someone send you that dreaded message, “No attachment”. Ughh. Painful every time! Always attach before writing your message to help avoid this issue.

The problem with all electronic communication is that you cannot take it back, just like that letter or card you popped into the mailbox. That is why it is very important that you do some planning with every message that you write. Yes, every message. Even your personal Facebook® posts can have an impact on your business life.

Rules for Social Posts

What are some simple rules for social posts? Never post something that you would not be okay with “everyone” seeing. That includes your mom, your boss, your work colleagues, customers, etc. Everything is open game today. You may even be connected with some of your customers on your personal social media platforms. Pretty much it never goes away and there is opportunity for anyone to view. BCWYP – Be Careful What You Post!

Also be careful of what you share on social media. Some people share posts without even reading them. Read what you are sharing before you post to make sure it represents you and your company well. You would not want to share something that is not part of your belief and passion, therefore reading everything first is essential.

Although every company should have a written document on social media posting and make it clear to employees what is okay to post, some companies are lacking in this area. If you are unaware of what the posting policy is for your company, do not post on behalf of your company. It is very important that you are informed on what your company allows you to post when you are representing your company on social media or otherwise.

Keep it Beneficial and Interesting!

It is very plausible and even necessary to text and email with customers and candidates regularly. If you are not doing this you are missing out on a huge relationship-building medium. Keeping in touch electronically to make customers and candidates aware of opportunities and information that could benefit them is crucial. It is important to allow them to “opt out” and if they do, you should not message them again without first receiving permission.

With e-communication, keep people informed about your company and your products, but don’t overkill with a bunch of boring messages that are saying the same thing. Also, remember your social media and email etiquette. Don’t hound people that connect with you with constant and intrusive sales messages unless you want to be disconnected.