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.

The Perfect Shot

Using a drone for photography and film is becoming very popular. Many professionals use them for things like making movies, shooting sports events, or taking breathtaking photos. With a drone you are able to move almost anywhere and at a fast speed. This helps with sports events because they can use drones to catch up with the action and see more than normal. For movies, they are able to get those high shots or shots through obstacles that used to be difficult to do. Lastly, for photography, the possibilities are endless.

You can get to mostly any spot you want with a great camera to take that amazing photo. Different cameras can be equipped depending on the photo you want. Some cameras do better in low light or high lights, some can zoom in further, and others have cool features such as night or heat vision. A lot of features and abilities you couldn’t do with your phone. You can buy a generic or customized drone to fit to whatever activity you might be doing.

Many news channels use them to capture things like traffic jams, aerial shots of events, and even to track weather. These are all creative ways they have implemented drones into their organizations and improved the quality content they deliver to the viewers. People go as far as even using drones for selling real estate. Taking images of the inside and outside with a phone won’t cut it anymore. Drones can be used to take incredible shots of the house. They can even help with creating 3D walk through interiors. This can be the difference between selling a place or not because obviously how a place looks will impact most of a buyer’s decision. You don’t want a deal ruined because of a sloppy image from a phone. As you can see, these are all problems different people might face. A drone can help each of these people in their own area for what needs to be done.

Most drones can hover with pretty good stability. This allows for their great shots up in the air and also because of their great cameras. When all of the great abilities and features that a drone has comes together, you end up with amazing results. Many businesses, or even individuals, should consider a drone and what it could possibly do for them. It is going to be a really fun journey to watch and see how people will use drones to capture footage/images.

The Benefits Of Artificial Intelligence In The Workplace

Artificial Intelligence is quite a trending topic in modern technology with many businesses adopting its use in their daily operations while others are skeptical about its relevance in the workplace. Let me show you the various benefits of AI to the workplace and how it can make your business grow as well as save time and money.

Simplification Of The Recruitment Process

Human Resource Departments are faced with the task of hiring staff which is quite daunting, frustrating and equally expensive, with personnel having to shift through a large number jobs applications for a relatively few vacancies, but this scenario is gradually becoming a thing of the past with the use of machine intelligence i.e. Artificial intelligence.

AI reduces the stress related to the hiring process through the use of the following ways:

Interesting job descriptions are written by recruiters through the use software known as Textio. This augmented writing platform compiles various job postings and puts forward to consideration suitable content to encourage the submission of more applications from job seekers.

Candidates for various job vacancies can schedule their interviews, allowing them to choose a time must suitable for them and also provides a chance to reschedule. All these are possible through the use of the Montage software.

AI powered software such as Stella match suitable candidates to jobs through the tracking of experiences, credentials and qualities sought for by employers.

Removal Of Repetitive Tasks In Daily Business Operations

Scheduling, rescheduling and cancelling meetings are quite stressful to administrative staff but the use of tools such as X.ai helps by performing these tasks diligently.

Recording, transcribing and sharing notes during meetings are also tasks which can be handled by artificial intelligence.

Improvement In Handling Issues Related To Sales, Marketing and Customer Service

Chatbots are forms of artificial intelligence that can help with support outside the company.They gain experience from real sales and customer reps and use this to assist customers in purchasing goods and services. Questions regarding marketing and customer relationship management (CRM) can also be handled by GrowthBot through the mining of data, both of the public and the company.

The Identification Of Security Risks And Protection Of Data

Financial institutions such as banks apply AI based technology to point out security risks and protect data. Examples of software which make the use of Ai in such cases include Darktrace, Exabeam and SparkCognition.

Increased Productivity

With AI handling most of the mundane and repetitive tasks at the workplace, workers are free to channel their efforts to more important tasks thus increasing productivity.

Productivity could also be boosted and monitored by machine intelligence by helping them discover areas that have high labour costs and other obstacles to increased efficiency.

Will Artificial Intelligence Replace Humans In The Workplace?

With the above examples, some individuals might be tempted to think about losing their jobs to AI powered tools since most tasks in the workplace are getting automated gradually, but their fears are unfounded as human input is indispensable despite the presence of artificial intelligence.

Artificial Intelligence basically handles tasks which could affect productivity and allows workers to be action-oriented and gives them the chance to be more creative.