About the report
FinTech is a fast growing and dynamic segment of the financial services industry which attempts to disrupt traditional mechanisms. New FinTech players are coming up with surprising speed across domains like payments, alternate lending, blockchain, etc. Investments in FinTech is also picking up; FinTech startups raised over 99% more funding in Q1 2017 as compared to Q4 2016.
PwC’s BFSI clientele ranges from large financial services organisations to new and upcoming FinTech companies. In 2017, Startupbootcamp, a global network of industry-focused start-up accelerators, set foot in India for the very first time. PwC was a part of their journey from scouting to accelerating. This collaboration gave us a unique vantage point from where we got a feel of the FinTech horizon from close quarters. This report combines PwC’s and Startupbootcamp’s combined insights and attempts to paint the current FinTech landscape for the reader.
“Big banks and other financial institutions are looking to actively collaborate with start-ups for mutual benefit.”
Key findings
- Most promising FinTech opportunities
- Popular FinTech segments
- Hottest technologies
Most promising FinTech opportunities
Leveraging existing data and analytics (56%), improving customer retention (56%) and expansion of products and services (56%) are the most promising FinTech opportunities in India, followed by increasing customer base and differentiating at 40% each.
Popular FinTech segments
Upcoming segments include alternate lending, RegTech and InsurTech, but wealth management appears to be the most popular. A meagre 2% of our population invests in market-traded securities, hence there is tremendous scope for growth here.
Hottest technologies
Artificial intelligence, machine learning and blockchain will be the hottest technologies to watch in the FinTech industry. Institutions are readily investing in technology to improve both back-office and customer-facing purposes.
