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.

Afterlife Bots – A Dead Man’s Petition

No, neither am I a Ted-famous Tech geek spiritual guru nor am I in contact with the afterlife. I am just fascinated by the buzzwords “Machine Learning” and “AI” and a little overwhelmed by the number of articles mentioning those words on my news feed.

I remember reading a line in a news article that “Bots are getting better at imitating humans”. Why not hire one and decrease workload by 50%. Well, I suppose we are working towards it.

Google recently announced that their AI-enabled assistant (with 6 voices) can book a hair-cut appointment seamlessly (Well I want a shave as well, and I want it to go and do grocery shopping handpicking the freshest tomatoes from the lot).

Jokes apart: kudos to the team of brilliant scientists, engineers, and others who are working day and night to make this happen.

Coming back to my original story.

Let’s start with Human life (and relationships) – Data Gathering

“Quite a digital world”. We are capturing and storing our personal life events as much as we can digitally (Thanks to social media, external hard disks, and pen-drives). Why not store our entire life in a 1000 Petabyte storage device. Capture every second – actions, events, habits, decisions, etc. Imagine if we can see and experience our parents’ childhood or see “What all Mahatma Gandhi did in his entire life”. Interesting right?

We all know how quickly robotics, machine learning, and AI are evolving.

What if we combine robotics, machine learning, and human life data? Can we create a human replica bot which would respond similarly, make decisions similarly, have similar habits basis the 1000 Petabyte data fed. All in all, can that bot be my replacement after my death?. Can it be my AFTER-LIFE BOT?

Literally, nothing can replace a dead human being. I was not fortunate to see my grandfather or meet him. But will my great grand/grandkids know about me? The answer is I do not know. We all are striving hard to leave a legacy behind us. Why not use robots and machine intelligence to duplicate ourselves. We do have ample amount of data to feed ~79 years (average age of human being) or ~2 Billion moments. Don’t you want your great grandkids to remember you after you are gone?

With a simple Google search, I got a news article mentioning “Mind Clone” – the idea of uploading the memories, thoughts, and feelings of a person into a computer. It mentions that the companies such as eterni.me, Gordon Bell’s MyLifeBits, and Terasem’s Lifenaut are all pursuing Mind Clone to help a person’s personality, work and relationships survive after death.

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.