Rise Of Fintech 2.0 – Transforming Fintech through disruptive innovation

CTO Talks at The Forbes India AWS The Mavericks Event
Forbes India, AWS and IvyCap Ventures hosted an event titled ‘The Mavericks’ at ITC Windsor in Bengaluru, where industry professionals took up the idea of ​​a future-ready Fintech organization.
Are data platforms key drivers of inclusive innovation? With technological tools at the forefront, creating seamless experiences and the modern technology stack is the need of the hour. The discussions also revolved around how with growth comes security problems that disruptive innovations have helped to combat.
Welcome Address by Manu Balachandran, Associate Editor, Forbes India
The marquee event began with a welcome speech where he shared his thoughts on the growing Indian fintech market valued at $31 billion by the end of 2021. He then highlighted how funding for the industry, which has tripled since 2021 due to its promising future, naturally this reflects the potential. In addition, the fledgling banking sector in the country has seen a fivefold increase in funding over the same period, with estimates putting it at $215 billion by 2030. (Left to Right)- Bhupendra Kumar- AWS | Siddharth Patnaik- Upstox | Narendra Babu- PayU India | Karthikeyan Krishnaswamy- KreditBee | Anshul Rai- Happy | Sashank Rishyasringa – Axio | Rajeev Agrawal- Innoviti Technologies | Satinder Singh- AWS | Ashish Wadhwani- IvyCap Ventures.
CTO conversation: Transforming Fintech through disruptive innovation
The CTO Conversation at The Mavericks spotlighted discussions and revelations about how disruptive innovation and technology tools are transforming the future of fintech. Moderated by Manu Balachandran, Associate Editor, Forbes India, the panel discussion was represented by technology visionaries such as Satinder Singh, Head, Solution Architects (India), DNB, AWS, Narendra Babu, CTO, PayU India, Siddharth Patnaik, Senior Distinguished Engineer at Upstox, and Karthikeyan Krishnaswamy, Co-Founder and CTO, KreditBee.
What are the biggest transformations taking place in the fintech landscape from a business and technology point of view today? Sharing his thoughts on the same, Narendra Babu said, “In fintech, you have access to your finances anywhere, anytime because of technology. With this, it unlocks a huge potential.
Technology has reduced the costs and barriers to operation. In fintech, India is at the forefront of solving problems like KYC, checking out and seeing a lot of redirects, creating a Demat account, etc. The scale of problems that fintech is trying to solve to make it easier for people through better use cases, functionality, value added services and more is phenomenal. The previously underserved customer base has access to a range of services today.”
Karthikeyan Krishnaswamy continued on this topic: “This is a special period. If COVID happened 15 years back, the situation today would be very different. Likewise, cloud computing did not exist 20 years ago. There have been many factors that have built over time to disrupt and transform the fintech industry.
The effect of technological enablers on customer availability
Also, 4G services, smartphone penetration and more are made available to the customers. India has jumped in certain steps due to market size, technology enablers, cost of access to technology, ease of access to technology, democratization of data like KYC services, AA license, etc.”
Is India’s tech landscape right at this point in time to bring in innovative disruption in the fintech space? Sharing his thoughts on the same, Siddharth Patnaik said, “A couple of factors are contributing to the era we are in. Recent government initiatives like e-KYC, online PAN verification, Digilocker and India Stack have solved the identity problem. UPI has led to a massive change in the payments sector. Apart from this, data availability and affordable smartphones among millennials are driving transformation.”
How has the landscape evolved in terms of technology? Sharing his thoughts, Satinder Singh said, “Fintech is quite a diverse industry and technological factors play an important role. My top three picks in terms of use case, the first would be scalability, data availability and IoT. We saw a massive scale in the service delivered to customers. The traditional architectures were massively tested, re-architecting every plan.”
Conclusion
Technological innovations are creating massive disruptions in the fintech industry. Innovations like ease of onboarding customers, meeting their needs, digitization, security and personalization will pave the way for further escalation of fintech in India.