The Fintech Ecosystem in India is growing into an indispensable unit of the financial system in India. This rapid growth of financial technology has given rise to the emergence of a new financial architecture in the country. The development of a fintech ecosystem is a result of the combined efforts from actors viz. the investors, regulators, governments bodies,accelerator ecosystems, local & international STEM talent. Emerging digital technologies in blockchain, Big Data analytics, Biometrics, Natural Language Processing, Machine Learning and Artificial Intelligence have ensured the evolution of innovative FinTech business models across the various segments such as payments, alternate lending, wealth management and InsurTech, giving rise to Fintech Hubs in India. Fintech ecosystem of India traces its genesis to the global financial crisis of 2008. In the wake of the liquidity crunch, private and public players along with other stakeholders, served in establishing a digital infrastructure for the delivery of digital financial services. The efforts to build a digital infrastructure has been leveraged by the fintech ecosystem. The ecosystem comprising start-ups, incubators, venture capital investors, and talent work on a wide range of digital financial services to further promote financial inclusion in the country. Most studies on the Fintech Ecosystem focused on the growth side of the ecosystem, very few had studied the economic significance of such a diverse ecosystem. This work of research analyses the contributions of the fintech ecosystem of India in promoting financial inclusion in the country. Financial inclusion is an indicator of economic progress in a country. Financial inclusion has been the cornerstone of policy decisions taken by Central Bank; Reserve Bank of India. Financial inclusion was becoming more digital with roll out of Digital India initiative. The Pandemic has contributed in accelerating the digital financial inclusion efforts. The economic response from the central bank and government has reached the underserved masses effectively through the deployment of fintech enabled services. The current research analyses the evolution of financial inclusion in India with respect to G20 economies and presents cases of fintech innovations enabling the dream of achieving universal financial inclusion.
L'ecosistema Fintech in India sta diventando un'unità indispensabile del sistema finanziario indiano. Questa rapida crescita della tecnologia finanziaria ha dato origine all'emergere di una nuova architettura finanziaria nel paese. Lo sviluppo di un ecosistema fintech è il risultato degli sforzi combinati degli attori, vale a dire. gli investitori, i regolatori, gli enti governativi, gli ecosistemi degli acceleratori, i talenti STEM locali e internazionali. Le tecnologie digitali emergenti in blockchain, analisi dei Big Data, biometria, elaborazione del linguaggio naturale, apprendimento automatico e intelligenza artificiale hanno assicurato l'evoluzione di modelli di business FinTech innovativi nei vari segmenti come pagamenti, prestiti alternativi, gestione patrimoniale e InsurTech, dando origine a Fintech Hub in India. L'ecosistema fintech dell'India fa risalire la sua genesi alla crisi finanziaria globale del 2008. Sulla scia della crisi di liquidità, gli attori pubblici e privati, insieme ad altre parti interessate, hanno contribuito alla creazione di un'infrastruttura digitale per la fornitura di servizi finanziari digitali. Gli sforzi per costruire un'infrastruttura digitale sono stati sfruttati dall'ecosistema fintech. L'ecosistema composto da start-up, incubatori, investitori in capitale di rischio e talenti lavora su un'ampia gamma di servizi finanziari digitali per promuovere ulteriormente l'inclusione finanziaria nel paese. La maggior parte degli studi sull'ecosistema Fintech si è concentrata sul lato della crescita dell'ecosistema, pochissimi avevano studiato il significato economico di un ecosistema così diversificato. Questo lavoro di ricerca analizza i contributi dell'ecosistema fintech dell'India nella promozione dell'inclusione finanziaria nel Paese. L'inclusione finanziaria è un indicatore del progresso economico di un paese. L'inclusione finanziaria è stata la pietra angolare delle decisioni politiche prese dalla Banca Centrale; Banca della Riserva dell'India. L'inclusione finanziaria stava diventando più digitale con il lancio dell'iniziativa Digital India. La pandemia ha contribuito ad accelerare gli sforzi di inclusione finanziaria digitale. La risposta economica della banca centrale e del governo ha raggiunto efficacemente le masse svantaggiate attraverso l'implementazione di servizi abilitati fintech. L'attuale ricerca analizza l'evoluzione dell'inclusione finanziaria in India rispetto alle economie del G20 e presenta casi di innovazioni fintech che consentono il sogno di raggiungere l'inclusione finanziaria universale.
The role of Fintech Industry in promoting financial inclusion in India
Purushothaman, Janeshwer
2021/2022
Abstract
The Fintech Ecosystem in India is growing into an indispensable unit of the financial system in India. This rapid growth of financial technology has given rise to the emergence of a new financial architecture in the country. The development of a fintech ecosystem is a result of the combined efforts from actors viz. the investors, regulators, governments bodies,accelerator ecosystems, local & international STEM talent. Emerging digital technologies in blockchain, Big Data analytics, Biometrics, Natural Language Processing, Machine Learning and Artificial Intelligence have ensured the evolution of innovative FinTech business models across the various segments such as payments, alternate lending, wealth management and InsurTech, giving rise to Fintech Hubs in India. Fintech ecosystem of India traces its genesis to the global financial crisis of 2008. In the wake of the liquidity crunch, private and public players along with other stakeholders, served in establishing a digital infrastructure for the delivery of digital financial services. The efforts to build a digital infrastructure has been leveraged by the fintech ecosystem. The ecosystem comprising start-ups, incubators, venture capital investors, and talent work on a wide range of digital financial services to further promote financial inclusion in the country. Most studies on the Fintech Ecosystem focused on the growth side of the ecosystem, very few had studied the economic significance of such a diverse ecosystem. This work of research analyses the contributions of the fintech ecosystem of India in promoting financial inclusion in the country. Financial inclusion is an indicator of economic progress in a country. Financial inclusion has been the cornerstone of policy decisions taken by Central Bank; Reserve Bank of India. Financial inclusion was becoming more digital with roll out of Digital India initiative. The Pandemic has contributed in accelerating the digital financial inclusion efforts. The economic response from the central bank and government has reached the underserved masses effectively through the deployment of fintech enabled services. The current research analyses the evolution of financial inclusion in India with respect to G20 economies and presents cases of fintech innovations enabling the dream of achieving universal financial inclusion.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/181597