India is among the fast-growing Fintech markets globally. At USD 31 billion, it is the world’s third-largest and is expected to cross the 50 billion dollar mark by 2025.
Digital payments play a big role in the widespread reach of Fintech in India. Geospatial data and location intelligence is critical for the dynamic BFSI sector in India.
Fast connectivity and precise analytics are going to be game-changers in this sector, further expanding its reach as well as market size.
Tech-Led Growth
“The next big wave in Indian FinTech is Big Data with Machine Learning and AI. These are the key metrics that will drive future growth”, says Pankaj Bansal, Chief Business Officer, Bank Bazaar.
India’s Fintech story in the recent time is revolving around government impetus, be it India stack, UPI, or ONDC. The best part is that it is not limited by any regulations, which ensures reach down to the last mile”, believes Jagdish Narayanan, a BFSI expert.
“In financial services, technology is crucial. For instance, in the insurance sector earlier underwriting was done manually. While now it is getting digitalized very fast”, states Sumit Singh, Vice President, PayTm Payments Bank.
“Data co-relation with geography is an important parameter to devise innovative solutions. Super imagery resolution using Generative AI is another use-case”, argues Dhruva Rajan, ex-Founder, GeoSpoc.
Enhanced Security
Ashish Agrawal, President and Head Agri Business, Bajaj Allianz General Insurance, says that during underwriting, geospatial is of great help. Geographic data about say weather forecast is crucial for insurance plans and premium. It also helps to detect frauds and strengthening security.
“The entire KYC (Know Your Customer) process is now conducted online, with every transaction water-marked and time-stamped, ensuring security. Geospatial information is crucial for tracking and monitoring transactions, making them more secure”, Narayanan adds.
