India as a country will be experiencing severe growth spikes in terms of the technology industry in the financial domains. This is otherwise dubbed as the Fintech sector which has channelled a lot of confidence among investors and other bigwigs in the industry.
Deloitte, one of the Big four accounting organisations has estimated that the paradigm of technology with finance will be the next big thing. Projections indicate that the various financial services are going to be mobile or through the websites only.
If we are to talk in terms of numbers, Deloitte has approximated the net AUM (assets under management) to be close to 45,000 crore INR this year as compared to last year’s figure of 25,000 crore INR. The AUM with respect to retail in the fintech industry would be up by 37% as per Deloitte’s statistics.
The firm has highlighted that it is a major push for Fintech industry, and it is astounding that it has grown so much in a short span of time. The digital revolution can be seen even now as many of the customers are switching to net-banking and UPI payments as their mode of payment.
Deloitte has also indicated that if the sector scales up at this rate, then the total AUM would be up at 1 trillion INR by the year 2021. Where the customers needed to stay in line for FDs, the digital channels would ensure that technology upscales the rate by 50% by 2022.
There are some of the components in the financial domain that are still not affected by digital revolution, rather they are restricted for those with a satisfactory net worth. But that will turn around as well so that the impact is felt on a larger scale ensuring maximum transparency and accountability.
A wider range of users will mean the insurgence of direct to consumer platforms at a positive level for everyone, and not for select individuals. We can already see Artificial Intelligence growing roots in the I.T. industry and that will remain the major focal point of majority of these changes.