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Essay on Fintech in India 150 words
Fintech is also known as Financial Technology; a new innovative technology used to improvise and increase the delivery of financial services. It is mainly used to help companies, businesses, organizations, suppliers and customers to help to manage their financial operations. It comprises of high -tech skills and technology with better software and algorithms required for the better utilization of its resources and better generation of finance.
This Technology was firstly emerged in the 20th century with the kick start of electronic trading but later it achieved a great momentum and by the 21st century, it had acquired great markets and was driven by mobiles, internet and data management technology. When it came to market it was initially initiated in the finance generation institutions such as banks etc., but later by 2022, a lot more people got to know about it and there was a great shift even to the educational sectors, non-profit organisations, and investing companies.
Essay on Fintech in India 250 Words
Financial Technology is known by the great name Fintech, which is a new emerging finance management technology and has rapidly gained a lot of market share. It has been established so as to manage the financial services and problem solutions. It has been seen using the large amount of business skills, operations, tools, software, various algorithms, and services required so as to provide services and problem solutions to the people.
History of Fintech
Fintech was developed around the 20th century but it started acquiring the market by the end of the 21st century. It was then not only used for financial institutions like banks but also shifted its focus to companies, educational sectors, investing companies etc It acquired a massive market share and everybody in the country wanted to acquire it.
Reasons for Rapid Growth of Fintech
- Government: The government focused on changing to a cashless economy and digitalized it. It has introduced several policy initiatives, which in the long run has laid a strong foundation for the Fintech Sector in the economy. The various ways are :
- India Stack: The India stack is the set of technology and AIs and allows the governments, educational sectors, startups, and software developers to use and make use of its digital structure.
- Startup India: This program has been launched in the case of tax evasion and regulations to increase government funding.
- Pradhan Mantri Jan Dhan Yojana: it was regarded and stated as the world’s largest financial generation and has a great initiative in targeting the bank activities to the different sectors of Indian society.
- Adoption of Aadhar: It stated about the various KYC norms as stated by RBI making the bank work stress-free.
Essay on Fintech in India 500 words
The need for Financial Technology arose in the country in the mid-’20s and by the end of the 21st century, it had acquired a great share of the market not only in the case of financial institutions like banks but also, in various other sectors such as educational sector, investing companies, non-profit organizations and companies and their suppliers and customers.
The word Financial Technology is the wide term for the word Fintech, which is known to manage financial transactions and its use has increased its market share in the country so far.
Key Features of Fintech
- Digital Banking: Since it involves internet, thereby it is mainly concerned with maintaining the cashless economy and has only online banking services.
- Robo Advisors: Technology is being enhanced in the company at the great level and Bitcoin and crypto has led to the massive increase of the market share.
- Insurtech: In the companies like insurance are using the cashless economy and transactions.
- Crowdfunding: The platforms like kickstarter helps the businesses to raise the funds from the crowd of businesses people raising funds.
- Regtech: it helps in regulating the financial institutions complying with the analytics.
- Peer-to-Peer(P2P) Lending: in this the individuals and buyers are being connected together.
- Payments and transfers: companies using digitalized cash as Paytm, UPI helps in transfer of the money from one place to another.
Benefits of Fintech
- Easy to Handle: Fintech used technology and internet to generate cash thereby, with the developing country, its being present everywhere, thereby, it is 24*7 available so as to make transactions and generate cash. It makes the process easy and reduces the need to visit banks and institutions.
- Cost-effective: The solutions by Fintech are more useful than the manhood services, reduce the fees and the extra or overhead expenses done to reach a certain place.
- Financial Use: It has helped to fix the problems of lot of people, who have and had less access to the traditional banking system.
- Innovation and Upliftment of AI: It has constantly led to the increase in the solutions of the country with technology and create innovation in the system.
Disadvantages of Fintech
- Data handling: they handle the sensitive and financial data with great care and security. Every company has its own data and it has to be protected properly.
- Competitiveness of Market: the market company has to be handled with care as it faces the great competition both from the traditional use of bank and also, from the AI technology used so far.
- Cyber- crimes: Since the use of Technology is too much, thereby there is usually a chance of the frauds and misleading ways on the computer software.
- Privacy: The data collected by the financial institutions; they can feel sometimes being intrigued as their privacy is being hampered.
The fintech technology has generated a great market share so far and has been one of the finest tools used by AI to keep the finance of the institutions intact not only in terms of protection from Cyber crime s, but also, from generation of difficulty caused by the traditional banks and their strong market competition. Fintech has served to be the best AI tool made so far so as to develop the businesses and evolve the shape of the country. It has helped in investment, transaction and networking increasing the growth of the market.
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