New Delhi [India], April 4 (ANI/PNN): Modern customers’ perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience. The creation of value for consumers through distinctive offers, with consumer comfort and safety at the forefront, is a common goal.
The sector offers services in a variety of fields, including Neobanking, payment gateways, wallets, insurance technology, investment technology, and personal finance technology, among others. To expand the reach of organized finance in India, fintech startups have filled the gaps between consumer demand and existing products.
To provide a hassle-free experience according to Siddharth Mehta, IL&FS former director says several financial businesses are also offering their clients extensive services. Take any fintech app as an example; the creators claim it is a super software that motivates users to save, spend, lend, and increase their wealth within their bank accounts. The Fintech App’s centralized dashboard shows users’ assets, obligations, and balance sheets without requiring them to hop between several apps.
By integrating a wide range of financial products, FinTech startups offer a new age neobanking experience, according to Bay Capital’s CIO. Due to time constraints and the size of one’s personal and professional commitments, one has little to no time to comprehend or buy various financial products from various service providers. “The next-generation solutions cover all of our customers’ financial needs under one roof, including banking, payments, investments, insurance, and lending” he added.
Fintech businesses in India have also brought about financial inclusion through digitally enabled outreach of financial goods added Siddharth Mehta, Bay Capital Founder On the other hand, other entrepreneurs have their sights set on the gig economy market, which is frequently ignored by traditional financial service providers since its members do not have a consistent stream of revenue.
Finance for startups is easily accessible from FinTech companies. Traditional banks used to need a variety of documentation, and their procedures were complicated and time-consuming. Startups clearly couldn’t afford this, but the emergence of FinTech firms has undoubtedly lessened this issue asserts Mehta.
These businesses offer online payment solutions that let customers send invoices, take payments, and pay creditors without the need for a merchant account or an expensive card payment acceptance machine. It enables the merchant to accept many payments at once and ensure that all duties are completed in accordance with banking, anti-terrorism, and other payment requirements.
“By giving customers the opportunity to create checks online, FinTech businesses are helping to simplify the processes”, claims Siddharth Mehta IL&FS former Director.
These businesses have developed a technology-based solution called “Check” that gives company owners the opportunity to handle all of their invoices in one location. Additionally, these systems guarantee on-time payment of the invoices.
“Fintech start-ups are assisting in the introduction of services that are nominally priced and hence competitively priced”. Additionally, they are fighting for the redesign and transformation of the current services, which is advantageous for the customers. “These firms have the ability to advance the economy by utilizing blockchain, big data, machine learning, AI, and other technologies” he added.
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