Assignment1 Introduction To Fintech

Assignment 1
INTRODUCTION TO FINTECH
Name: Shreyansh Jaiswal

UID no: 2023-2205-0001-0023
Roll no.: MBA23FT42
Section: MBA FINTECH
SUBMITTED TO
PROF. PRAVEEN GURAV
Fintech and the Future of Finance
The use of digital technology in financial services, or fintech, is transforming

the financial landscape. Payments, lending, investing, insurance, and other
financial products and services are all undergoing radical change thanks to
digital technologies, and the COVID-19 pandemic has sped up this process. The
digitalization of money and financial services is fostering economic growth and
assisting in closing access gaps for businesses and households to financial
services. Better firm productivity and growth for micro and small businesses, as
well as increased incomes and resilience to improve the lives of the
impoverished, are all correlated with improved access to basic financial
services.
New digital tools are making payments, loans, investments, and insurance
faster, safer, and easier for everyone. This is especially helpful for those who
previously lacked access to these services.
 Lower costs: Using digital tools makes things cheaper by removing

barriers and speeding up transactions.
 More opportunities: Everyone, especially women and underprivileged
communities, can now benefit from a wider range of financial services.
 Financial growth: Businesses and individuals can improve their financial
health with easier access to tools and resources.
 Not everyone has access to these technologies yet, and we need to bridge
that gap.
 As things change, rules need to change too. Decision-makers need to
create laws that encourage safe and helpful financial innovations.
Fintech is incorporation of technology into financial services. FinTech can be

referred to as new applications, processes, products, or business models that are
used in financial industry which are delivered via the Internet. Services may be
supplied concurrently by multiple separate sources. At least one licensed bank
or insurance business is usually included. FinTech products such as peer-to-peer
(P2P) lending, cryptocurrency, crowd funding, digital wallets, and insurance
technology have emerged as prominent financial options for individuals as well
as enterprises.
Now a days fintech products and services are rapid digitalization of the financial
industry and the consequential shifts in consumer preferences and behaviours
mostly after demonetization and during or after COVID.
Because of the COVID pandemic the most of the population sift toward the
online shopping or other digital thing by which the digital payment or online
payment has increases because of that the Indian population has habited of
online payment. According to Capgemini Research Institute report of year 2020,
UPI payments in our country shows a steady growth climbed from USD 12.01
billion in 2018-19 to USD 29.2 billion in 2019-20, with a total of USD 85.03
billion predicted by 2025 (RBI, 2020b). Asper Ernst and Young report 2017
India has noticeable and significant adoption rates for fintech products, with a
greater FinTech loan app download in India amidst COVID-19 to meet personal
or commercial needs.
In India COVID as well as demonetisation and digital Bharath plan is also a big
reason of the increasing of Fintech currently and in future. So, the research on
consumer behaviour regarding fintech products and services is indispensable for
companies as it serves as a compass guiding their strategic decisions in a
dynamic digital landscape. This research empowers companies to understand
user preferences, motivations, and pain points, enabling the design of tailored
fintech solutions that resonate with customers. Insights into consumer behaviour
enhance product development, leading to user-centric innovations that can gain
a competitive edge and foster long-term engagement.
Future Recommendations
Based on the data provided, a fintech company should consider the following
recommendations for its future strategies:
1. Target Diverse Age Groups: Since most respondents are aged 18-34, focus
on developing products that cater to this demographic. However, don't neglect
the older age groups, as they also show interest.
2. Educational Outreach: Given that a significant portion are graduates, offer
educational resources to help users understand and maximize the benefits of
your products.
3. Gender-Tailored Services: Recognize the varying preferences of genders
when designing services, as responses differ. Consider providing options that
appeal to different gender segments.
4. Income Segmented Services: Since most respondents earn less than 2.5
lakhs, design products that align with their income levels and offer solutions
that cater to higher income groups as well.
5. Daily Use Focus: As the majority of users prefer daily use, emphasize
convenience and ease of use in your product offerings.
6. Mobile-Centric Approach: Given the popularity of mobile payment apps
and mobile banking, ensure a seamless mobile experience and prioritize these
features.
7. User-Centric Design: Prioritize user-friendly interfaces, robust security
measures, and effective customer support, as these are key factors driving user
decisions.
8. Address Concerns: Address security issues, hidden fees, and customer
support worries to enhance user trust and satisfaction.
9. Communication Channels: Utilize phone support, live chat, and email
assistance as primary customer support channels, aligning with user
preferences.
10. Effective Marketing Channels: Leverage social media, word of mouth,
and online ads for product promotion, given their effectiveness in reaching
potential users.
11. Bridge the Gap with Traditional Banks: To win over users who prefer
traditional banks, emphasize in-person service, loan applications, mortgages,
and retirement planning features.
12. Highlight Core Benefits: Market fintech products for their time-saving
convenience, broader financial options, rewards, and competitive interest rates.
13. Data Privacy Assurance: Clearly communicate robust data security
measures to enhance user comfort with sharing personal information.
14. Enhance Onboarding: Streamline the onboarding process to minimize
challenges and ensure a smoother user experience.
15. Continuous Innovation: Capitalize on the willingness to try new fintech
products by consistently introducing innovative offerings.
16. Transparency in Fees: Emphasize transparent fee structures to meet users'
expectations and foster trust.
17. Security Reassurance: Reinforce confidence in security measures through
clear communication and continuous improvement.
18. COVID-19 Impact: Recognize that a significant portion began using
fintech products during or after COVID-19. Tailor solutions that address
evolving user needs and changing circumstances.
By incorporating these recommendations, the fintech company can better serve
its diverse user base, address concerns, and create a user-centric ecosystem that
fosters trust and loyalty.
Reference
From different research papers & articles and Future recommendation data from
my own research. (My own research paper)

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Assignment 1

Name: Shreyansh Jaiswal

The use of digital technology in financial services, or fintech, is transforming

 Lower costs: Using digital tools makes things cheaper by removing

Fintech is incorporation of technology into financial services. FinTech can be

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