By Praveen Paulose – MD & CEO, Celusion Technologies
As technology evolves ever-increasingly, novel trends and solutions shape our usage of financial services. The industry needs to reshape the sector into a newer and better version. That said, it will only be possible with some remarkable innovations. Here are some of those innovations that are expected to transform the sector
Digital lending platforms
An emergence worthy of note within the Indian fintech sector is the ascent of digital lending platforms. With almost infinite data at their disposal and advanced algorithms, these platforms are providing credit access for all like never before. By expanding even further in 2024, these platforms will reach out to more people located in different parts of the country, including rural areas, to expand their customer base.
Digital wealth management
The rise of Indians’ awareness regarding financial planning and investment will likely significantly alter another sphere: digital wealth management. Fintech companies are coming forward with easy-to-use solutions as more people get involved in these areas. By 2024, let us expect artificial intelligence-driven advisors to come into play, delivering tailored investment suggestions that echo personal aspirations and choices towards risk alongside market dynamics. In other words, such platforms aim not only to make investments more available but also to support user decisions with necessary information; this ultimately allows users to take control over their wealth-building long-term.
Stronger cybersecurity
The development of blockchain technology is poised to revolutionise many aspects of the financial area in India. This means that we will soon introduce secure and transparent transactions alongside effective supply chain management that can be easily integrated into various industries.
This was long due to the industry, which has been facing a severe shortage of cybersecurity personnel. That is why innovations providing a better and more efficient infrastructure for online transactions are much more likely to emerge in the year 2024.
AI and ML
In addition, we will see the use of artificial intelligence (AI) and machine learning (ML) emerge in combination to improve customer experience, risks, and fraud management. By 2024, more significant consumers of fintech solutions in India will use AI-powered chatbots and virtual assistants to provide instant talking help in natural language, including personalised recommendations, to their end users.
This will support a more remarkable customer experience, making fintech products more user-friendly. On the other hand, these intelligent systems will be able to crunch large amounts of data in real-time, detect patterns, and analyze unusual behaviour, thus providing a boost to fintech companies’ fraud and risk detection/reduction initiatives. This will help fintech companies drive more innovation and efficiencies across the entire value chain through the use of AI and ML.
As seen above, different areas are affected, but what remains constant is that they all aim to make things better by being faster and cheaper. As time goes by and continuous development within the field occurs, there will be a need for collaboration between players involved, including regulators, to realize their full potential while fostering a lively environment from which every user can benefit.
In a nutshell, 2024 shows extraordinary potential for the Indian fintech sector, as many creative solutions are ready to change our approach to access and management of finances. These disruptive inventions range from digital credit provision to wealth creation management tools and blockchain-based finance systems. This will transform how things work in this industry forever while ensuring inclusiveness in such services at a large scale.