How open banking and bank APIs are boosting fintech growth in India
2 years, 6 months ago

How open banking and bank APIs are boosting fintech growth in India

Firstpost  

The government and private companies have teamed up to create a hybrid open banking system in India, unlike in other countries Across the globe, banking scenarios are changing, and people are becoming more aware of ways to better manage their money. Open Banking is a term used for an online banking system that allows you to give consent to regulated third-party providers to securely access customers’ bank accounts. Open Banking Scenario in India and how it is helping boost fintech growth in India The government and private companies have teamed up to create a hybrid open banking system in India, unlike in other countries. The rapid growth of fintech in India also resulted in many new financial services like mobile money and digital wallets, which were very convenient for people to use, as they were more economical and reliable.

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The impact of technology on finance: Enhancing experiences and safety
8 months, 2 weeks ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Fintech allows small players to compete, rewards those that effectively address consumer needs
2 years, 10 months ago

Fintech allows small players to compete, rewards those that effectively address consumer needs

Firstpost  

With real-time banking capabilities getting enhanced by Fintechs, it has led to higher visibility of cash flow making banking services more effective Fintech, a combination of the words “financial” and “technology,” is a relatively new term that applies to any emerging technology that helps consumers or financial institutions deliver financial services in newer, faster ways than was traditionally available. Let’s …

Fintech firms, facing competition from mainstream banks, step up their offerings
2 years, 10 months ago

Fintech firms, facing competition from mainstream banks, step up their offerings

Live Mint  

Fintech companies have established themselves as viable competitors in the financial-services business, but now they face a new challenge: Some mainstream banks have started to offer fintech-inspired services such as early paycheck access and no-fee overdrafts. Fintechs, taking advantage of their technological prowess and lower costs, are offering more features that banks generally don’t, such as analysis of customers’ spending …

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