The race to go from insights to action drives India’s fintech industry. Catalysed by innovations, like digital payments, UPI, tap-and-go payments and subscriptions, it has become the bedrock of the country's burgeoning digital financial ecosystem, with an ever-increasing demand to cater to a wider customer base safely.
The National Investment Promotion & Facilitation Agency claims that the fintech market opportunity is estimated to be $2.1 trillion by 2030, while the country’s payments landscape is expected to reach $100 trillion in transaction volume and $50 billion in revenue in this period. As these advancements continue to grow at a rapid pace, fintech companies are inundated with customer, transaction and other types of financial data that poses two types of challenges. First is the challenge of data management, which covers the issues of enormous data volume, data posture, data sensitivity and the speed and complexity of data structures. The second challenge involves data utility for product innovation and creating customised solutions while maintaining customer anonymity.
The fintech space is dominated by start-ups that have used product innovation to create a whole new market segment within the larger financial services industry. It is ironical, then, that start-ups are taking time to turn the piles of data they sit on as assets. However, the ones that have taken a leap of faith know that a whole new industry exists around data management and curation for them to join hands with.
The Multi-Channel Challenge
Fintech start-ups were born out of and exist in the cloud, with their multiple channels of data entry forming its various streams. This is where they need data cloud companies to help them manage and leverage their growing data.
This story is from the September 2023 edition of Outlook Business.
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This story is from the September 2023 edition of Outlook Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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