Growth Analysis of FinTech Firms in India, UK and USA

Comparison of FinTech trends in three different countries- India, UK, USA.

FinTech

FinTech

India is ranked in the 2nd position around the globe in FinTech adoption. The percentage of users using financial services solutions has reached 57.%. Both in terms of funding and implementation of the evolving financial technologies, the Indian FinTech market seems to reach great heights.

Customers have undergone a transformation in the process of financial transactions. This has led to the rise in increasing digital expectations from financial firms. India is aiming at improving the county’s digital infrastructure, as a result of which Indian regulators have taken an initiative to provide a positive environment of knowledge sharing for the FinTech industries. The evolution of new technologies such as Artificial Intelligence, Machine learning and deep learning, Big Data, which are accelerated by the advanced internet have vested power in financial organizations to tackle the existing financial services.

The growing FinTech trend in India has brought in many challengers who have emerged as sophisticated competitors today. The industry is focusing to explore more opportunities for new revenue streams and is replacing traditional bilateral partnerships that were designed to solve problems. The launch of new brands such as Kotak 811, iMobile, SBI’s YONO caters to the development of the FinTech industry in India. 

While India is developing its FinTech industry, the UK Financial Conduct Authority (FCA) declared the formation of a global initiative to expand association on fintech innovations between companies and regulators just like blockchain.

The FCA stated that the new collaboration that is the Global Financial Innovation Network (GFIN) would work in association with 11 financial organizations and authorities related to it, to help FinTech industries connect more easily with regulators from different countries. 

India’s financial regulators want to boost innovation in the field of FinTech by enabling start-ups to experience ‘sandboxes’ that would serve them regulatory protection for a temporary period of time. In accordance with this, if regulators like RBI and SEBI develop such frameworks for the start-ups, UK-based FinTech start-ups are ready to get involved in these sandboxes. 

In comparison to Growing Indian FinTech firms and Expanding UK FinTech firms, the US Treasury Department has called for a deep-seated renovation of financial technology regulation, assisting a new national fin-tech charter, the introduction to sandboxes, and the opening up of access to consumer data.

 

The commendations for such innovation in FinTech industries are designed to accomplish four broad things

  • Accurate and responsible use of financial data of the consumers
  • Formation of an updated and efficient regulatory environment that nurtures innovation and evades disintegration. 
  • Streamlined regulations for mass products and activities.
  • Enabling regulatory sandboxes for promoting innovations. 

The US Bureau of Consumer Financial Protection scheduled a lawyer, Paul Watkins to head the new office of innovation. This is intended to develop a regulatory sandbox in order to help Fin Tech start-ups. 

 

Google FinTech trends for UK and US

  • Google checking account- Google soon will offer checking accounts to consumers.
  • Google debit card- Google is creating its own virtual and physical debit cards. The advantage of the Google card is that it connects to a Google app that lets users easily purchase, check their balance or lock their account. 
  • Google AI tool for Paycheck Protection Programme – Google Cloud is offering the PPP AI Lending Solution, which allows creditors to participate with guaranteed components into their existing lending systems. 
  • Google Cloud bank deal- Google Cloud has introduced a five-year deal with Lloyds Banking Group which is a part of the UK bank’s commitment to spend £3 billion on digital transformation projects.

 

Google FinTech Trends for India

  • E-Wallets and Payment Banks- Google has launched its own E-wallets payment options. Google Pay is the simplest way to send money, recharge or check account balances.
  • UPI Innovator- Google UPI is a banking system for money transfers on Google payment apps.