Fintech has been a disruptive force for years, and its latest innovations have changed the landscape of industries, making it integral to businesses and average citizens. In fact, top fintech market leaders have brought about revolutionary changes that have reimagined how people interact with financial services. Many top innovative leaders believe the current transformations are just the beginning. 

Among the top financial leaders who maintain such a stance is Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv. “You no longer need to play by the traditional rules of the last 200 years…The digital world is breaking chains of old monopolies and driving competition because consumers are getting more choices. One of the true fintechs is Bajaj Finance, because we bring in the strengths of a finance business and provide, through digital channels, end-to-end sales and service experience across a variety of products,” says one of the most admired business leaders while discussing the impact of digital disruption. 

With the right models, he believes, financial services can integrate with work and play better. As fintech market leaders double down to make this a reality, here’s a snapshot of the notable ways in which this stream of technology impacts life. 

• Simplifies Onboarding, Driving Financial Inclusion

Until recently, a big chunk of the financial market was gatekept by incumbents, limiting access to services for many. Fintech solved this by simplifying access across major pain points. For one, omnichannel onboarding was introduced, and fintech innovation made the process much simpler. In fact, fintech market leaders took the pandemic as the perfect opportunity to deploy such solutions, making digital customer onboarding mainstream. 

With it, even those with limited financial literacy could access the service they needed. This drove inclusion and had a ripple effect on literacy as it brought in masses into the formal fold. Onboarding advancements in fintech are powered by process automation, AI, ML, and even blockchain. As such, these are cost-efficient and are more likely to replace archaic models that once limited inclusion. 

• Streamlines Payment Solutions, Promoting Easy Accessibility across Vital Sectors 

Fintech has made payment systems what they are today. Quick, simple, secure, and easy to use – these are all defining traits of modern payment services. Considering the benefits, widespread adoption ensued, and this shift completely reimagined a few vital industries. Healthcare is one notable example, as fintech support has both simplified payments and streamlined payment processes. In emergencies, the simplicity of digital transactions can make all the difference, and fintech has made this possible. 

From a retail standpoint, fintech market leaders have deployed a bevy of solutions that both promote commerce and minimise vulnerabilities such as fraud. A popular solution here is cashless payment apps, wherein consumers transact seamlessly, no matter the financial undertaking. Similarly, smartphones as POS solutions are also just as noteworthy, infusing convenience at every turn of commerce.  

• Supercharges Crowdfunding, Connecting People with Causes that Matter

Besides payments, fintech has streamlined investing avenues too. This includes the more modern crowdfunding route, and all parties involved enjoy a smoother process than ever before. For instance, investors can now invest in the fintech leader of the year with the click of a button and simultaneously support their most admired business leader in the startup space just as easily. 

This seamless connection has applications beyond investing and extends to humanitarian causes. Fintech has enabled individuals to crowdfund social initiatives and enable them to play a part in causes that matter. In fact, fintech-enabled web-based campaigns have been used to raise medical funding and help those in need on time. 

• Reimagines Currency, Giving Rise to Decentralised Systems of value Exchange

The impact of fintech on currency is revolutionary. So much so that top financial leaders believe cash may soon become obsolete. Dependence on plastic money was a sign of the shift, and cryptocurrency only speeds up that process. Open-source technology, decentralised systems, and digital anonymity are all products of fintech, altering the perception of the norm. 

Fintech leaders believe that the disruption to traditional banking is worth noting and that fintech will lead the charge for the transformation toward a global economy. While the technology isn’t there yet, digital currencies are slated to be the medium of the future. 

Fintech’s future is boundless, and its disruptive nature is the key to transforming how financial businesses are perceived. This is evident right now, as the current ecosystem would’ve been difficult to envision even a decade ago! That said, as the finance industry becomes increasingly integrated with technology, the job of a fintech leader will shift from merely innovating to building sustainable solutions for the betterment of society. 

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