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Fintech in India – Powering a Digital Economy

Fintech ecosystem in India has evolved significantly with a  considerable effort from financial institutions, start-ups, the government, venture capitalists and regulators to create a conducive environment of collaboration and consolidation. With KPMG in India and NASSCOM 10000 Start-ups proficiency in the fintech sector, the report offers a view of three emerging themes: open banking, artificial intelligence and blockchain, which have the potential to bring a transformation of financial services sector in India. While these themes add substantial value if implemented in silos, a concurrent adoption of the triad of themes presents a compelling case to build the next generation open frameworks. The report also explores the current landscape of technological adoption in the financial services industry and serves as a guide for financial services organisations in India to accelerate their journey in the open digital era.

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Key Findings

01

  • In 2018, global AI spending is expected to reach USD19.1 billion, of which the banking sector will account for 17%
  • Banking and financial institutions are collaborating with technology companies and are looking at migrating from the current AI deployment model aimed at low-impact rule based processes to high impact cognitive and predictive process
  • AI is gaining momentum in India with over 400 AI-related start-ups and attracting investments of USD150 million, just over the last five years
02

  • Banks which were traditionally confined to closed ecosystems are now allowing third parties to access data in real-time through open banking standards. In our research for this report, it was observed that open application program interface (API) is the new reality leading to an open digital economy
03

  • Blockchain has the potential to redefine open and shared economy across areas such as payments, trade finance, Know your customer,frauds reduction, clearing and settlement. Many financial institutions, in association with fintech firms, are establishing consortiums to co-create development
  • In India, it is estimated that blockchain has the potential to generate up to USD5 billion in business value over the course of the next five years
04

  • AI can unleash its real potential in confluence with large data sets. Adoption of open API-led business models could lead to enhanced use of artificial intelligence
  • The future would see emergence of financial superstore which would provide e-platforms to bring multiple private and government entities together and create value across the traditional financial processes

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