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Finteching Banks to the next level

Fintech investments have increased to $36.2 billion in the third during the second half of 2021, up 153% from $14.3 billion in the same period as of last year. Q3 2021 witnessed the highest Fintech funding for any quarter since 1998. A total of 468 funding events were directed towards 354 companies in Q3 2021, compared to 512 funding events across 409 Fintech companies in Q3 2020.
Today, India has the highest fintech adoption charge of 87%, towards the international common of 64%. Several new segments of fintech startups have emerged, and are gaining reputation amongst shoppers in India. These are redefining monetary companies for patrons and offering extra worth to them. More than 2,100 fintech firms that exist in India right now , 67% of them had been established in the final 5 years.
Banks are seeking ways to benefit from deploying FinTech across their organizations. Our analysis of data from 45 major banks over the last three years suggests that, globally, institutions remain principally focused on applications of FinTech in payments. However, they are increasingly looking to use FinTech across the entire value chain, from gamification of compliance training to surveillance software that can identify employees who pose the greatest organizational risk, and from using artificial intelligence to improve customer service to driving greater workforce productivity. But picking the right FinTechs to collaborate with and successfully implementing new technologies remain challenging for banks that have weak innovation cultures. FinTechs, for their part, need to better articulate the clear benefits of their technology and work with banks to deliver change.

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