Nageen Kommu, CEO at Digitap recently commented on the anticipated trends for the Fintech segment in 2023.
In an update shared with CI, Nageen Kommu noted that the Indian Fintech market currently stands “as the third largest Fintech ecosystem in the world and is well aligned to reach $1 trillion by 2030.” There are some “remarkable” trends to anticipate for 2023.
Considering the immense potential of Fintechs, we saw traditional financial institutions entering the fintech space “via collaborations.” Nageen Kommu added that this collaborative approach will “become prominent in the time to come with profound alliances, distinctive financial products, and motive to offer enhanced banking experiences.”
Also, the regulator “provided a crucial support towards the growth of Fintech market tremendously.” Nageen Kommu also noted that the regulator’s intervention is “bound to increase in 2023, ensuring compliant fintech operations and create an enabling business environment to support sustainable growth of the sector.”
Nageen Kommu further noted:
“The significance of data analytics in Fintech operations is rising rapidly, with alternative data emerging as a powerful tool to enhance credit outreach to underserved and unserved sections. In the year 2023, companies will continue to explore new methods to collect and use data to understand customer dynamic requirements accurately as well as design products.”
“The global Fintech market will certainly witness India’s position becoming firmer. The factors catalyzing this accelerated growth are rapid pace of innovation, government’s alignment with fintech operations and vast population of unbanked and underserved in the country. India will continue to one of the leading countries with respect to fintech adoption rate, with growth being influenced by emerging technology and innovations.”
As noted by its management, DIGITAP claims it “provides high tech advanced AI/ML solutions to new age internet driven businesses for reliable, fast and 100% compliant Customer Onboarding, Automated Risk Management along with Big Data enabled services like Risk Analytics and Customized Scorecards.”
Their proprietary Machine Learning Algorithms and Modules “provide one of the best success rates in the market.”