Of late, India has emerged as a viable option for startups across the globe. The everlasting success of big e-commerce and retail giants like Amazon, Flipkart, played a vital role in that. The gradual shift in the ecosystem further helped India become the leading FinTech market in the world & boosted the startup culture.
The onset of digital payments, the development of voice-over assistants, rivalry within the food industry, and others are some of the most popular financial trends worth knowing. The constant rise in startup culture within India brought out a fresh lot of opportunities and gave a lot of startup companies to explode.
1. Banking models will begin a fundamental shift
The want of better and comfortable living standards is a prominent reason why so many technological advancements are being made. The millennial wants the convenience in banking too, of banking whenever and wherever they want. To satisfy this need, the traditional banking model will certainly have to be changed as it nowhere meets what the users want. As a result, paperless banking will be the top priority of users.
The count of digital banking users is expected to grow to more than 2 billion by 2020. So you can upgrade your banking solutions and grab the opportunity of being the provider of what those 2 billion users want; or you can stick to traditional banking solutions and see those 2 billion users turn away to someone who has technology-first solutions. The choice is yours.
2. Speed is the key in modern banking
You know how annoying waiting for payments, lending, banking services, statement processing etc. can be especially when you can do nothing about it because you have no other choice. Well, in the coming time, the banking channels are predicted to speed up. Middle men like brokers and agents are likely to get eliminated so that the customers get their work done in fewer steps. So even you must strive for speed in your business and come up with solutions that offer quick, easy, confusion-free, and one on one services.
3. Mobile banking means more mobile cyber attacks
Increasing digitisation has resulted in a very handy approach to all banking services. Mobile banking will soon be on its boom and phones are already very close to becoming the wallets. But at the same time, the chances of cyber-attacks on mobile banking and transactions have also increased, and they are expected to continue. Approximately 80% of financial institutions’ customers are doing online banking, 50% are on mobile and these figures are still increasing. While mobile banking leverages you with a large network of customers, you must have a strategy to deal with the risk of cyber-attacks that comes along.
4. Technology and cyber security
Realizing the risk of cyber-attacks, many enterprises are likely to increase their investments in advanced cyber security operations which not only work for prevention but also for detection and problem solving. These advanced operations include hybrid security offerings combining on-campus and SaaS/ Cloud solutions. So even you should follow up on this trend and consider spending on cyber security to keep your business on the safer side.
5. Online and cloud accounting will become more common and widespread
Switching to online and cloud accounting systems is one of the most popular trends that 2018 is going to see. While companies like Giddh are making these systems a great buy, the user-companies are also really satisfied with the way these systems make accounting easier, faster, error-free, and more productive. The network of online and cloud accounting is expected to expand rapidly in the coming time because it will be not only seen as a business need but also a business trend.
6. Food-tech industry rivalry will escalate
There’s a constant battle ongoing between Swiggy and Zomato to grab the market. However, with the inclusion of other parties like FoodPanda (Ola), and UberEats, the battle of superiority will further chip out the pie.
7. Rise of Electrification in the Automobile Sector
There’s a fierce competition going on even in the two-wheeler segment & seeing the development, the e-commerce agencies will try bringing in more e-vehicles for efficient deliveries. Ather Energy (founder of smart e-scooter in Bengaluru) is one leading financial industry trends that resonate with the government initiative of switching to electronic mobility.
8. The voice becomes the new Normal
The evolvement of Google and Alexa voice-agents have allowed consumers to peep into different sectors like banking, healthcare, etc. & this could scale up with the inclusion of Indian regional languages. Once the moment comes, it will allow a lot of startups to dig it.
9. The significant rise of E-wallets
The recent trends in financial services includes the growth of e-wallet services like PayTM, PhonePe, etc. It gave the power to users on how to spend & will be one of the most promising accounting trends despite the cyber-threats.