We’re five months into 2017 and Indian Prime Minister Narendra Modi’s ambitious Demonetization move in the second last month of 2016 has had a tremendous impact on Financial Technology in India.

 So much so that the development of FinTech has seen unprecedented growth in the last couple of months, and Fintech start-ups are busy making hay while the sun is shining.

According to a report published by Professional Services major KPMG, investment in the sector declined to $216 million in 2016 from a whopping $1.6 billion in 2015. The Global Fintech sector may have shown signs of slowing in 2016, fast forward to 2017 and things are only looking up for this sector.

Let’s have a look at what’s happening in the FinTech space in India today:

• Peer-to-Peer Lending:

Peer-to-peer lending, also known as P2P lending, is a trend to watch out for in 2017. Simply put, P2P lending is a win-win situation for both lenders and borrowers – lenders usually earn high returns compared to those offered by traditional financial institutions and borrowers stand a chance to borrow money at interest rates that are typically lower than those offered by banks.

A hugely unregulated sector, with as many as 30 peer-to-peer-lending agencies operating out of the country including Lendbox and Lendenclub. P2P lending is on the rise – quite a huge number of borrowers who didn’t qualify for a loan from the banks avail this platform.

• Cryptocurrency:

Cryptocurrency is just like your traditional currency with the difference that it uses cryptography for securing your transactions, and it also controls the creation of new money. In simple layman terms, it may be referred to as digital currency.

Bitcoin, the first cryptocurrency to have been ever created enjoys unparalleled popularity even as many cryptocurrencies like Zebpay, Coinsecure, and Unocoin have emerged over the years. Today, One Bitcoin equals 113458.92 Indian Rupee and continues to grow in value.

However, it is worth noting that it is a currency that is highly volatile – Mark Thomas Williams, popularly known as Professor Bitcoin, who is a member of Boston University’s faculty, suggests Bitcoin is seven times more unstable than gold and eighteen times shakier than the US dollar!

• Social Media:

India is a huge market for Social Media giants owing to its huge population base. Tech-savvy Indians, be it buying groceries or making bank payments, prefer doing things online. This has prompted most service providers to have their Social Media channels to broaden their customer base and keep the existing clients engaged.

 FinTech companies are no different – they are using Social media like never before, so much so that a new term named “Fintech Marketing” has emerged.

Fintech companies see Social media as a way of communicating with prospective clients, thereby facilitating them to understand customer behavior and preferences which would help them in selling the right product.

Profit book, a simplified and robust cloud accounting software that has proven to be increasingly popular among small organizations to create invoices, for tax calculation and tracking inventory, for instance, has its own Facebook and Twitter handle to connect with people at another level altogether.

2017 looks to be a promising year for the Global Fintech sector – more so for India and Demonetization is only going to accelerate Fintech’s growth. Cash crunch forced your friendly neighborhood tea and vegetable vendor to look beyond printed money and accept e-payments. We’re soon gearing up for a truly digital India, aren’t we?  

LSI Keywords: FinTech, Cryptocurrency, P2P lending, Bitcoin, digital currency

 

Fintech, as a term, has changed meanings over the past decade. Defined only by the back-end technology at a time, today, Fintech includes all technological innovations in consumer & finance sectors.

At present in India, the financial sector is going through what may be chalked up as a mini-revolution in hindsight. With a moderately successful demonetization episode followed by the efforts to switch to a cashless economy ruled by digital transactions, the Indian Fintech space has grown to a position of improved significance.

Look at these few changes that 2017 may introduce around the Fintech space in India, given the changing economic scene in the country.

1. Innovations Related to Digital Payment Systems

Demonetization pushed the already existing yet seldom used digital transactions into a new zone where it became an object of necessity and comfort. A new generation of applications supporting the same came out.

The ecosystem of online transactions is now more productive, inclusive, faster, and easier to use. However, a single digital wallet or operating system is soon to be a thing of the past.

Start-ups in 2017 could be seen trying to work with the consumers, seeking their imagination to improve the service, and introducing innovations to solve the niche and precise issues of digital payment.

2. Blockchain Support

Cryptocurrency and Blockchain technology have been buzzwords for a few years now. As of now, Blockchain looks like the newest toy in the class, one that has numerous applications, incredible prospects and promises, and is primed for high acceptance.

World Economic Forum has reported an over 80 percent of banks that are willing to and working towards beginning one or the other kind of Blockchain project by 2017. In India, as RBI is considering using Blockchain tech to mitigate cheque fraud, over 90 central banks want in on the tech as well.

Blockchain technology offers operational simplicity. It could help reduce risk, settlement time, and fraud. It could contribute to improving capital and liquidity. Since the potential is immense, 2017 could see many innovations that use this technology.

3. The Rise of Cryptocurrency

There has been quite a ruckus in India about the security concerns, especially in the financial sectors. Quite a few cyber-attacks in the past year, while not directed at the online transactional division, gave clear warnings regarding the stability of the same.

Cryptocurrency offers immunity from many prominent security concerns that surround the modern digital payment modes prevalent in India.

Bitcoins, an example of cryptocurrency, was seen attracting savings and investment enthusiast in the first quarter of 2017. However, it is a long way from constructing its market in the Indian subcontinent.

4. Newer Lending Models

Financial inclusions and the availability of loan services to all, as prevails in the traditional banks, are riddled with loopholes. Fintech enterprises have worked to deal with these.

2017 can bring new lending models to the market via the Fintech companies. The reason behind it is RBI’s changing perspective towards the sector and its relaxing reservations towards it. The idea of a democratic financial service industry and exponential growth also aid the evolution of this scenario.

 

It Could Be an Exciting Year for Fintech Sector

The forecasts are numerous. You just read four, and the industry is brimming with hundred other ideas about how Fintech will carve a whole new space for its foundations this year. It will sure be exciting to see how these forecasts get manifested, evolve, or change into something entirely different than what is anticipated at present.

 

LSI: consumer & finance sectors, Indian Fintech space, cryptocurrency Blockchain technology, Fintech enterprises, Fintech companies, financial service industry, Blockchain technology.

The Internet is not the future. It is the present; it’s already here. And like most services, borrowing and lending money have moved online as well. So now you can borrow money to fund that very good idea of yours, without ever having to leave the couch.

We spend ages planning for our lives but realize life had other plans in store for us. Be it an emergency, a new idea or a sudden commitment, the need for money doesn’t always come announced. Time to visit the bank for a loan, right? Maybe not!

About Online Borrowing

Though most services we avail have moved to the web, borrowing funds hadn’t received the spotlight, it deserves until very recently. So, how do online loans work and how are they any different (or better) than traditional bank loans? Read on to find out.

Online loans focus on providing customers loans without any of the hassle associated with bank loans and at their conveniences. Before we dive deeper into the benefits and possible drawbacks of online borrowing, it’s important to know the various means of acquiring a loan on the web.

Fantastic Loans and Where to Find Them

When we talk about online borrowing here, we don’t mean applying for bank loans online. This is because you’d still have to wait for your loan application clearance and possibly visit the bank at some point. So not as convenient as the alternatives.

Online borrowing and lending began with peer-to-peer lending. As the name suggests, these are services where both borrowers and lenders (essential investors) sign up and interact. The borrower states his needs, and the lenders assess the creditworthiness of the borrower and extend loans for an agreed interest rate.

But what started off like eBay for borrowing as evolved into a much more organized platform. Individual lenders have been replaced by large financial organizations, and all the verification processes moved to the background, making the process seamless.

Here’s How To

To get a loan, you need a decent CIBIL score and… that’s it! The process itself is as easy as buying something online.

So just visit a lending service that best meets your needs, and registers with that service by providing all the necessary details.

Once that’s done, state the amount you’d like to borrow and the time frame. And as cliché, as it might sound, Voila! You’re done.

The Good, Bad and the Ugly

There are many reasons to consider online loan services. For starters, they’re quick and convenient. The approval process is instantaneous, and the interest rates are often lower too.

The loans offered online are unsecured and thus do not require any form of collateral or security.

If we had to state any downsides, it would be that one that applies to everything online: online scams and fraud. So research your lender well to avoid being mugged.

 

So this sums up our guide to borrowing funds online. 2Before you plunge. We would advise you to thoroughly research the services from multiple sources and strictly avoid services which demand an upfront payment. With these guidelines in mind, we wish you the very best of luck and hope you accomplish whatever it is you need funding for.

 

LSI Keywords

How to borrow online

Online borrowing guide

Borrowing funds online

Peer to peer lending

Online loan services

 

Borrowing Money

Barely a handful of members in our country may not be familiar with this term in their lifetime. But not everyone is born with a silver spoon in their mouth. Taking a loan to complete some of our goals, big or small, is something most of us have to do at some point in our lives.

Rising technology has changed how several things work in the lending industry. Online aggregators like www.moneysupermarket.com help customers zero in on the cheapest loan and banks quickly approve the same.

The personal loan facility from HDFC Bank, for example, takes just seconds to approve a loan to its net banking customers. It certainly saves time and is better than going to a bank.

Sure, the internet has “changed the game” when it comes to getting a loan online, but the basic rules stay the same regardless of online or offline.

Let us not bankrupt our today by paying interest on the regrets of yesterday and by borrowing funds in advance to increase the troubles of tomorrow. Regardless, these are three primary ways to get money online :

• Borrow Funds Online Via Payday Loans

Websites like www.acecashexpress.com or www.lendup.com offer very short-term loans for small amounts. The idea is, if you only need the money to last you till your next paycheck, then you don’t need complicated big amount loans that may take a few days to process. Instead, you can opt for small loans from $100 to $1500, depending on your state, that you can repay in 7-30 days.

Payday loans are an effective way of quickly obtaining funds online without asking someone money or approaching money lenders but at the same time keeping yourself unburdened by a hefty loan amount that you don’t necessarily need.

• Take A Short-Term or Title Loan

Depending on your requirements, payday loans may not offer you with enough money in the bank. At such times, a short-term loan is preferable.

Websites like www.cashcentral.com or www.opploans.com offer loans of $1000 to $5000 over a variable period depending on terms and your state. This way, you can get more money than a payday loan can provide but still, have less tenure than a typical long-term loan.

If you own a car, then you can go for auto title loan like www.titlemax.com or www.turbotitleloan.com where you can take a loan against your car for lower interest rates. Thus you get finance as well as retain the full use of your vehicle as you pay off the loan. 

• Take a Long-Term Personal Loan

Finally, you can raise funds online by taking a personal loan. If you can wait a few days for the money, many online lenders offer personal loans that are approved within a few days at most.

The requirements for such loans are quite strict on the other forms mentioned above, but they also offer much higher loan amounts in return along with2 longer tenures and lower interest rates.

Websites like www.lendingclub.com or www.upstart.com offer loans up to $50,000 depending on your credit score among other things. These loans can be approved within three days. 

If you want to compare the terms and rates of different websites at once then, www.bankrate.com can help you get many personalized loan suggestions based on your location to obtain online finance.

LSI Keywords-

Primary keyword- Borrowing funds online

Variants-  Acquire money online, Obtaining funds online, get money online