Fintech Disruptors

Posted byBiren Parekh September 4, 2017August 6, 2019 3 Comments on Fintech Disruptors

Recently, I received an invite from the Shailesh J. Mehta School of Management (one of topmost B-Schools in India), located in the IIT Bombay campus, asking me to give a speech on ‘Disruptions by IT in Various Domains’. At the very last minute, I was also asked to be Chief Guest, inaugurate the event & launch their magazine, ‘Sentience’. One can see the snaps in Gallery.

I was pleasantly surprised when I entered auditorium, for the foyer had been completely silent.  It made me wonder if any students were present at all. Then,  I entered the auditorium. 

All the students were sitting there in pin drop silence!

I was extremely impressed by the perfect discipline of the students, which myself didn’t followed when I was in college. It was indeed a pleasure to inaugurate the event by lighting the lamp and then launch the magazine. After that, I gave a short presentation on Fintech Disruptors, which I am summarizing as below.

1 – API Banking – As per the latest trends, API Banking will literally disrupt the banking concepts. There will not be branches anymore and all transactions will be done through API, which will be offered by different non-banking portals or anyone who wants to offer banking transactions through their portal.

2 – Crypto Currency – Crypto currency has already disrupted banking deposits. There are lot of portals and apps who are offering more returns on deposits compared to banks. Many smart guys have already started investing money in Bitcoin. They get the double advantage i.e. increase in price of bitcoin as well higher returns on investment. Isn’t interesting? Do contact me.

3 – Peer to Peer lending– Similar to Crypto currency, this offers significantly higher returns than bank deposits e.g. faircent.com.

4 – Robo Advisor – Robo advisors are not new, but they still have to catch up with youngsters. It will hopefully pick up in the coming years, since youngsters are tech-savvy and have less time. One can do financial management on the go without human interaction, based on factual information.

5 – Biometric Payments – Voice based payments or retina based payments are going to be new norms in coming years.

6 – IoT based insurance pricing – Are you a rash driver? Be ready to pay more insurance premium for your vehicle! And if you are a good and patient driver, be ready to benefit from the same by paying less premium.  With IoT sensors on your vehicle, insurance companies will be able to judge how prone you are to making accidents. Are you looking for insurance companies offering these solutions? Search only if you are in US.

7 – Social Media Banks– The topic sounds interesting, isn’t it? Yes, so are the banks. There are banks in Europe, like the Fidor bank, which offer higher interest rates depending on how many likes they receive on different options of interest rate on social media!

8 – Neo Banks – Yes, these are for those Neos who don’t have time to go to bank or don’t care about the existence of branches. Banks like Starling and Atom banks don’t have branches, and are purely based on mobile apps or browser based banks.

So, this is a glimpse of the coming future. Go for it, Neos!