As per the study, with a millennial-heavy and techno-friendly demographic, India will be a strong influencer in the fintech revolution
Indus Valley Partners (IVP) revealed the findings of an online survey with the Indian MBA and Engineering students. As per the findings, 63% of the students believe that India is ready to become the global hub for fintech.
The survey had over 6,500 respondents in total with a majority participation from the student community from leading engineering and management colleges in India. It also revealed that 20% of the respondents do not feel that India is ready and 17% were unsure about India being ready to embrace the fintech revolution.
On this, Gurvinder Singh, Chief Executive Officer, Indus Valley Partners said “India offers the highest expected return on investment on fintech, projected at 29% versus a global average of 20%, according to a recent PwC report. There will also be rapid increase in the adoption of emerging technologies in the financial services industry. Interestingly, the student community also feels the same as suggested by our survey. Many financial institutions are already shaking hands with enablers and collaborators from fintech society to come up with innovative solutions.”
He further added, “Moreover, Asset management industry across the world is increasingly embracing the technology for fintech innovations. From product offering to alpha generation to risk management, technology is becoming key driver. IVP is one of the leading companies in this space which is using blockchain and AI elements to help asset managers transform.”
India has the highest youth population in the world. Additionally, it is a nation with availability of right skill set and technical expertise at a right price and government programs that make it easy for emerging organisations to adapt themselves to the latest technical evolutions.
With such a millennial-heavy and techno-friendly demographic, India surely holds a huge potential of becoming a strong influencer in the fintech revolution.