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The survey forms the basis for this report from ACCA ‘Fintech as a catalyst for growth: Lessons from India’ which explores this growth, and the current and future use of fintech, across three sectors: education, energy and financial services. Nearly 400 participants in the India-focused survey and in-depth interviews with 20+ fintech providers, users, financial professionals and policy influencers revealed they expect fintech to enhance financial inclusion, expand the banking base, and democratise access to alternative investments. 

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Key takeaways from the report reveal that:

  • User confidence in fintech is high and growing: digital public infrastructure is at its core with India Stack, increasing internet penetration and favourable demography the key enablers. Almost all (95%) respondents use fintech platforms frequently.
  • Opportunities are numerous: innovation remains at the forefront of fintech’s growth, with artificial intelligence (AI) playing a crucial role. 72% of survey respondents see AI as a major factor in improving transaction security and speed, which are essential for building trust and ensuring the efficiency of digital financial services.
  • With opportunities come challenges: 60% of survey respondents cited privacy and data security concerns. Over half (58%) cited the need for stronger regulatory processes.
  • Everyone – including fintech providers, finance professionals and regulators – has a role to play in harnessing opportunities and managing risks:  industry experts envision a future where fintech will evolve into a ‘finternet’ of multiple financial systems interconnected with each other, much like the internet. 

 

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