These days, there is a lot of hype surrounding the phrase fintech. Technology is a part of every new breakthrough and has always enabled financial institutions, and Fintech is what makes it possible for banks to service the underserved. Fintech does this through technology, whether it be APIs, taxes, or cash. Together, they make up the complete ecosystem for NBFCs and the banking industry, stated Anshul Khera, Head of Special Projects, Tide In.
These days, banks are frequently that big, and changing their systems can be challenging. Their methods of operation have been largely conventional. Instead of modifying its own processes, risk management has generally been rather traditional. It now depends on specific technology firms that are able to perform those functions.
In addition, he stated that his company, Tide, was established in the UK. It is a business finance platform that is dedicated to helping the SMEs that are the backbone of the banking system but have not received the attention they need in terms of banking, accounting, expenditure management, invoicing, or loans.
However, with the use of digital footprints, we can actually provide for them very effectively. In India, there is a sizable market for SMEs that is largely underserved, as is evident especially in terms of loans.
