FinTech Start-ups and Opportunities They Have with Wearable Tech

P2P loans in India
FinTech start-ups in India are taking the financial services sector by storm. According to a report by NASSCOM, India has a presence of over 400 such companies with investments worth $420 million in 2015, and this industry is expected to grow 1.7 times to reach $8 billion by 2020. This not only includes digital wallets, financial analytics enterprises but online money lending companies also. As tech-savvy customers are no longer shy to try out non-traditional financial services that offer quick payment gateways and high return investments, time is ripe for FinTech companies to harness the opportunities provided by similar cutting-edge technologies to cater to their growing customer base. Wearable tech looks like a good starting point.
What is a wearable tech?
Wearable tech refers to the entire range of technology devices that can be worn by the customer – from rings and watches to glasses and clothing. Though most of us usually associate smart wearable devices with fitness trackers, the truth is, they have a lot to offer in the financial sector too, and the industry is optimistic about the possibilities.
FinTechs and Wearable Tech – The connection
What differentiates FinTech start-ups in India and elsewhere from traditional banking institutions is that they are driven by technology. Wearable tech presents an incredible opportunity to FinTech players to offer innovative services to the customers and captures the market. Imagine the world where you can get everything from market updates to financial data on your wrist. Some forward-looking FinTech firms are already working on this. For instance, the IG Group, a London-based brokerage firm allows its customers to trade in stocks in their Apple watch.
Opportunity in India
The millennials and Gen-Z in India are the most digitally connected people in the country and are the prospective customers for nontraditional financial services. They also want to have every information and convenience at their fingertips. The challenge for the FinTech companies is to workaround the small display of wearable techs and come up with innovative financial solutions that not only allow them to keep track of financial data but make complex transactions as well. This can give further impetus to services like online bill payments and P2P loans in India. Imagine you can lend or borrow money on your watch, make payments with a wristband or make the best short time investments on an NFC ring.

The future of the tie-up between FinTech companies and wearable technology looks promising. It’s time these the new-age financial service providers explore how wearable devices can address the specific financial requirements of their customers and harness the immense possibilities of these smart devices to offer innovative services.

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