India's fintech sector, the world's third largest, faces 2024 with challenges in regulation, data security, digital adoption, competition, capital access, and evolving consumer expectations, yet remains poised for growth through innovation.

In 2024, Indian fintech undergoes transformative innovations like digital lending and AI-driven wealth management, revolutionizing financial services for broader accessibility and efficiency.

Enhancing the fintech strategy with the tandem force of AI and Data Lakehouse ensures customer safety, data governance, and innovative services for diverse market needs.

Fraud detection, simply put, is employing AI and machine learning to detect fraudulent activities amongst large data sets. These are continuous learning models, adapting over time.

The fintech landscape in India has been through an amazing journey of growth in recent years, propelled by certain favorable factors.

In today’s ever-evolving terrain of finance, the fintech industry acts as a vanguard, steering revolutionary reforms via trailblazing digital advancements.

The rise of fintech has changed how we handle and spend our money. From mobile banking to cryptocurrency, fintech has evolved immeasurably over the past few decades.

The fintech sector in India today makes use of tools such as Artificial Intelligence, Machine Learning, Blockchain, and data analytics.

Indian fintech industry continues to scale in its size, scope, operations, and influence, the sector as a whole increasingly benefits from the continuous revolution that doesn’t look like it will stop anytime soon.

India’s rise as the leading digital pioneer in the global fintech market is proof of the country’s uncompromising drive for innovation and technology prowess.

This article delves into the dynamic interplay of technological innovation, legislative shifts, and evolving consumer behaviors reshaping financial services.

A robust cybersecurity regulation is the first defence against cyberattacks and fraud. The government’s Digital India initiative and the proliferation of affordable smartphones have catalysed this transformation largely in the current scenario.

Today, as the financial world stands at the brink of another transformative era, emerging technologies are poised to propel fintech applications to new heights.

Revolutionizing the lending space by fintech companies has been more prominently seen in digital platforms, owing to the power, influence, and rapidly developing nature of the internet and related technologies.

How has Celusion adapted to the changing requirements and technological advancements in this fast-paced industry? What steps has the company taken to stay ahead of the competition?

The payment infrastructure in India has undergone several transformations over the past decades. Today in the industry it is characterized by many good qualities that we as customers enjoy.

Business Rule Engines (BREs) are indispensable to the Banking, Financial Services, and Insurance sector. They play a pivotal role in streamlining operations, ensuring compliance, and enhancing decision-making processes.

For any financial service, no matter how big or small, customer identity verification is of utmost importance to both banking corporations and customers alike.

The lending ecosystem plays a pivotal role in the financial landscape, facilitating the flow of capital from banks to individuals and businesses in need.

The fintech landscape is ever-evolving, mainly in the technology front, that has led to multiple innovations in the primary banking & financial functioning.

Hyper-automation refers to the use of numerous technological tools to automate different processes. Some of the technological tools used to achieve this include Robotic Process Automation, AI, ML and Data Analytics, to name but a few.

This is an exclusive article series conducted by Santosh Vaswani, Editor at CIO News with Mr. Praveen Paulose, MD & CEO of Celusion Technologies.

Before adopting digital technology in the banking and finance industry, customer onboarding was a long, manual affair. It included many processes that were often time-consuming and very tedious.

Technological advancements have created new value in creating greater avenues for customer experiences and core operations of banking/financial institutions in many different ways. Here are some of the most significant methods.

From empowering our emerging leaders to launching employee engagement initiatives, our HR team has been attracting, upskilling and retaining top-tier talent.

To customers, security comes in the form of maintaining privacy and ensuring data safety. Companies in the Fintech industry handle their customers’ sensitive information daily, making it crucial for them to safeguard it with all they can.

Customer retention is critical to a company’s growth, sustenance, and success. Repeated purchases of products and services by customers lead to long-term profitability for the company and authenticate the value propositions.

CXOtoday has engaged in an exclusive interview with Mr Praveen Paulose, MD & CEO of Celusion Technologies on the topic of Pioneering Fintech Solutions for a Digital Future

Technology has vastly improved the many services that financial institutions provide to their customers. With further adoption, the industry is inevitably going to witness significant growth.

India’s growing digital ecosystem has been accompanied by increased technology integration across industries. One of the key industries to benefit from this revolution was fintech.

The recent decades have witnessed significant transformations and innovations in the financial sector in India. These changes have improved every aspect of the industry as a whole.

The digital lending landscape in India has been on a continuous growth tangent in the past few years. Rapid digitization, significantly accelerated by the COVID-19 pandemic, has transformed digital lending in ways many could not foresee.

India is amongst the fastest growing Fintech markets globally, with the highest adoption rate of 87% – significantly superior to the global average of 64%. The $50 Billion Fintech Industry is set to grow around 3 times in a few years.

The fintech industry has rapidly evolved in recent years, transforming the financial landscape and disrupting traditional financial institutions.Here are the five trends that will define and distinguish the fintech industry in 2023.

Digital Lending has gained popularity and relevance in today’s highly technology-dependent world. It enables financial institutions to provide services to consumers in swift, simple, and spontaneous ways.

India’s fintech revolution has disrupted the traditional financial sector, transforming how individuals and businesses access financial services. It has extended financial services to millions of previously excluded individuals from the formal system.

Every business experienced a subsequent change in the ever-evolving digital age due to the unexpected pandemic. Banking is no different. In recent years, customers no longer visit bank branches as frequently to obtain financial services.

As the world becomes increasingly interconnected, fintech services have become integral to the global financial ecosystem. It offers businesses a range of financial products and services that are convenient, efficient, and secure.

As the world is rapidly digitizing, online transactions are becoming increasingly popular as they are fast, convenient, and hassle-free. However, one wrong click on your web link may land you in trouble and cause you significant financial loss.

Cloud technology has helped fintech firms to scale their operations, streamline their procedures, and improve the customer experience, opening up new avenues for more developments and innovations.

In the past few years, the financial landscape has significantly transformed with the help of digital lending solutions. Digital lending solutions are popular due to their convenience, accessibility, and speed.

Technology has transformed the banking & financial sectors over the years. It renders immense scope in diversifying the solutions more for customer’s easy usability.

With data analytics and AI, the Banking and Financial Services Industry (BFSI) has employed big data to increase organizational success and assure risk management, profitable growth, and efficient performance.

Mr. Praveen Paulose, CEO & MD of Celusion Technologies explains how a start-up has grown from a modest beginning in the 2004 with 2 employees and 200 sq. ft. office, to around 150+ employees and 3500 sq. ft. modern infrastructure.

A turbulent world economy with obstacles and opportunities has resulted from the significant transformation in digitization, consumer behaviour, and technological capabilities.

Celusion Technologies equips banks, NBFCs, stockbrokers and insurance companies to transform their customer acquisition processes into a fully digital channel augmented by real-time regulatory checks and AI for fraud detection.

Cash flow is a challenge for micro-entrepreneurs when starting and running their businesses. The following list outlines five ways that digital lending platforms are changing how small business owners handle cash flow issues.

2022 has marked a turning point for the financial sector in India. Here is the overview of few digital lending trends that impacted the industry this year.

For digital lending firms, using new technology ensures choosing the proper loan software provider that can make the challenging and time-taking process of lending relatively easier.

Know Your Customer, a process used by financial institutions to identify their clients and comprehend the motivations behind their actions, is essential to maintaining regulatory compliance in the financial sector for fraudulent activities.

Analytics Insight has engaged in an exclusive interview with Praveen Paulose, MD & CEO, Celusion Technologies. Celusion Technologies with their advanced cloud-based software solutions ensure superior digital experience while ensuring safety.

Financial institutions are implementing AI and ML to simplify operations, lower operational costs, and maintain a competitive edge. The following are some of the common uses of AI and ML in the digital lending industry.

Here are the five ways digital lending platforms are redefining the ways small business owners manage cash flow challenges when starting and operating their businesses.

The metaverse is expected to be the next big thing in the world of technology. It consists of a virtual reality environment in which users may interact with a computer-generated world as well as other users.

With Buy now, pay later (BNPL) gaining popularity among young consumers, the temptation to introduce the BNPL option in luxury brands is taking over.

It is no secret that fintech firms have been reshaping the business landscape in the last few years. The industry is expected to grow to $698.48 billion by 2030 growing at a CAGR of 20.3% in this decade.

Financial technology innovations (FinTech) have brought unprecedented alliance and competition to the financial industry, prompting regulatory bodies to adapt and grow.

Credit unions have been providing digital lending for some time now. However, the evolution of the Fintech ecosystem will change the lending landscape in the future as they are transforming the way consumers’ access loans around the world.

The digital revolution has transformed the customer onboarding process for enterprises. Since the entire process moved online, the digital verification became critical. The KYC verification is conducted online using the Video KYC tool.

Regulatory units are struggling to balance the necessity to satisfy their customers and the tedious obligations coupled with stringent KYC processes.

The latest short term financing option that has been made available to consumers is the Buy Now Pay Later (BNPL). This option has been available for the last few years and is picking up as a great alternative to credit cards.

Customer experience can be a fundamental lever for customer retention in the banking sector as long as you follow some digital trends and take advantage of the new touch points that social platforms offer.

The mere use of multiple channels to push your products or services cannot be considered omnichannel marketing if they operate independently of one another and do not speak to each other.

In a changing business landscape that is dominated by digitisation, it is imperative that financial institutions streamline their customer acquisition process to stay relevant and competitive.

Banks would do well to explore the maximum channels available and build their presence in each, interlinking them through a digital strategy. This multi-pronged approach will help to optimize the business from each channel.

Artificial intelligence is a powerful tool that has brought along a new wave of technology that has changed the way the banking and finance ecosystem operates. There are multiple areas where AI plays a major role.

Financial services had to adopt new technology to stay solvent during the crisis since the customer onboarding or KYC processes, which required face-to-face interactions, got disrupted.

With current business trends such as global supply chains and dependency on IT, along with economic instability, frauds have become more visible and easier to commit.

Staying up to date with the financial industry that's constantly evolving can be challenging because there are many phenomena taking place daily, like developments in the local or global economy, crude oil prices, Indian currency rates, etc

Artificial Intelligence plays a vital role in allowing the banking industry to provide personalized services to customers by understanding their needs and staying ahead of their expectations.

India's financial sector has undergone a paradigm shift from providing traditional services to services based on convenience during the last decade. The financial industry is well-positioned to embrace digitisation.

When you make a payment on your smartphone to get a loan via a loan app or complete your video KYC to open your DEMAT account, you are participating in the fin-tech revolution that has gripped India in the 21st century.

To mitigate the risk of lending to a defaulter, a good credit score of the business is determined based on a company’s debts and repayment history with lenders and suppliers.

The rapid pace of technological change is becoming the most innovative force in the financial services ecosystem today. BFSI has gradually adapted to the post-crisis regulatory framework, and business models have adjusted accordingly.

The pandemic changed the way lives and businesses operated as everyone adjusted to the new normal. Technology offers a great opportunity to assist companies to achieve their business transformation goals.

The last 18 months have been tumultuous for the world at large, as individuals and businesses struggled to make sense of the new normal and adapt to it. People had to adopt new ways of shopping, transacting, entertaining and doing business.

Technological innovations are equipping the world of finance with intensely customized and on-demand experiences, like personalized investment plans or even, requiring companies to reinvent themselves to take these advantages.

During the pandemic, BFSI services adopted speedy measures to enable the financial institutions with the pragmatic approach that protected both the employees and clients and helped maintain daily financial operations.

In India, more than 70% of the population live in underserved areas with only 10% having access to organised credit and a pent up demand of $600 billion needs to be met.

Celusion Technologies has developed a unified account opening solution that allows customers to onboard and instantly activate their accounts in under 15 minutes.

During lockdown as businesses across industries came to a grinding halt and companies struggled to traverse uncharted territory, it became evidently clear that only technology could truly save the day.

Amid the raging pandemic, the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have permitted the facility of verifying the know-your-customer documentation through video calls (video KYC).

Celusion Technologies, a software company develops Enterprise Applications with cutting-edge technology. With its passion for technology, the company loves to tackle a challenge.

Mr. Praveen Paulose, CEO & MD of Celusion Technologies explains how a start-up has grown from a modest beginning in the 2004 with 2 employees and 200 sq. ft. office, to around 100+ employees and 3000 sq. ft. modern infrastructure.

The BFSI sector of India is no longer what it used to be. Modernizing banking processes has led to phenomenal innovations in the digital banking sector, which has given a significant rise to the fintech sector of India.

Celusion Technologies has worked with about 20 big industry players, including 3 of the Top 10 Stockbrokers, 2 of the Top 5 NBFCs and multiple Large cap companies in India.

The BFSI sector in India is rapidly changing for the better. With the evolution of innovative, new-age technologies like Artificial Intelligence (AI), Machine Learning (ML), and more, digital banking is climbing new heights.

With the rapid adoption of online banking applications, online transactions, blockchain technology, and an overall internet-first approach to banking, the sector has seen a paradigm shift over the past decade.

The Reserve Bank of India’s governor Shaktikanta Das has instructed all the banks and financial institutions to refrain from taking any punitive measures on customers who fail to update their KYC till December 31, 2021.

While there are still plenty of banks that follow the face-to-face, in-person authentication checks, a new wave of Financial Institutions is investing in digital account opening. Its the first and foremost element of any bank or financial institution.

We keep hearing the term Digital Customer Onboarding and wonder what it is all about. This blog is an effort to explain Digital Customer Onboarding and how it has changed the way businesses think and act in a fast-moving dynamic world.

Founded in 2004 and based in Mumbai, Celusion Technologies is a software company that develops enterprise applications with cutting-edge technology while creating a seamless and secure experience for the clients in BFSI sector.

Founded in 2004 and based in Mumbai, Celusion Technologies is a software company that develops enterprise applications with cutting-edge technology while creating a seamless and secure experience for the clients in BFSI sector.

The nation-wide lockdown and social distancing norms imposed sudden restrictions. If a customer in a small town needed a loan, where would he go? Similarly, how would lenders find new borrowers since footfalls had reduced?

Union Budget for the financial year 2021-22 has been presented by Finance Minister and reactions are pouring in from various quarters. Find out what India’s leading, most influential entrepreneurs and corporate gurus are saying.

The government has supported digital payments and placed digital enablement as the pillar of the next wave of growth through financial inclusion since 2014. Statistics also demonstrate that cash is the king in most of the business sectors.

Since 2014, the government has encouraged digital payments and positioned digital enablement through financial inclusion as the cornerstone of the next wave of growth.

Few pre-budget expectations are GST relief for the SMEs and MSMEs, Incentivising digitization for smaller players, Incentivising the lending sector, Providing benefits to lending players beyond banks etc.

Bill Gates gave us some advice last week when he spoke at the SFF: “if people are going to study one country right now, other than China, […] look at India, because things are really exploding there and the innovation […] is phenomenal”.

India’s trusted fintech company, Celusion Technologies has been shortlisted in the top 40 Global Fintech companies at the prestigious, Singapore based MAS Fintech Awards, from a total of 326 submissions across 55 countries.