Recently, HyloBiz conducted a YouTube LIVE Session with three fintech experts to gather their insights on how the year 2020 shapes out for Fintech, in terms of business continuity and opportunities. This informative session was moderated by Mr. Raveen Sastry and the three experts on the panel were Mr. Ram Rastogi, Mr. Bhushan Patil, and Mr. Vishal Gupta.
Herein, Raveen opened the session by sharing how NPCI has played a major role in spearheading digital revolution in India. Ram echoed the thought and shared insights on what needs to be done in terms of regulations, reach, structure, and usability to help SME and micro SME get on the band wagon of digital payments.
A significant point of discussion was that traditional banks in their current position aren’t able to offer a comprehensive transaction management system to SMEs.
When traditional banks with their legacy infrastructure are unable to create a Network Effect, Open Banks and Neo Banks can tap in the opportunity for SME payment digitization process. Of course, the need would be to work under certain regulatory framework, so that they can pitch in to provide safe, secure and easy systems for money transfers.
The experts echoed the thought that SMEs sector which contributes a whopping 40% of the GDP, is an appropriate market to focus for the Fintechs. Bhushan validated the fact that in the next 12–18 months he certainly sees unification happening across wallets and UPI. And, SMBs need to come up with efficient solutions that relate with the changing world environment. Data privacy and security in the B2B is another avenue that needs focus in the near future, with constant uberization.
Vishal reverberated the thoughts shared by others and added that when it comes to SME value chain, it was pertinent to make different systems speak to each other to achieve all of the above. SMEs use different ERPs across their value chain and solutions provided by HyloBiz act as a glue to stich the fabric together and bring in “standardization” in the SME payments network. Thereby assisting in end to end digital payments.
The experts agreed that the entire value chain must work on digital payments, not just one half or a portion of it.
All in all, a lot of business opportunities for the Fintech in the coming year and we are hopeful!
For a detailed view of what was discussed in this informative session, read our blog on the same.