S Anand, CEO & Co-Founder, PaySprint

S Anand is the Chief Executive Officer and Co-Founder of PaySprint, a Fintech, venture focussed on Next Gen Neo Banking Solutions, offering a Unified Open API Platform. Anand is a senior Techno functional professional with over 2 decades with diverse career chronicle working with cross-functional teams to drive unprecedented profitability while focusing on operational excellence, streamlining business processes and cost. He has extensive leadership and management experience in setting up operations and running a business in high growth as well as transformational phases. Build teams with capabilities to drive results in a fast-paced and continually changing environment with deep understanding of the global finance & technology market and enterprises’ growing digital needs. He has been an integral part of the top management and has a complete understanding of critical business drivers and the skills to use business intelligence for creating a meaningful interaction with clients. Anand holds a Masters in Management Studies Marketing degree from the University of Mumbai, India. He is an avid traveller and loves trekking. In his free time, he also practises yoga and loves to read books on Management, History and Spirituality.


With a population of around 1.3 billion, India is a booming market for fintech. India is an exciting global market for financial innovations due to the country’s high percentage of unbanked and underbanked people.

Fintech is viewed as a game changer and revolutionary innovation that has the power to transform the traditional financial markets. Over the past five years, India’s fintech market has expanded rapidly, and further growth is anticipated soon. According to EY’s Fintech Adoption Index 2019, India had the highest Fintech adoption rate with 87% which is significantly higher than the average rate of 64%. In this article we will focus on 7 tech trends that will change the Fintech Industry by 2023.

Open API

Open banking, also known as open API, operates under the concept that data about bank customers can be shared with third parties with the customer’s permission. It is a promising financial technology. Users are gradually realising the benefits of working with open data since information exchange encourages scientific research, software development and improvement of financial services. 

The bank is able to give insurance firms, retailers, and other businesses access to information about the client’s money because of accessible APIs. By enabling customers to pay for services with a single swipe, acquire a loan in a matter of seconds, and purchase things online in a few easy steps, open banking is revolutionising the industry.


The expansion of fintech industries and its ability to keep up with the fast moving world has been greatly facilitated by SaaS (Software-as-a-Service), which allows businesses to access cloud-based technologies. 

SaaS fintech solutions allow both existing financial institutions and startups to easily scale up their operations in response to changing customer requirements. Without making substantial expenditures in technical infrastructure, they can now quickly develop and launch new digital products and services.

Cloud Services

The pandemic has shown financial institutions the value of mobility, digital client engagement and remote work. Supporting businesses is now possible due to social distancing and cloud services.

With the cloud, financial companies get new security features, data management, potential for innovation and scalable storage and large computing power. The growth of financial cloud services is expected to exceed 24% per year. 

Artificial Intelligence & Machine Learning

AI is now used by cutting-edge financial businesses for a variety of tasks including lending decision-making, customer assistance, fraud detection, risk management, insurance, wealth management, and investment forecasting. The use of AI in FinTech ultimately spurs innovation, resulting in personalised, quick, secure services with improved consumer satisfaction and a worldwide reach.

AI and Machine learning applications utilise algorithms to evaluate massive volumes of data and arrive at significant findings that can assist drive effectiveness and provide time-saving opportunities. Furthermore, these programmes analyse patterns in real time, allowing for speedy decisions. 


Blockchain is a finance technological innovation that is still quite recent but has great future potential. Companies can use blockchain technology to protect data, carry out identification and verification processes, record transactions, sign contracts, and improve traceability. Due to its dependability and safety, this technology is advantageous for financial services.

Blockchain technology will make it simpler to comply with audits and regulatory requirements, as well as to avoid fraud. The usage of blockchain transactions can make payments and investments faster and more error-free.


Within this segment, technology can be employed to provide services related to wealth and expense management through robo advisors, discount brokers, mutual fund investment platforms, research platforms, and alternative investment platforms. White label robo advisors, portfolio management suite, and CapTable management are few of the Fintech services in this segment.

Through robo advisors, discount brokers, mutual fund investing platforms, research platforms, and alternative investment platforms, technology can be used to supply services for wealth and cost management in this market.

Advanced cybersecurity

One of the main developments in the fintech industry is cybersecurity and it never loses its significance. Cyber risks are increasing everyday, particularly with the expansion of online transactions and digital processes.

The financial data is sensitive and more exposed to cyber risks, a data breach can be very damaging for financial companies. Every year, more advanced security measures will arise as a consequence of the fintech sector’s growing vulnerabilities and risk of cyberattacks.

Summing up, digital banking solutions will continue to develop. With all these new Fintech developments, banks and other financial institutions can move toward making the world safer. Since technologies like AI, blockchain, machine learning, and many more are now excellent at boosting security, their adoption aids to combat against cybercrime.

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