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FINTECH as AN EMERGING TREND

FINTECH as AN EMERGING TREND R5Gpp
Fintech refers to the novel processes and products that become available for financial services due to the digital technological advancements. Fintech includes technologically enabled financial innovation leading to new business models, applications, processes, or products with an associated material effect on financial markets, institutions, and financial services. India is transitioning into a dynamic ecosystem offering Fintech start-ups a platform to grow into billion-dollar unicorns. From tapping new segments to exploring foreign markets, Fintech in India is pursuing multiple targets. The traditionally cash-driven Indian economy has responded well to the Fintech opportunity, primarily triggered by a surge in e-commerce, and Smartphone penetration. However, India's growth is still not comparable in scale to its global counterparts but is stacked well, due to a strong talent pipeline of the tech workforce. Hence, adopting an exploratory approach, based on in-depth literature review, the chapter aims to identify the challenges and deliberate on the outlook for Fintech in India. It won’t be wrong to presume that 2021 is the most awaited year. 2020, owing to the COVID-19 pandemic, has not only upended normal life but also has severely disrupted businesses across the globe. COVID-19 Impact While the fintech companies in the payment space witnessed a second spurt of growth after the demonetization, the lending companies have been severely impacted because of COVID-19. During the pandemic, a lot of companies focused on product and process innovations to become more customer-centric and build the capability to handle large disruptions. We are going to witness some of the outputs of these efforts with innovative products getting launched and companies exploring physical models to bolster collection management capabilities. Technology Trends Fintech companies and the financial industry at large has always been at the forefront of adopting new technologies. Today, ML models are widely used in the fintech space to underwrite loans based on alternative data. While the focus of these models till now had been in use cases related to underwriting and fraud identification, ML models will start finding their place in collection management also. Changing Industry Landscape The fintech landscape in India has been changing at a lightning speed in the last couple of years and has become one of the world’s largest fintech markets after US, UK and China. Though some of the subsegments have been severely impacted by COVID-19, everyone still remains bullish on the long-term growth prospects of the industry. CONCLUSION FinTech has been known for their coming of age technology owning towards offering the most convenient and flexible options for consumers. It is not surprising that going forward, financial services will offer a customized and local offering to their customers using data analytics. The more and more advances in technology financial services adapt to upgrade their strategies, more growth in this sector is foreseen. This is just the beginning of a huge FinTech market in the upcoming decade!
Fintech refers to the novel processes and
You use this word too often, consider replacing it with
products
that become available for
You use this word too often, consider replacing it with
financial
You use this word too often, consider replacing it with
services
due to the digital technological advancements. Fintech includes
technologically
enabled
You use this word too often, consider replacing it with
financial
innovation leading to new business
You use this word too often, consider replacing it with
models
, applications, processes, or
You use this word too often, consider replacing it with
products
with an associated material effect on
You use this word too often, consider replacing it with
financial
markets, institutions, and
You use this word too often, consider replacing it with
financial
You use this word too often, consider replacing it with
services
. India is transitioning into a dynamic ecosystem offering Fintech
This phrase/word (depending on the context) can be potentially replaced with :
start
-ups a platform to grow into billion-dollar unicorns. From tapping new segments to exploring foreign markets, Fintech in India is pursuing multiple targets. The
traditionally
cash-driven Indian economy has responded well to the Fintech opportunity,
primarily
triggered by a surge in e-commerce, and Smartphone penetration.
However
, India's
You use this word too often, consider replacing it with
growth
is
still
not comparable in scale to its global counterparts
This phrase/word is too simple and can be replaced with:
but
is stacked
well, due to a strong talent pipeline of the tech workforce.
Hence
, adopting an exploratory approach, based on in-depth literature review, the chapter aims to identify the challenges and deliberate on the outlook for Fintech in India.

It won’t be
This phrase/word is too simple and can be replaced with:
wrong
to presume that 2021 is the most awaited year. 2020, owing to the COVID-19 pandemic, has not
This phrase/word (depending on the context) can be potentially replaced with :
only
upended normal life
This phrase/word is too simple and can be replaced with:
but
also
has
severely
disrupted businesses across the globe.

COVID-19 Impact

While the fintech
You use this word too often, consider replacing it with
companies
in the payment space witnessed a second spurt of
You use this word too often, consider replacing it with
growth
after the demonetization, the lending
You use this word too often, consider replacing it with
companies
have been
severely
impacted
This phrase/word is too simple and can be replaced with:
because
of COVID-19.

During the pandemic,
This phrase/word is too simple and can be replaced with:
a lot of
You use this word too often, consider replacing it with
companies
focused on
You use this word too often, consider replacing it with
product
and process innovations to become more customer-centric and build the capability to handle large disruptions. We are going to witness
If the text is a generality, 'of the' is not necessary. Did you mean "some"?
some of the
outputs of these efforts with innovative
You use this word too often, consider replacing it with
products
getting launched and
You use this word too often, consider replacing it with
companies
exploring physical
You use this word too often, consider replacing it with
models
to bolster collection management capabilities.

Technology Trends

Fintech
You use this word too often, consider replacing it with
companies
and the
You use this word too often, consider replacing it with
financial
industry at large has always been at the forefront of adopting new technologies.
This phrase/word (depending on the context) can be potentially replaced with :
Today
, ML
You use this word too often, consider replacing it with
models
are
widely
This phrase/word (depending on the context) can be potentially replaced with :
used
in the fintech space to underwrite loans based on alternative data. While the focus of these
You use this word too often, consider replacing it with
models
till
This phrase/word (depending on the context) can be potentially replaced with :
now
had been in
This phrase/word (depending on the context) can be potentially replaced with :
use
cases related to underwriting and fraud identification, ML
You use this word too often, consider replacing it with
models
will
This phrase/word (depending on the context) can be potentially replaced with :
start
finding their place in collection management
also
.

Changing Industry Landscape

The fintech landscape in India has been changing at a lightning speed in the last couple of years and has become one of the world’s largest fintech markets after US, UK and China. Though
If the text is a generality, 'of the' is not necessary. Did you mean "some"?
some of the
subsegments have been
severely
impacted by COVID-19, everyone
still
remains bullish on the long-term
You use this word too often, consider replacing it with
growth
prospects of the industry.

CONCLUSION

FinTech has
been known
for their coming of age technology owning towards offering the most convenient and flexible options for consumers. It is not surprising that going forward,
You use this word too often, consider replacing it with
financial
You use this word too often, consider replacing it with
services
will offer a customized and local offering to their customers using data analytics. The more and more advances in technology
You use this word too often, consider replacing it with
financial
You use this word too often, consider replacing it with
services
adapt to upgrade their strategies, more
You use this word too often, consider replacing it with
growth
in this sector is foreseen. This is
This phrase/word is too simple and can be replaced with:
just
the beginning of a huge FinTech
You use this word too often, consider replacing it with
market
in the upcoming decade!
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IELTS essay FINTECH as AN EMERGING TREND

Essay
  American English
7 paragraphs
474 words
6.0
Overall Band Score
Coherence and Cohesion: 5.5
  • Structure your answers in logical paragraphs
  • ?
    One main idea per paragraph
  • Include an introduction and conclusion
  • Support main points with an explanation and then an example
  • Use cohesive linking words accurately and appropriately
  • Vary your linking phrases using synonyms
Lexical Resource: 5.5
  • Try to vary your vocabulary using accurate synonyms
  • Use less common question specific words that accurately convey meaning
  • Check your work for spelling and word formation mistakes
Grammatical Range: 6.5
  • Use a variety of complex and simple sentences
  • Check your writing for errors
Task Achievement: 5.5
  • Answer all parts of the question
  • ?
    Present relevant ideas
  • Fully explain these ideas
  • Support ideas with relevant, specific examples
Labels Descriptions
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    Currently is not available
  • Meet the criteria
  • Doesn't meet the criteria
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