Jan 12, 2024
7 min read
Last updated Jan 12, 2024
In the diverse and dynamic landscape of India, where tradition intertwines seamlessly with technology, a new force has taken the spotlight – the explosive rise of Financial Technology, or FinTech. This potent blend of finance and technology is reshaping the way individuals manage their finances, ushering in a financial revolution. In this blog post, we'll delve into the fascinating journey of FinTech in India, examining its current state, the factors propelling its growth, and the surging need for software products. As we navigate through statistics, trends, and innovations, we'll explore why Linearloop shines as a pivotal player in shaping the trajectory of FinTech software. Additionally, we'll unravel significant developments in Gandhinagar, where government initiatives are positioning it as a leading center for FinTech, and the iconic Filmfare Awards are set to showcase its cultural appeal.
India's FinTech Landscape: A Snapshot
In 2021, the FinTech market in India rapidly expanded to a size of $50 billion and is forecasted to reach an impressive $150 billion by 2025. This remarkable growth is driven by key FinTech segments such as Payments, Digital Lending, InsurTech, and WealthTech, each playing a unique role in transforming the country's financial landscape.
The Payments segment is a dynamic force propelling the transition towards a cashless economy. By 2030, the transaction volume in the Payments landscape will soar to a staggering $100 trillion, with revenue hitting $50 billion. This swift evolution is primarily attributed to the widespread adoption of digital payment platforms, with the Unified Payments Interface (UPI) taking the lead. In the fiscal year 2022-23 alone, digital transactions exceeded 13 crore, underscoring the growing reliance on digital payment methods.
Valued at $270 billion in 2022, digital lending is set to rise to $350 billion by 2023. This surge highlights the transformative power of FinTech in democratizing access to credit. Through alternative credit scoring models and streamlined digital loan processing, FinTech companies are addressing the credit gap in India, extending financial solutions to a broader demographic.
India stands as the second-largest InsurTech market in the Asia-Pacific region, poised to grow approximately 15 times and reach $88.4 billion by 2030. This growth signifies a paradigm shift in how insurance is perceived and accessed. Innovations such as AI-powered risk assessment and the introduction of micro-insurance products are not only expanding the market but also making insurance more inclusive and personalized.
The WealthTech segment is riding the wave of a growing base of retail investors, predicted to reach $237 billion by 2030. WealthTech facilitates easier and more accessible investment opportunities. The rise of robo-advisors, micro-investing platforms, and personalized wealth management tools is reshaping traditional investment models, bringing financial empowerment to the fingertips of the common investor.
In the world of FinTech, numbers narrate a compelling story. The Indian FinTech landscape boasts 17 unicorns, referring to companies valued at over $1 billion. These unicorns have collectively raised an astonishing $34 billion in funding from 2014 to 2022, illustrating investor confidence and global recognition of India's FinTech prowess.
India's FinTech sector has secured a remarkable 14% share of global funding, making it a force to be reckoned with on the global stage. The country ranks second in deal volume, and the FinTech Market Opportunity is anticipated to reach an awe-inspiring $2.1 trillion by 2030. In 2022 alone, Indian FinTech startups raised an impressive $5.65 billion, making it the second most funded startup sector in the country.
The journey of UPI (Unified Payments Interface) is nothing short of spectacular. From a modest 1 million transactions in 2016, UPI has crossed the landmark of 10 billion transactions, marking a seismic shift in how people transact digitally. August 2023 witnessed the highest-ever volume of UPI transactions at 10.58 billion, and the daily transaction count is projected to touch 1 billion by 2025.
Behind the scenes of India's FinTech success story lies a robust regulatory framework that has paved the way for innovation. India Stack, a set of APIs (Application Programming Interfaces), has emerged as a crucial digital infrastructure, fostering collaboration between governments, businesses, startups, and developers. It aims to promote public and private digital initiatives, creating a cohesive ecosystem.
The JAM Trinity, consisting of Jan Dhan Yojana, Aadhaar, and Mobile connectivity, has played a pivotal role in financial inclusion. Jan Dhan Yojana, touted as the world's largest financial inclusion initiative, has enrolled over 508.9 million beneficiaries, providing them access to banking services. Aadhaar, the world's largest biometric identification system, has generated over 1.3 billion Aadhaars, enhancing the identification and authentication process.
The journey towards financial inclusion in India has been significant. From 53% in 2014, the adult population with bank accounts has surged to 78% in 2021. This progress aligns with the goals of initiatives like Jan Dhan Yojana, aiming to bring more people into the formal banking sector. Furthermore, the Reserve Bank of India (RBI) has actively promoted financial literacy through the National Centre for Financial Education and Centres for Financial Literacy (CFLs), expanding their reach across the country.
The Reserve Bank of India (RBI) has set ambitious goals through its Payments Vision 2025. These goals include a threefold increase in the number of digital payment transactions, a 50% Compound Annual Growth Rate (CAGR) in the registered customer base for mobile-based transactions, a 150% increase in PPI (Prepaid Payment Instruments) transactions, and the expansion of card acceptance infrastructure to 25 million by 2025. These targets underline the central role that digital payments are expected to play in the future of India's financial landscape.
An advanced framework known as the Account Aggregator (AA) Framework is facilitating consent-based sharing of financial information between Financial Information Providers (FIPs) and Financial Information Users (FIUs). With 23 banks onboarded to the AA framework, more than 1.1 billion bank accounts are eligible to share data through AA. This not only enhances data accessibility but also opens up avenues for digital invoice financing, providing much-needed credit to the Micro, Small, and Medium Enterprises (MSME) sector.
The Indian government is actively promoting Gandhinagar as a premier destination for FinTech, aiming to foster innovation and growth in the sector. Several initiatives are underway, including:
The setting up of a dedicated Fintech Park within Gift City, offering specialized infrastructure and support for FinTech startups and companies.
Regulatory ease and streamlined processes for FinTech businesses operating in Gift City.
Government-backed programs and funds to encourage investment and development in the FinTech space.
Now, let's explore how these initiatives align with the overall FinTech landscape discussed earlier.
Gandhinagar's emergence as a FinTech hub further solidifies India's position in the global FinTech arena. With the dedicated Fintech Park in Gift City, the city is poised to become a hotbed for financial innovation. Startups and companies operating within this ecosystem will benefit from specialized infrastructure and regulatory support, fostering an environment conducive to groundbreaking advancements in financial technology.
The prestigious Filmfare Awards, one of the oldest and most celebrated honors in the Hindi film industry, will be held in Gandhinagar for the first time ever on January 28, 2024. This historic event will take place at Gift City, showcasing the city's potential as a glamorous and sophisticated venue for major events. The awards ceremony is expected to draw in Bollywood's biggest stars and generate significant publicity for Gandhinagar and Gift City.
Let's delve into how the Filmfare Awards can complement Gandhinagar's FinTech focus and contribute to its overall growth.
The hosting of the Filmfare Awards in Gandhinagar marks a significant cultural and entertainment milestone for the city. Beyond its economic impact, the event underscores Gandhinagar's growing stature as a versatile destination capable of hosting major cultural events. The glamorous venue at Gift City not only aligns with the city's FinTech ambitions but also positions Gandhinagar as a multifaceted hub with both financial and cultural appeal.
Gandhinagar is in the spotlight this month, attracting attention from both the financial and entertainment worlds. Government initiatives are positioning it as a leading center for FinTech, while the Filmfare Awards will highlight its growing stature and cultural appeal.
Now, let's connect the dots and explore the potential implications and opportunities arising from this dual focus on FinTech and cultural events.
The potential impact of these developments on Gandhinagar's economy and infrastructure.
The confluence of FinTech growth and cultural events like the Filmfare Awards holds immense potential for Gandhinagar's economic and infrastructural development. The influx of FinTech businesses and the cultural spotlight can lead to increased job opportunities, enhanced infrastructure, and a boost in tourism, contributing to the overall economic prosperity of the city.
Opportunities for local businesses and individuals to benefit from the FinTech boom and Filmfare event.
Local businesses and individuals in Gandhinagar stand to gain significantly from these developments. FinTech startups can leverage the supportive ecosystem in the Fintech Park, while local businesses in the hospitality and service sectors can capitalize on the increased footfall generated by cultural events like the Filmfare Awards. This presents a unique chance for collaboration and growth for the local community.
The wider implications for India's FinTech industry and cultural landscape.
Gandhinagar's dual focus on FinTech and cultural events serves as a blueprint for other cities in India. The success of this model can potentially influence the strategies of other regions aiming to position themselves as FinTech hubs while embracing their cultural identities. The symbiotic relationship between technology and culture is a testament to India's dynamic and evolving landscape, showcasing the nation's ability to blend tradition with innovation on a grand scale.
As the FinTech landscape evolves, the role of software development companies becomes crucial. Among them, Linearloop emerges as a key player, specializing in providing software development services tailored for the FinTech industry. Linearloop stands at the forefront of crafting software products that are not just cutting-edge but also secure and scalable. Whether it's developing mobile applications, creating secure payment gateways, implementing data analytics and machine learning, or designing intuitive user experiences, Linearloop is a reliable partner in navigating the complexities of FinTech development.
In conclusion, the growth and future of FinTech in India are nothing short of spectacular. As the industry continues to thrive, the demand for FinTech software solutions is reaching new heights. Linearloop, with its commitment to excellence and innovation, stands as a beacon in the FinTech landscape, ready to shape the future of financial technology through its robust and tailored software products. The dual focus on FinTech and cultural events in Gandhinagar adds an intriguing dimension, showcasing how a city can thrive at the intersection of finance, technology, and culture, contributing to India's ever-evolving narrative of growth and progress.
How to achieve a 100 Lighthouse Performance Score?
Achieving a perfect 100 Lighthouse Performance Score for websites is a prestigious accomplishment. This comprehensive guide delves into general optimization practices and specifically addresses strategies for improving Core Web Vitals. As we navigate through this journey, we'll also compare Google Lighthouse and PageSpeed Insights, providing clarity on these essential tools for enhancing Google rankings.
Before we delve into the optimization techniques, it's crucial to understand the components of the Lighthouse Performance Score. Lighthouse, being a Google tool, evaluates various aspects, including speed, accessibility, progressive web apps, SEO, and more. Core Web Vitals, a subset of Lighthouse metrics, focus specifically on user experience through loading performance, including Largest Contentful Paint (LCP), First Input Delay (FID), and Cumulative Layout Shift (CLS).
Now, if you're aiming for a Google Lighthouse score above 95, you need a strategic approach that addresses not only the general performance aspects but also the Core Web Vitals. Let's explore how you can optimize your website using Next.js features, incorporating the specific points you provided.
As we strive for a Google Lighthouse score above 95, let's focus on the Core Web Vitals, specifically targeting the Largest Contentful Paint (LCP) aspect. Large images and unoptimized assets can significantly impact LCP. Employ tools like ImageOptim or TinyPNG for image compression and responsive image techniques to ensure optimal loading.
Browser caching plays a crucial role in reducing load times for returning visitors, positively affecting both FID and LCP. Configure cache headers effectively to store static files locally, diminishing the need for repeated downloads and improving your Google Lighthouse score.
Also read: Why Next.js is a best match for startups?
Here's where we integrate the provided points for TBT reduction:
Avoid Unnecessary Script Imports to Boost Your Lighthouse Score:
Importing unnecessary scripts into the layout.tsx and any of the main file of the page can contribute to TBT. Adhere to best practices by importing third-party packages or scripts into specific components where needed. This practice aids in dividing the loading and parsing of main scripts, preventing unnecessary work on the main thread, ultimately improving your Google Lighthouse score.
Dynamic Import for Large Components to Enhance Your Google Lighthouse Score:
Optimize Constant Value Files for a Better Google Lighthouse Score:
Files used for constant values should refrain from importing local or package components. This precaution prevents the importation of large scripts when including constant values in specific components, positively impacting TBT and contributing to a better Google Lighthouse score.
Lazy loading is an effective strategy for optimizing LCP, especially when dealing with extensive image or multimedia content. By deferring the loading of non-essential assets, you enhance the initial page load. This aligns with Core Web Vitals recommendations, contributing to an improved Google Lighthouse score.
To achieve a Google Lighthouse score above 95, every aspect of performance matters. Minifying the files is integral to reducing file sizes and improving load times. Employ tools like UglifyJS and CSSNano to ensure efficient minification, maintaining a focus on Core Web Vitals and general performance.
Also read: The Role of Technology in Solving Real-World Problems
Before we proceed further, let's take a moment to compare two essential tools in the web performance toolkit: Google Lighthouse and PageSpeed Insights.
While both tools share some metrics, their scopes and use cases differ. Lighthouse is more comprehensive, providing a detailed analysis across various dimensions, making it a go-to choice for developers and site owners looking for a comprehensive performance audit. PageSpeed Insights, on the other hand, offers a quick snapshot and real-world data, making it useful for a rapid assessment of performance.
While optimizing server response time positively impacts overall performance, it is equally crucial for Core Web Vitals. By minimizing response times, you contribute to a swift user experience, particularly during the initial page load, ultimately improving your Google Lighthouse score.
As mobile devices continue to dominate user interactions, mobile responsiveness is non-negotiable. Ensure your website adapts seamlessly to various devices and screen sizes, aligning with Google's mobile-first indexing and positively impacting your Core Web Vitals and Google Lighthouse score.
Render-blocking resources can significantly impact visual stability (CLS). Addressing these issues enhances both Core Web Vitals and the overall Google Lighthouse Performance Score. Incorporate the provided points about script and CSS optimization to streamline the loading of styles and scripts, contributing to a higher Google Lighthouse score.
Optimizing your website for a perfect 100 Google Lighthouse Performance Score requires a holistic approach that considers both general performance aspects and specific Core Web Vitals. By incorporating the provided points for Total Blocking Time reduction and efficient script and CSS handling, you not only enhance the Lighthouse score but also contribute to an exceptional user experience.
Remember, achieving and maintaining a high Google Lighthouse Performance Score is an ongoing commitment to excellence. As technology evolves and user expectations rise, continue refining and optimizing your website to deliver a fast, responsive, and user-friendly experience. Your efforts will not only be reflected in search engine rankings but, more importantly, in the satisfaction of your audience. So, embark on this journey of optimization, and let your website shine with a perfect 100 Google Lighthouse Performance Score!
And for perfect websites Linearloop is your go-to IT product development company. We're the tech experts who can make your product look cool, ensure everything runs like clockwork, and help your team every step of the way. When it comes to all things tech, we've got you covered!
Jan 5, 20246 min read
The Story of Technology Overview: Trends In 2021
2021 is about to end, and we all have mixed experiences this year. Although we got some relaxation in this pandemic, but the scenario is yet not normal. Despite overall, the experience was relatively better than in 2020. We certainly hope for the best in the coming year.
Well, we thought to share top technology trends 2021 so that you could know about its advancement. As we all know, technology played a crucial role in this Covid situation and let us connect virtually.
Hence knowing the top trending technologies in 2021 will definitely help all of us in the future.
Also, we cannot imagine a world without technology. The latest technological evolution has brought the whole world under one roof and increased the pace of communication. We always adopt trending technologies to provide enhanced and superior quality to our clients.
So, we keep ourselves updated with its updates. Further, this approach has entitled us as best software development company in India & USA.
We always encourage IT specialists, to learn new concepts, technologies, and methodologies to deliver better than best. And in this series, Linearloop is your constant service partner. So, we want you to focus on the leading technology trends in 2021.
When it comes to the latest technology in software development 2021, the story begins with AI (Artificial Intelligence) and ML (Machine Learning). These concepts have given a perspective to the entire world. Image, speech recognition & data forecasting are notable features of AI and ML.
Example: Now, we can search anything on Google simply by speaking. Further, AI has eased the accessibilities of mobile phones. Whatever application you are using, all the searches can be done through speech.
Apart from that, AI helps in predictions regarding the demands of the services that enable businesses to make better decisions. Further, it plays a significant role in identifying the change in customer behavior by analyzing real-time data.
As a whole, businesses increase their profitability, customer engagement rate, overall growth by following AI and ML. If you are the one who is looking to make your career in this field, below mentioned are positions for which you can apply:
The subsequent top technology trend in 2021 is Quantum Computing. The concept of this technology revolves around the phenomena of quantum, such as quantum entanglement and superposition.
Quantum Computing is aggressively used in various domains such as:
The technology deserves our thanks because it has contributed a lot to stopping the spread of the Corona Virus. Further, it played a considerable role in the preparation of life-saving vaccines against this virus.
Words are literally not enough for their immense performance in the pandemic situation. The features that make this technology trending are monitoring, analysis, and acting on data even without knowing the source.
Quantum Computing is used in the banking and finance domain, for the protection of transactions. Also, it reduces credit risks and eases the detection of fraudulent activities.
For optimization, quantum computers are excellent and with the approach of quantum computing, international and national shipping became more comfortable, quick, and reliable.
The phenomena manage extreme complexities and variables involved in routing. As a result, we get efficient packing of parcels and their delivery across the globe.
You will be actually surprised to know that Quantum Computers are way faster than our regular computers, and the foremost brands like AWS, Google, Microsoft, Splunk are orienting towards it.
If you are interested in this technology, you must have a strong command of Linear Algebra, Quantum Mechanics, Information Theory, Profitability, and Machine Learning.
Robotics always grabs attention whenever we discuss top trending technologies in 2021. The technology was available way before, and because of the extraordinary approach, it still comes under the latest technologies.
Also, RPA (Robotic Process Automation) is adopted aggressively by companies for dealing with data, processing transactions, and applications interpretation. As the technology follows automation, it helps in email replies automatically and further supports all recurring activities.
By mastering this technology, you enable yourself to get high-paying jobs because RPA is creating new jobs rapidly. The available positions for RPA technology are:
Edge computing is another trending concept of 2021. You must have heard about cloud computing whose major players are Amazon Web Services (AWS), Google Cloud, and Microsoft Azure. Now the cloud computing is not an emerging technology, but Edge is.
Further, leading IT companies are also following the trend aggressively to build applications. Edge Computing eliminates the shortcomings of cloud computing.
We know data is increasing day by day, and technocrats were not comfortable with cloud solutions under some specific conditions. Afterward, Edge Computing is found that solve all the problems bypassed in Cloud Computing.
With the increase of IoT (Internet of Things), Edge Computing increases. Experts expect, by the year 2022, the market for Edge Computing will reach $6.72 billion approximately. Based on the above data, jobs are in line for this tending technology of 2021.
In our previous article, we have already shared information about blockchain technology. As we are discussing new technology 2021 in India, how can we forget it? You must have heard of cryptocurrencies such as Bitcoin.
Blockchain technology is behind such concepts. Nowadays, NFT has become a point of discussion that has given a new picture to the digital assets such as Art, Graphics, audio, etc. If you are willing to know more about NFT, follow our NFT blogs.
Increasing passion for blockchain technology has increased job opportunities as well. It is the reason blockchain comes under the list of trending technologies in 2021. It supports secure transactions because the data is available in a chain format, and there is no provision to update the previous block.
Besides, the technology follows a consensus-driven approach that further supports that no single entity can take the overall control. One of the most influential things about blockchain developers is their salary. If you are keen to make your career in this technology, you will be happy to know their average yearly salary is INR 496K.
To become a successful blockchain developer, emphasize the skills of OOPS (object-oriented programming) Flat & Relational Databases, Networking, Web Development, Database structure, and Programming.
Cyber security is one of the new technologies of 2021, and knowing about it will help you in your professional career. The technology protects the system, servers, mobile devices, gadgets, etc. from malicious attacks.
We all are totally aware of internet frauds, and cyber security plays an important role here. Let’s know the hot technology of cyber security, that has minimized the risks of hacking.
Behavioral analytics enables the system to identify real-time threats. It keeps monitoring the activities happening over the network, and whenever any suspicious thing comes, it immediately creates an alert.
For example: Suppose data is transmitting at an average pace but suddenly its speed increases, and it can be a cybercrime. In such cases, behavioral analytics helps.
Various methods of behavioral analytics are:
This is the most demanding technology trend that has created chaos in the world. The concept is entirely different, and it has brought a revolution to the internet world. Now we are moving towards web 3.0.
Metaverse is a virtual space that is the same as our natural world. Here the users will be given identity, and the term will be “Avatar”. You can work in Metaverse as you do in real life. You will have complete control of your Avatar.
You can join concerts, conduct meetings, visit art-gallery, etc. kinds of activities in the metaverse. Moreover, people are purchasing and selling lands in Metaverse, and all the truncations are in real currencies. We are really heading towards a new world.
Always keep one thing in mind, nothing can be perfect, and this is the reason, technologies keep evolving and from time to time. As a result, we get new updates.
It is called learning, and this is the actual technology means. Linearloop is an experienced and reliable software development company in India and USA.
And hence we always follow the latest technology in software development. If you are eager to know more about technology trends in 2021 or 2022, let us know. We are always happy to help. Stay safe and take care of yourself.
Sep 15, 20236 min read