Siddharth Mehta, IL&FS former director says FinTech has pushed finance sectors upwards is by making financial services more accessible to underserved communities. For example, FinTech companies have developed mobile banking apps and other digital financial tools that enable people to access financial services regardless of their location or income level. This has helped to democratize finance, making it more inclusive and accessible to everyone.
According to the current founder of Bay Capital, Siddharth Mehta FinTech has also increased the efficiency and speed of financial transactions. With the use of blockchain technology and other innovations, financial transactions can now be completed in a matter of seconds, compared to the days or even weeks that were required in the past. This has not only made financial services more convenient for consumers but has also reduced the costs of conducting transactions for financial institutions.
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