Fintech: The emerging era of finance

Whether it’s a Small Medium Enterprise (SME) or a large setup, finance has always been on the forefront. From accounting to bookkeeping and managing corporate accounts to taxation, finance does all.

The traditional finance system such as banking has only been the medium for the transaction for decades but with the advancement in technology, the fiat currency system has taken a back seat.

Now the world is getting digitalized and so is every industry or sector. Organization and setups are keeners to work on the decentralized system, which involves peer-to-peer transactions and circulating currency on the cloud network. There has been a paradigm shift in the world of finance thereby emanating a new field called Fintech. This technology has a lot to offer in various verticals.

Here is a list of latest financial innovations applicable in several verticals:

Blockchain-based distributed ledgers is an open source where every transaction is recorded in the form of a block. More than one individual could access this ledger and the records are made permanent. As blockchain is decentralized and is not regulated by any government body, it’s a preferred platform for the ledger. Many SME’s and corporate organization are slowly adopting this technology for making business transactions.

Ethereum and hyper ledger can be used as to deploy blockchain platforms. This technology could be accessed both publicly and privately. There are many enterprises that are currently investing in this technology that has the capability to change existing financial system.


Cryptocurrency has been trending lately and has found its application in various payment systems. Currencies such as Bitcoins, Ethereum, and Litecoin are competing with fiat currency and have high market value globally.

This currency system can fabricate certain business models, which shall not only give an edge to the operations but will eliminate an intermediate such as a bank. Crypto coins can be used to raise crowdfunding through the channel of Initial coin offering (ICO). Thus, cryptocurrency which now has gained much recognition among sectors such as e-commerce and gaming platforms shall soon be one the mainstream payment methods.


Microfinance is a way to support small business and proprietors who do not have enough finance back up to support their operations. To resolve this issue, certain institutions lend money to entrepreneur and organizations that could not afford a bank loan due to several reasons.

In India, the sector of Microfinance is growing rapidly through several channels such as NGO’s (Non-Government Organizations), government and commercial banks. Some of the prominent microfinance institutions in India are Bandhan, Sonata, SKS, and Asmitha. Microfinance can be used for other aspects as well such as insurance and money transfers.


Banking Finance Service and Insurance is a pre-requisite for any sector. Every institution has to adopt any change that may occur at a micro or macro level when we talk about the economy. A constant remodeling in the finance system is required for every SME to top-level organizations as per changing reforms globally.

Banking has become digitalized in every possible manner and benefits the clients by onboarding many customers. There is a responsibility when it comes to customer retention, product, and operations profitability, risk management, and improving financial performance. Thus, organizations and enterprises have no other way but to implement IT and digital solutions in the business model.

Thus, all these recent advances in the sector of finance can define and change business values. Both, financial and non-financial organizations can go through these innovative financial solutions to develop their business operations through digital channels.