| | MARCH 20208EXPERTS TALKBy Rajendra Awasthi, Co-Founder, EPIKInDiFiAn NIT Raipur alumnus, Rajendra boasts of a 34-year long career, during which he has worked with United India Insurance, IDBI Bank, Temenos, Infosys, and EdgeVerve, prior to founding EPIKInDiFi in 2018.In the age of rapid technology changes, Financial Industry has probably been at the forefront of many new technological innovations such as mobile banking and digital currencies. The crumbling of entry barriers has seen a new set of entities in the form of FinTechs appearing in financial sector offering new products using new technologies. FinTech is, according to Investopedia, `financial technology which describes new technology that helps improve and automate the use of financial services. It is used to help companies, business owners as well as consumers manage their finances'. While FinTechs have become THOUGHT LEADERSHIPTechFin Companies are Advancing Backend Technologies for the Digital Lending Companieswell known in the industry, another set of new entities gaining significant momentum is known as TechFin. TechFin is considered one of the newest and biggest challenge of the financial world. Large technological companies who already have their own platforms are using this newer financial phenomenon as a financial service. A company making use of this new technology includes WeChat, an online messaging service, which is providing an electronic wallet called WeChat Pay to their consumers. Another company making use of TechFin is Google which provides consumers an electric wallet known as GooglePay. When it comes to FinTech, technology is used in financial business to give customers the best customer experience as per their needs. Whereas, TechFin is helping technological businesses enter the financial industry while still providing best customer experience. Some advantages of TechFin are: 1) Huge technological companies are already well-versed in technology and have the resources to enter this market. They are more skilled and can provide better solutions to larger consumer bases. 2) Companies which are planning on utilizing or already utilized TechFin, have access to a large amount of informa-tion and data. They understand user behavior and can engage
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