In this regard, crowd-funding, peer-to-peer lending, invoice financing (Trade Receivables Discounting System (TReDs)) and digital lending have made their presence felt. They have helped in improving the efficiency of intermediation by bringing down the costs, sachetisation of products and services and in expanding the reach of financial services to a greater number of people. 20.
More recently, Artificial Intelligence (AI), Machine Learning (ML) and Big Data are becoming central to financial services innovation. Analysis of vast amount of data, both structured and unstructured, has been made possible using these techniques. Increasing levels of expectations of compliance to regulations and a greater focus on data and reporting has brought RegTech and SupTech into limelight.