| |May 20194CIOReviewOffice Editorial queries editor@cioreviewindia.comAdvertising queriessales@cioreviewindia.comBangaloreTel 080 46441103NoidaTel 120 4639300 To subscribeVisit www.cioreviewindia.com/magazine-in or send email to: subscription@cioreviewindia.comCover price is Rs 150 per issueAshok KumarVirupakshi PattarSales & MarketingAmrit SinghAmeet Kumar SahooRohit RaghubanshiRavi KalgiCIOReviewGroup Art DirectorVP - Sales & MarketingMagendran PerumalCirculation ManagerEditorial TeamChitra MishraShiwani PrakashSuchita GonsalvesAnitha TLakshmi GCIOReview No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugheshpalya, Bangalore-560017CIOReviewVOL 7 · ISSUE 6 - 1 · MAY, 2019Manjunath R Mohana KrishnanVisualizersPrinted and published by Alok Chaturvedi on Behalf of Bizprint Media Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published at No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2019 Bizprint Media Technologies Pvt Ltd, All rights reserved. Re-production in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. PublisherEditorAsst. Managing EditorAlok ChaturvediSudhakar SinghEmmanuel Christi DasEditorialEditorialWhen financial giant Lehman Brothers abruptly filed for bankruptcy on 15th September 2008, the financial world was shaken. What happened next would completely change the face of the banking industry, ultimately leading to the creation of a new breed of financial institutions - fintechs. The global financial crises had far-reaching consequences on the overall economy. One of the consequences was the amalgamation of two separate industries or sectors that have come to be known as `Fintech'. In the aftermath of the financial crisis, many highly skilled people working in the financial sector decided to part ways with traditional banking and take on an entrepreneurial route to reimagining and rebuilding the industry as a whole. This gave rise to a slew of innovators who started building their own companies that would soon become big enough to take on the very institutions they had been brought up with. Another factor that helped promote the emergence of fintechs was the banks' inability to focus on developing better technologies. Instead, they shifted their attention towards reviewing their financial models and banking operations to prevent future meltdowns from happening - the natural reaction to an ongoing global crisis.Fintechs, on the other hand, came to market with a technology-first approach which meant that these companies were hard at work developing new ways of managing our money, in the years following the collapse of Lehman Brothers in 2008. They started building financial services based on the evolution of technology and the internet, which allowed them to provide faster and more competitive services - disruption of the financial industry was well underway.Currently, India is amongst the first five largest startup communities in the world. The ways India is building pace to transform the financial field is something of a phenomenon. Recently, YES Bank took their in-house team of data scientists and invited geniuses from organizations and institutes around the world to collaborate and bring forth some groundbreaking Fintech solutions. However, this was not even the most exciting part. The catch was that the participants were to identify the problems or bottlenecks in the financial system before going ahead with developing a solution. The results were staggering. Likewise, the small teams featured in this edition of CIOReview have identified and eradicated some of the most trivial but crucial pain pints of the industry. Leading the pact, the cover feature Taxgenie has secure the center stage by addressing the epicenter of India financial game. Read ahead to find out.And do let us know what you think. Emmanuel Christi DasAsst. Managing Editoremmanuel@cioreviewindia.comFrom Crisis, Came the Boon!
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