Significant insights and thoughts on Fintech and future of banking in Indian context – A theoretical assimilation

Commerce

FinTech, or new financial technologies, has exploded globally. As a result, over the past five years, academic writing on fintech has significantly increased. Research often lacks a clear research aim and is just loosely connected. There are still significant research gaps and crucial questions. Before this field is considered an established academic discipline, more work needs to be done. This paper presents logical research themes that were developed through focus groups with academics and policymakers and are also based on an evaluation of the literature. Every person is exposed to a fair amount of the various forms of technology and its new trends. The mysterious new term FinTech is one of the driving forces in the Indian financial sector. FinTech initiatives have questioned the very validity of the conventional financial institutional framework, pointing to significant changes in the way financial offerings are administered. Additionally, a number of issues involving coercion have come to light, and questions have started to surface regarding the impact of FinTech on the Indian Financial System. The earlier pieces of evidence imply that the effect of FinTech on the Indian financial sector was not taken into account by research. This study offers information on FinTech in India and its impact on the country's financial sector. Additionally, the goal is to gain a more comprehensive understanding of how the financial industry is changing as a result of FinTech advancements. Three different sub-sets of empirical data were gathered using the qualitative method. This subset consists of FinTech venture professionals, financial institution professionals, and financial end users. The analysis showed that a variety of reasons are to blame for changing the Indian Financial System's landscape.

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