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Role of Fintech in Transforming the Indian Financial Services Sector
Subject area: Management and Commerce · Area of research: Finance
Abstract
This study investigates how financial technology, or Fintech, is changing the financial services industry in India. Fintech innovations?from UPI-based payments, digital lending platforms, and robo-advisors to blockchain solutions?are transforming the way financial services are accessed, provided, and seen as India undergoes rapid digitization. These developments have increased financial inclusion to previously unbanked communities in addition to increasing efficiency and lowering transaction costs. The report examines the effects of fintech on a number of industries, including banking, credit, investments, insurance, and payments. It also assesses how fintech has influenced customer empowerment, transparency, and regulatory change. Key drivers, adoption hurdles, and behavioral shifts among Indian consumers are identified by the research using a combination of survey-based analysis and literature evaluation. The results offer insightful information for businesses, financial institutions, and governments. For entrepreneurs, financial institutions, and policymakers working to develop a more tech-driven, inclusive, and flexible financial environment in India, the findings offer insightful information.)
References
[1] Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The evolution of fintech: A new post-crisis paradigm. Georgetown Journal of International Law, 47(4), 1271–1319.
[2] Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265.
[3] EY (Ernst & Young). (2019). Global Fintech Adoption Index 2019. Retrieved from sssssshttps://www.ey.com
[4] World Bank. (2020). The Global Findex Database: Financial Inclusion and Fintech. Retrieved from https://globalfindex.worldbank.org/
[5] Reserve Bank of India (RBI). (2024). Guidelines on Digital Lending. Retrieved from https://www.rbi.org.in
[6] NPCI (National Payments Corporation of India). (2023). UPI Monthly Volume Reports. Retrieved from https://www.npci.org.in
[7] Indian Ministry of Finance. (2021). National Strategy for Financial Literacy: Enabling Financial Inclusion through Fintech. Government of India. Retrieved from https://financialservices.gov.in
[8] BIS (Bank for International Settlements). (2019). Fintech and Financial Services: A Digital Transformation. BIS Quarterly Review. Retrieved from https://www.bis.org
[9] McKinsey & Company. (2020). India’s Digital Transformation: The Role of Fintech in Financial Services. McKinsey Global Institute. Retrieved from https://www.mckinsey.com
How to cite this paper
@article{1709167,
author = {Kanishk Rastogi},
title = {Role of Fintech in Transforming the Indian Financial Services Sector},
journal = {Iconic Research And Engineering Journals},
year = {2025},
volume = {8},
number = {12},
pages = {501-508},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1709167.pdf},
abstract = {This study investigates how financial technology, or Fintech, is changing the financial services industry in India. Fintech innovations?from UPI-based payments, digital lending platforms, and robo-advisors to blockchain solutions?are transforming the way financial services are accessed, provided, and seen as India undergoes rapid digitization. These developments have increased financial inclusion to previously unbanked communities in addition to increasing efficiency and lowering transaction costs. The report examines the effects of fintech on a number of industries, including banking, credit, investments, insurance, and payments. It also assesses how fintech has influenced customer empowerment, transparency, and regulatory change. Key drivers, adoption hurdles, and behavioral shifts among Indian consumers are identified by the research using a combination of survey-based analysis and literature evaluation. The results offer insightful information for businesses, financial institutions, and governments. For entrepreneurs, financial institutions, and policymakers working to develop a more tech-driven, inclusive, and flexible financial environment in India, the findings offer insightful information.)},
month = {June},
}