A study on fintech revolution in india: A review

Abstract

Through innovation and technology, traditional financial services have undergone a significant transition. Today, technology seems to be a key component in the growth of digital economy. With the rising market and technical improvements, Indian banking sectors and financial service providers have purposefully adopted technology over the years to enhance client reach, service delivery, and operational work efficiency. However, the adoption rate of financial technology is still lagging below its potential. Therefore, there are gaps in the provision of financial services. Banks and financial institutions have learned that technology has the power to entitle current business conceptions rather than creating new business proposals themselves. However, the use of digital technologies to create new business opportunities and target underserved market niches is changing how financial technology companies are seen. FinTech is the term used to describe the proper application of financial technology to the delivery of new financial services and products to untapped market segments in a way that is both moral and effective. From a business model perspective, the financial technology sector is made up of technology companies that either work with well-established banks and financial institutions to offer essential customer and market data or strive to do away with intermediaries altogether. FinTech is attracting and increasing interest from investors, regulators, payment banks, NBFCs, traditional banks, payment service providers, broking and wealth management firms, insurance firms, and pure-play FinTech operators, to name a few of the sector's major players in India's financial services. The goal of this study is to discuss the various facets of fintech in India.