ANALYZING OPPORTUNITIES AND OBSTACLES OF FINTECH IN INDIAN FINANCIAL MARKET

Abstract

Fintech has become an integral part of every modern developed economy across the globe. It is inevitable for inclusive and sustainable development. Now it seems to be unjustified to envisage development in the absence of Fintech while surviving in the electronic age. The term ‘Fintech’ refers to the introduction of technology in the banking and financial services sector. This innovation in the banking and financial services sector intends to make financial services universally and easily accessible and affordable. It is not limited to the banking and financial sector rather it has reached every segment of our day to day life, whether it is economic or noneconomic, commercial or social, and professional or personal life segment. It is the outcome of the twenty-first-century technological world wherein technology is the basis of every successful life. The advent of the internet can be considered the foundation of today’s Fintech. Fintech has become the basis of round-the-clock online delivery of customized banking and financial services to every customer. It has its own merits and demerits like other things. However, it is the demand of the time in order to remain strong, vibrant, updated and competitive in the economic world. Fintech has enormous potential to change the pattern of financial transactions in particular and habit of society in general. It has brought a revolution in the entire economic world and made society global from the financial perspective. It has led to the improvement and innovation in the delivery of banking and financial services. Its prominent features are inclusiveness, universality, common interest, and technology-oriented. Direct Benefit Transfer (DBT), Pradhan Mantri Jan Dhan Yojana (PMJDY), Digital India, Demonetization, Goods and Services Tax (GST), and the COVID-19 pandemic proved a catalyst in the promotion and extension of Fintech across the country. Though Fintech in India is in its nascent phase it has a long distance to cover ahead. On the one hand, it has ample opportunities to avail, on the other hand, it has numerous challenges to face while completing its overall journey of growth and achieving milestones in the Indian landscape.