Impact of Fintech Companies in the Indian Banking Sector- A Study

Abstract

As the world as a whole, is progressing towards development, every single part of it, be it a continent or a country is developing its own standards. As a country develops, the sectors in it also develop and become better than what they were earlier. One such evolution that has popped out in the recent past and is in a stage of a boom in the current day situation is the concept of “Fintech”, in other words, the “Neo Banks” in the Indian Banking Sector. Fintech companies are those firms using new technology to compete with traditional financial methods in the delivery of financial services. In today’s world, Fintech is used for various purposes such as digital payments, investing, wealth management, and many other activities. Such development helps the citizens to make their own financial decisions and expand their financial knowledge. This research paper, prepared by myself (S Vigneshwar), deals with the advent of Fintech Companies, its impact on the Banking System (with special reference to India), and the future of such companies in the long term.