Abstract
This study aims to evaluate the effect of rapid changes in financial technologies and their impact on the financial services industry of India. A descriptive study has been made on the implementation of financial technologies in modern-day financial services Industries. An intensive literature review has been done from the existing most recent available journals, newspaper articles, government websites, and magazines. We have discussed the effects of the financial technologies on the existing financial system of India, the threats and challenges faced by the regulators in regulating the novel disruptive technologies. We have also discussed potential threats, challenges and future prospects of upcoming technologies in the mutual funds industry in India. Based on the literature review, it is found that financial technologies (FinTech) have a positive and important effect on the financial services industry of India. The AUM (Asset Under Management) has seen a tremendous jump in the recent past. It has also increased the customer experience with better access to the back office, even from remote places. In addition, the paper has also discussed the challenges faced by the regulators, who are yet to fully understand the implication of the fast-changing technological environment around us. Finally, this article contributes to the knowledge building and understanding of financial technologies and its impact on the financial industry, challenges, and future prospects.
Highlights
Financial Technologies (FinTech) is shaping the future of financial services industry
According to PWC report, new technologies like robotics, big data, virtual reality, artificial intelligence, block chain have the potential to impact the industries across the world, and asset management companies will witness a disruptive change in the way it currently operates
AI is being adapted by increasing number of companies worldwide, and when it comes to financial industry, the asset management companies have already started making use of AI and machine learning
Summary
Financial Technologies (FinTech) is shaping the future of financial services industry. According to PWC report, new technologies like robotics, big data, virtual reality, artificial intelligence, block chain have the potential to impact the industries across the world, and asset management companies will witness a disruptive change in the way it currently operates. This research paper seeks to provide a framework to identify various issues that recent technologies and digitalization presents for the financial markets in India. It covers new and emerging technologies like big data, artificial intelligence, cloud computing, distributed ledger technology and augmented or virtual reality. This study is based on the research work from published articles and government sources It shows the trend of Indian mutual funds industry, especially after adoption of digital technology. To study the implications of artificial intelligence for financial stability
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