Fintech Innovation as a Catalyst for India's Financial Services Transformation (From 2016 to 2023)
Year: 2024
Type: article
Abstract: This study analyzed financial technology to assess its impact on India's economy through banking. The paper examined Indian banks. This enhanced online banking, global remittances, and financial accessibility. These attributes facilitate financing for SMEs. The NPCI facilitated digital transactions. UPI-associated services accomplished this. Enhancements streamline local digital transactions. The “unicorn” phenomenon has bolstered India's financial technology sector. Purpose : Digital technology is required to promote dematerialized accounts and UPI transactions. The Indian financial landscape has been transformed thanks to financial innovations. Enhanced banking services and small business financing have facilitated these accomplishments. Design : A quantitative analysis utilized secondary data from public and private financial organizations as well as government databases. Findings : The research prompted numerous contemplative reflections. FinTech enhanced the accessibility of financial services. The proliferation of digital transactions and bank accounts facilitates this. This indicated that FinTech could improve financial accessibility. Digital banks have transformed conventional banking institutions. FinTech optimized global remittances and financial services for small enterprises. Digital banks have transformed conventional banking, but FinTech has streamlined small company financing and cross-border money transactions. FinTech has the potential to enhance the user-friendliness of Indian institutions, particularly for the underprivileged. Practical Implications : This significant study demonstrated that FinTech has enhanced India's economy and supports entrepreneurs. Originality/Value : This analysis informed the FinTech growth plan.
Authors: Subhash D. Pawar, . .
Institution: Sandip University Sijoul Madhubani Bihar
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4409687828