The Impact of FINTECH on Financial Services: Opportunities and Challenges
DOI:
https://doi.org/10.53983/ijmds.v13n6.002Keywords:
disruption, financial services, fin tech, start ups, bankingAbstract
Disruption of financial services is the major issue being considered by top management in most financial institutions worldwide. There is a transformation in the scenario, and the existing business processes are being disrupted at such a rate that it is often difficult to predict the developments in the industry. Top-level executives in almost every finance sector are amazing how much their business will be disrupted. Some believe innovations in financial services are complete 'game-changers' while others predict that new digital competitors will skim off some of their top customers or elevate a share of their most profitable product lines. All are trying to decide whether they should ignore, overlook, acquire, partner or contend with their new technology driven competitors. One of the most exposed disruptive challenges is the one posed to financial services by latest technology - often referred to as 'fin tech'. The buzz towards fin tech has gained major consideration of established financial institutions, startups, equity capitalists and regulators. The years from 2015 were an influential years for the Indian fin tech sector, which have seen the materialization of abundant fin tech startups, various incubators and funds from private and public investors. It was evidently mirrored that a right proportion of technological skills, cap investments, government policies, regulatory structures and industrial and inventive mind-set could be the motivating force to set up fin tech as a prime enabler for financial/fiscal services in a country like India.
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