S. Shalini, Swarnalatha V. |
Department of Commerce & Management, Christ Academy Institute of Law, Bengaluru, Karnataka, India.
Abstract
The financial landscape has experienced a significant transformation in recent years due to the financial technology’s emergence and rapid growth, commonly known as FinTech. FinTech innovations encompass a wide range of technologies and applications that aim to enhance and revolutionise traditional financial services. Traditionally, financial services were primarily provided by banks, insurance companies, and other established financial institutions. However, with advancements in technology, the FinTech industry has emerged as a disruptive force, challenging traditional financial systems and introducing new solutions. The rise of FinTech can be attributed to several factors, including advancements in technology, changing consumer preferences, and the need for increased efficiency and convenience in financial transactions. FinTech has a significant impact on the financial industry in recent years. It has disrupted traditional banking and financial services by leveraging technology to offer innovative products and services. The impact of FinTech innovations has been profound, transforming the financial landscape in numerous ways. FinTech has improved accessibility and inclusivity, allowing individuals and businesses to access financial services and products more easily, even in underserved or unbanked areas. It has also enhanced operational efficiency, reducing costs and streamlining processes for financial institutions. This research paper examines key FinTech innovations and their profound impact on the financial industry. It explores the benefits, challenges, and implications of these innovations, providing insights into the changing landscape of finance.
Keywords: FinTech, Digital Transformation, Financial Inclusion, Alternative Lending, Collaboration, Financial Literacy, Disruption, Mobile Payment, AI
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