Open Access Research Article

India Is At The Vanguard Of The Fintech Revolution; Preparing The Ground For Future Economic Advancement (BY-Arun Arangil)

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Author Name: Arun ArangilTitle: India Is At The Vanguard Of The Fintech Revolution Preparing The Ground For Future Economic Advancement
Journal IJLRA
ISSN 2582-6433
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Abstract

FinTech's opportunity is to grow the market, shape client behavior, and influence long-term changes in the financial system. Indian Fintech firms have the potential to address a number of the fundamental structural issues plaguing Indian financial services - expanding outreach, improving client experience, reducing operational friction, and promoting digital channel adoption and usage. As conventional banks and financial service providers play catch-up with these more agile and inventive start-ups, their legacy-prone processes and higher operating costs will give digital FinTech start-ups an advantage.
In three ways, Indian FinTech firms can transform the financial services landscape:
§  FinTech businesses are anticipated to lower financial service costs and increase service quality. Without the burden of outdated operations, information technology systems, and costly physical networks, the advantages of leaner operating models may be passed on to customers.
§  The FinTech industry will create novel and inventive risk assessment models. By leveraging big data, machine learning, and alternative data to underwrite credit and produce credit ratings for customers with limited credit histories, India's financial services penetration will increase.[1]
§  FinTech will reshape the financial services sector, making it more varied, secure, and stable. FinTech firms are less homogeneous than traditional banks and provide excellent learning opportunities to enhance capabilities and culture.
Similarly, incumbents can learn a great deal from rising FinTech start-ups. Fintech companies can also benefit from and embrace best practices in risk management and internal controls, operational excellence, compliance culture, and employee engagement, which have proven successful for most of India's banks and financial services providers.

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Author Details

Author Name: Arun Arangil
Title: India Is At The Vanguard Of The Fintech Revolution; Preparing The Ground For Future Economic Advancement
DOI Link:   https://www.doi-ds.org/doilink/04.2022-84159652/Arun Arangil
Email Id: edonibalakrishnannair2020@gmail.com

Article Information

India Is At The Vanguard Of The Fintech Revolution; Preparing The Ground For Future Economic Advancement (BY-Arun Arangil)

Authors: Author Name: Arun ArangilTitle: India Is At The Vanguard Of The Fintech Revolution, Preparing The Ground For Future Economic Advancement

  • Journal IJLRA
  • ISSN 2582-6433
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International Journal for Legal Research and Analysis

  • AbbreviationIJLRA
  • ISSN2582-6433
  • AccessOpen Access
  • LicenseCC 4.0

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