Navigating the Neo Financial Frontier Rise of Fintech and its Risks and Opportunities in Indias Banking Evolution
Journal: International Journal of Trend in Scientific Research and Development (Vol.8, No. 3)Publication Date: 2024-08-31
Authors : Nitish Shekhar Siddhartha Ghosh;
Page : 1057-1062
Keywords : Fintech in India; Digital Banking Transformation; Financial Inclusion; Regulatory Frameworks; Cybersecurity and Data Privacy; Economic Development; Financial Technology Risks; Banking Innovation;
Abstract
The paper Navigating the Neo Financial Frontier Rise of Fintech and its Risks and Opportunities in Indias Banking Evolution explores the significant impact of Fintech on Indias banking sector. Driven by technological advancements, regulatory reforms, and changing consumer preferences, Fintech is revolutionizing financial services in India. Key innovations include mobile banking, digital lending, and blockchain technology, which enhance accessibility and operational efficiency.Government initiatives like Digital India and the Reserve Bank of Indias push for a cashless economy have further supported this growth. However, rapid Fintech expansion also brings risks such as cybersecurity threats, data privacy concerns, and financial fraud. Robust regulatory frameworks are essential to address these issues and ensure consumer protection and financial stability.The study employs the Technology Acceptance Model TAM to understand consumer adoption of Fintech and Porters Five Forces model to assess competitive dynamics in the sector. These analyses provide insights into strategic priorities and market attractiveness.Fintech has the potential to drive financial inclusion by offering affordable services to underserved populations, but challenges like algorithmic bias and the digital divide must be addressed. Policymakers, regulators, and industry stakeholders need to collaborate to foster an inclusive, resilient, and sustainable banking ecosystem in India, leveraging Fintechs transformative power. Nitish Shekhar | Siddhartha Ghosh "Navigating the Neo-Financial Frontier: Rise of Fintech and its Risks and Opportunities in India's Banking Evolution" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-3 , June 2024, URL: https://www.ijtsrd.com/papers/ijtsrd67065.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/67065/navigating-the-neofinancial-frontier-rise-of-fintech-and-its-risks-and-opportunities-in-indias-banking-evolution/nitish-shekhar
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Last modified: 2024-08-31 19:00:41