The Impact of FinTech on Financial Services in India: Past, Present, and Future Trends

The Impact of FinTech on Financial Services in India: Past, Present, and Future Trends

Gagan Kukreja, Divij Bahl, Ruchika Gupta
Copyright: © 2021 |Pages: 10
DOI: 10.4018/978-1-7998-3257-7.ch012
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Fintech is a new buzz word in the fourth industrial revolution environment. No financial services across the globe are left unaffected by the new technologies. Artificial intelligence, machine learning, blockchain, and data analytics have immensely influenced many aspects of financial services such as deposits, transactions, billings, remittances, credits (B2B and P2P), underwriting, insurance, and so on. Fintech companies are enabling larger financial inclusion, improvement of lives of humans, better decision-making, and lots more. This chapter covers the development, opportunities, and challenges of financial sectors because of new technologies in India. This chapter throws the light on opportunities that emerged because of demographic dividend, high penetration, and access to the latest and affordable technology, affordable cost of smartphones, and government policies such as Digital India, Startup India, Make in India, and so on. Lastly, this chapter portrays the untapped potentials of Fintech in India.
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Managerial Implications

This chapter will be useful for entrepreneurs, strategic advisors, investors, researchers, academicians and big conglomerates for making informed decisions and developing a good sense of understanding of the Fintech space of India & the unexplored possibilities.

Key Terms in this Chapter

Artificial Intelligence: It is the simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using rules to reach approximate or definite conclusions) and self-correction.

Unicorn: A unicorn is a privately held start-up company valued at over $1 billion.

B2B: B2B is abbreviation for “business to business.” It refers to sales you make to other businesses rather than to individual consumers.

P2P: Peer-to-peer lending, abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. The lender's investment in the loan is not normally protected by any government guarantee.

Machine Learning: ML is a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns, and make decisions with minimal human intervention.

BFSI: Banking, financial services, and insurance (BFSI) is an industry term for companies that provide a range of such financial products or services. It includes universal banks as well.

B2C: Sales to consumers are referred to as “business-to-consumer” sales or B2C.

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