Triggering Technological Interferences Shaping Financial Ecosystem in India: Case Report

Triggering Technological Interferences Shaping Financial Ecosystem in India: Case Report

Preeti Singh, Ritesh Dwivedi, Tonika Rana
Copyright: © 2024 |Pages: 32
DOI: 10.4018/979-8-3693-2061-7.ch003
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Abstract

This study aims to investigate the evolving role of technology and its interferences in financial services. The research effectively uses the holistic multiple case study approach to highlight the technological disruption taking place to shape the financial ecosystem, and it has proved to be a game changer for developing countries like India. It aims to assist financial stakeholders in adopting technology-driven business models to improve customer experience and promote service transformation by increasing the speed and security of financial processes. The study employs a distinctive research design and examines four Indian FinTech startups as representative cases. The findings reveal that technology has changed how individuals borrow, invest, and make payments nationally and internationally. The research shows the way to the other financial institutions stuck in paperwork and see the merits of technology-driven financial services. The study offers a better and comparative understanding of the startups in the financial technology sectors changing the dynamics of lending-borrowing.
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Literature Review

The advent of FinTech has not only revolutionized the nature of financial transactions but has also disrupted consumer behavior in the relationship between traditional financial institutions and society. Hence, FinTech has emerged as a crucial approach for the advancement of the financial industry on a global scale (Liu & Chu, 2023). By evaluating the application of FinTech, it has been found that it can have a significant impact on financial development and economic growth (Hosen et al., 2023). FinTech is a fusion of finance and technology that brings innovative business models to traditional financial services, affecting different participants in the financial ecosystem. Fintech has expanded to encompass various sectors and industries, including nonprofits, education, and investment management, among others (Pillai, 2023). Fintech in India encompasses a diverse range of 20 categories that are distributed throughout six distinct domains within the financial services sector. The subsequent Table 1 provides a description of the 20 segments.

Table 1.
Fintech segments
979-8-3693-2061-7.ch003.g01

Source: Regulatory Sandbox | Making India a Global Fintech Hub (V. Anand & Shah, 2017)

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