Financial innovation can be defined as an opportunity, facilitating the financial and commercial banking sector to use the latest technology to provide customer centric services using the suitable channels, leveraging the traditional methods with the latest technology.
Published in Chapter:
FinTech Start-Ups in India: Status, Opportunities, and Challenges
Copyright: © 2024
|Pages: 25
DOI: 10.4018/979-8-3693-2061-7.ch006
Abstract
The acronym “FinTech,” which combines the concepts “financial” and “technology,” has foreshadowed a seismic shift in the financial landscape. The financial industry is undergoing a profound change. With the third biggest FinTech ecosystem and one of the top-ranked startup ecosystems globally, India has become one of the world's largest FinTech marketplaces Tis ranked second and fourth in terms of transaction volume and unicorn strength, respectively, and contributes around 14% of global FinTech financing. This studies the current state of FinTech companies, together with the possibilities and challenges they face, using systematic literature review methodology. Where collaboration amongst digitally enabled businesses, availability of funds, access to skilled labour, and a plethora of government initiatives are the factors driving this ongoing growth. The volatility of global politics, possible privacy risks, and data distribution provide formidable obstacles for FinTech firms, which must be attended to propel the financial technology sector forward in India.