Technological Innovation In the Fintech Industry -An Indian Perspective

Abstract

Information technology is the major force behind innovations in the financial sector thanks to fintech. Fintech is looked up as a breakthrough technological innovation disrupting the financial sector using mobile technology. Globally, no financial service is untouched by the new technologies. The mobile technology which has changed the face of the financial sector are Blockchain, artificial intelligence, and data analytics and they have had a strong impact on various areas of financial services, including deposits, lending, remittances, credits (B2B and P2P), underwriting, insurance, cryptocurrencies and so on. India is also seeing a rise in the fintech industry as the mobile penetration is increasing. The development of fintech in India can be ascribed to several important elements that have combined to foster an atmosphere that is favorable to technological innovation. The current research paper seeks to offer an in-depth understanding of the technological advancements made by the Indian Fintech industry. Further, the authors have proposed a conceptual model as an outcome of the various studies that have been reviewed.