A STUDY ON SELECT FINTECH SEGMENT AS A DISRUPTIVE TECHNOLOGY IN FINANCIAL SERVICES

Abstract

India has witnessed a remarkable change in diversified financial sector leading to rapid expansion in financial services firms with new entities entering the financial market. The sector comprises of varied services such as banking, insurance, non-banking financial services, equity, mutual funds and pension scheme. Technology has changed the routine business processes in banks and financial institutions. The development has promoted automation and has given authority to consumers, to control, secured and regulate their operations. FinTech aka Financial Technology defines the disrupting technology fuelling innovation in financial services (Landers, 2017), such as fundraising method, wealth management, regulation technology, money transfer and payments across cross borders. Talking about ABCD of FinTech, artificial intelligence, block chain, cloud computing, and deep learning are revolutionizing the way of operations in financial services.  The use of various apps for mobile banking, insurance, financing, payments, crypto-currency etc. are making one step towards a sustainable financial world. According to Invest India report, FinTech adoption rate is highest in India for all segments, i.e. in 2021 India’s FinTech industry market size was $50 bn and by 2025 it is estimated at ~$150 bn. This research paper provides an overview of top FinTech segments in India.

Keywords- Fintech Segment, Disruptive Technologies, InsurTech, Block chain, WealthTech