FinTech: Adoption by the Indian Banking Sector - A Study

Abstract

Fin-Tech known as Financial Technologies has erupted across the globe. Day by day Fin-Tech advancement is increasing tremendously. Exclusively Banking sector will be strengthened by implementing and adopting the upcoming Financial Technologies, Customers are the valuable assets to every bank and banks are always trying to fulfil customers' needs with high priority. Fin-Tech facilitates banking requirements, now a day's all the banks are focusing on speed up their banking transactions by providing services like Digital payments, Online services, Mobile Apps etc. Fin-Tech improves the health of traditional financial institutions by enhancing performance, improving profitability and improves customer retention. Indian banks are in the process of enhancing global competencies and increasing online banking transactions without involving physical bank visit by the customers. Financial inclusion is possible with the help of only Fintech adoption in the banking sector. Otherwise, reaching unreached is not possible in the country like India. Hence, this study is aimed to analyse the growth in digital payments and online transactions.