Financial Technology and its Scope in Higher Education - A Study with Reference to India

Abstract

Financial Technology or FinTech means application of technological innovation in financial practices. FinTech came in a big way during the financial crisis of 2008 which led to the necessity of new ways and means of exchange as people had grown skeptical of banks, similar financial institutions. Thus as the proverb goes 'Necessity is the mother of invention' there occurred a host of unique and user friendly technologies that revolutionized the world of finance. Given this the Education sector in India is currently undergoing a huge surge in demand with Indian Higher Education system being the third largest after US and China. The present paper tries to present the need and scope of adopting the FinTech in the Higher Education sector of India. Using secondary data the paper tries to explore the scope and ways of introducing FinTech in the Higher Education system in India.