The
term 'FinTech' is a combination of the words 'financial' and 'technology', Fintech,
referred to as financial technology, emerged during the financial crisis of
2007-2008 and has since revolutionized the financial services sector through
the introduction of new technologies to the marketplace. Technology-based
banking forms the dual pillars upon which the foundation of modern banking
growth stands. Over the last decade in India, the rapid expansion of mobile
networks in previously underserved regions and communities has played a pivotal
role in driving this progress. Additionally, the emergence of payment banks has
provided an extra alternative to online and mobile banking, resulting in
heightened operational efficiency and reduced expenses for servicing customers
in rural and semi-urban areas.
Progressed
information examination and utilization of FinTech applications such as AI have
clear uses in loaning environment and protection, in misrepresentation
identification and anticipation, and for better credit appraisal. This presents
an opportunity for people who have generally been bolted out because of a need
of formal financial records. Additionally, Al can be used for protection and to
enhance the conventional endorsing cycle and upgrade controls. The worldwide
monetary framework is ready for remarkable development. Fintech can decrease
costs and improve access. People need to understand the relationship between
monetary system and the positive impact the technology has on financial sector
and the economy. By empowering innovations and overseeing hazards, another
monetary framework can be created which is more comprehensive and stronger.
Against this background, a modest attempt has been made in this paper to
present an overview of fintech market in India and abroad.
