THE EMERGENCE OF THE FINTECH MARKET: OPPORTUNITIES AND CHALLENGES

Abstract

In the twenty-first century, it is an emerging sort of service. By implementing technology in the financial sectors for mobile payments, loans, money transfers, and even asset management, new start-up businesses are attempting to replace the conventional transaction system with modern, efficient techniques. Innovation and Technology transformed both small company-to-business and internal business relations. Reorganizing design, production, marketing, delivery, and service functions has been made feasible by distributed supply chains, independent innovation, outsourced manufacturing, contract warehousing, and delivery. There are two major global financial crises that have been seen in past decades. The financial crisis affected the actual global economy in 2008. In comparison, others came in recently during the COVID-19 pandemic problem. Fintech is viewed as a paradigm shifter and disruptive innovation that has the power to upend the established financial markets. In India, fintech has expanded quickly over the previous years and is anticipated to do so in the near future. The study begins by concentrating on the fundamental categories of financial technologies and their roles. It then goes on to analyse the Issues and challenges these technologies present in the Indian Financial System. It was evidently mirrored that a right proportion of technological skills, cap investments, government policies, regulatory structures and industrial and inventive mind-set could be the motivating force to set up fin tech as a prime enabler for financial/fiscal services in a country like India.

Keywords: financial services, fin tech, startups, banking, digital technology.