IMPACT OF FINTECH ON FINANCIAL INNOVATION IN INDIA

Abstract

Financial innovations in India have completely transformed the way in which finances are handled by millions of people in the country. At the centre of all the financial innovations in the country is the development of the fintech industry over the years. The country has witnessed a significant rise in the number of fintech start-ups that has fuelled financial innovations at all levels. The aim of this particular article is to explore the overall impact that fintech has had on financial innovation in the country. It can be said that the development of the fintech industry has led to innovative solutions that have made things easy for the entire population. Lending and transferring money is just a click away while wealth management can easily be done with the help of numerous digital apps. People have become more aware of their financial decisions and have the necessary resources to invest their money in the right places due to the financial solutions provided by fintech. The article has found that fintech has had a significant positive impact on financial innovations across all levels in the country. It has further been established in the study that the future of financial innovations is quite bright in a country with progressive economic growth.

Keywords: fintech, financial innovations, development, transactions, payments