Page 188 - ICDEBI2018

International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

Conclusion
Fintech is such a kind of innovation where the entire
world is embracing such new and efficient technique
of service. Where the combination of higher spending
power and a freer adaption of technological adoption
mean that banks and other financial institutions have
an entire market of willing and able customers to offer
better financial products/services at lower costs. The
fact that unbanked population in India halved from
577 million to 233 million speaks volume about the
advancement of financial inclusion efforts.
Technology is the chief enabler and equalizer today.
As we connect one-on-one in real time, it has created
enormous new flows of trade for markets that were
underserved or overlooked. Cell phone subscription in
India has crossed one billion. So the first massive
change in the network effect of financial inclusion is REFERENCES
that millions of people who previously had zero 1. https://www.cnbc.com/2017/10/02/Fintech-
access to digital services are now on the network and everything-youve-always-wanted-to-know-about-
are connected for good. It is also very inspiring that financial-technology.html
we have a central bank that is equally fervent about
promoting modernisations and technology. 2. http://ficci.in/sector/3/Add_docs/Financial-
Foresights-April-2017.pdf
The Reserve Bank in its continued efforts towards 3. https://www.globaldata.com/media-
building vigorous and secure payment and settlement centre/?_sft_by-type=press-releases
systems for accomplishing a less-cash society
published Vision 2018 which highlights the need for 4. https://www.business-
making regulations more responsive to technological standard.com/article/companies/india-emerging-a-
developments and innovations in the payments space. hub-for-Fintech-start-ups-116051700397_1.html
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financial universalization and the fact that we have the aspx?ID=892#3.3
Jan-Dhan, Aadhaar and Mobile (JAM) layer, we have
an indigenous Indian stack that is boosting us from 6. https://www.socialbeat.in/blog/top-10-mobile-
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addition to this the data available through GST 7. https://www.cbinsights.com/research/briefing/Fint
Network, under which companies will upload nearly ech-digitizing-consumer-banking/
three billion invoices every month and government 8. https://capitalmarketsblog.accenture.com/wp-
will effectually have real-time economic data 24X7. content/uploads/2015/04/Accenture-The-Future-
Fintech adoption and moving away from tradition of-Fintech-and-Banking
banking method would not be without complications.
9. Fintech & Banking : Today and Tomorrow by
Deputy Governor of The Bank of Italy: Fabio
Panetta
10. Fintech Revolution In Banking: Leading the way
to Digital: Senior Consultant DCG Infosys: Anoop
Kumar Gnanmote.

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 180