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Navigating the Neo-Financial Frontier: Rise of Fintech and its Risks and Opportunities in India's Banking Evolution

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Navigating the Neo-Financial Frontier: Rise of Fintech and its Risks and Opportunities in India's Banking Evolution


Nitish Shekhar | Siddhartha Ghosh



Nitish Shekhar | Siddhartha Ghosh "Navigating the Neo-Financial Frontier: Rise of Fintech and its Risks and Opportunities in India's Banking Evolution" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-3, June 2024, pp.1057-1062, URL: https://www.ijtsrd.com/papers/ijtsrd67065.pdf

The paper "Navigating the Neo-Financial Frontier: Rise of Fintech and its Risks and Opportunities in India's Banking Evolution" explores the significant impact of Fintech on India's banking sector. Driven by technological advancements, regulatory reforms, and changing consumer preferences, Fintech is revolutionizing financial services in India. Key innovations include mobile banking, digital lending, and blockchain technology, which enhance accessibility and operational efficiency.Government initiatives like Digital India and the Reserve Bank of India's push for a cashless economy have further supported this growth. However, rapid Fintech expansion also brings risks such as cybersecurity threats, data privacy concerns, and financial fraud. Robust regulatory frameworks are essential to address these issues and ensure consumer protection and financial stability.The study employs the Technology Acceptance Model (TAM) to understand consumer adoption of Fintech and Porter's Five Forces model to assess competitive dynamics in the sector. These analyses provide insights into strategic priorities and market attractiveness.Fintech has the potential to drive financial inclusion by offering affordable services to underserved populations, but challenges like algorithmic bias and the digital divide must be addressed. Policymakers, regulators, and industry stakeholders need to collaborate to foster an inclusive, resilient, and sustainable banking ecosystem in India, leveraging Fintech's transformative power.

Fintech in India, Digital Banking Transformation, Financial Inclusion, Regulatory Frameworks, Cybersecurity and Data Privacy, Economic Development, Financial Technology Risks, Banking Innovation


IJTSRD67065
Volume-8 | Issue-3, June 2024
1057-1062
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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