National Seminar on

Emerging Trends in Commerce &

Management
Jointly Organized by
Shri U. P. Arts, Smt. M. G. Panchal Science and Shri V.L.Shah
Commerce College, Pilvai
and
Hemchandracharya North Gujarat
University Area Vanijya Adyapak Vartul

12th February, 2024

 FINANCIAL TECHNOLOGIES
(FINTECH)
IN FINANCIAL MARKETS AND
BANKING IN INDIA:
- A REVIEW

ભારતમાં નાણાકીય બજારો અને બેંકિંગ ક્ષેત્રે

વિત્તિય તકનીકો
(ફિન્ટેક)
નો એક વિહંગાલોકન
Dr. H. D. PAWAR
[ M.COM, MBA, M.PHIL, NET, SET, Ph.D.]
Assistant Professor
C.N. ARTS & B.D. COMMERCE COLLEGE, KADI
District:- Mehsana
Mobile:- +91 9824315606
Email ID:- drhdpcnbd2022@gmail.com
 Meaning
• As per Investopedia Financial Technology (better known as
fintech) is used to describe new economy that seeks to improve
and automate the delivery and use of financial services.
• Fintech, the word is a summarized combination of “Financial
Technology.
• Fintech refers to the integration of technology into offering by
financial services companies to improve their use and delivery to
consumptions.
• At its core, fintech is utilized to help companies, business
owners, and consumers better manage their financial operations
process and lives. It is composed of specialized software and
algorithms that are used on computers and smart phones.
 MECHANISM OF FINTECH:
• APIs
• Mobile Applications
• Web Based Solution
 TYPES OF FINTECH AND FINTECH
PRODUCTS
• Fintech Banks
• Digital Payments
• Personal financial management (PFM)
– Robo advisors
– Investment application
– Payment application
– Personal finance application
– Peer to Peer lending
– Crypto application
– Insurtech
 FINTECH AND NEW TECHNOLOGIES
• Artificial intelligence (AI)
• Blockchain,
• Cloud Computing
• Big Data
FINANCIAL TECHNOLOGY IN INDIA
• Fintech in India started in 2016
• Unique Payment Interface (UPI)
• Digital lending, online KYC, digital insurance, digital
microfinance, buy-now-pay-later, banks with no physical
branches, and several other new fintech services
emerged in a span of fewer than 5 years.
• India’s fintech industry was valued at $50 billion in 2021
and is expected to reach $150 billion by the year 2025.
• Currently, there are more than 6000 fintech start-ups
offering a wide range of services in the country.
FINANCIAL TECHNOLOGY IN INDIA
• The fintech adoption in India is estimated to be 87
percent which is significantly higher than the global
average of 65 percent.
• The power of the fintech industry can be
understood by the fact that even the traditional
banking system, which is averse to changes, is
being forced to adopt digital technologies to keep
itself a float. Several traditional banks are forging
partnerships with fintech start-ups to stay ahead of
the competition.
REASONS FOR THE SUCCESS OF FINTECH IN
INDIA
• The empathy of Indians with the internet and
smart phones
• The government of India’s emphasis for a
cashless economy and digital India
• India is the youngest country in the world
• A large portion of India’s population has been
underserved by the traditional financial service.
The fintech industry was quick to realize this and
tapped into this huge unexplored market.
REASONS FOR THE SUCCESS OF FINTECH IN
INDIA
• The boom in the e-commerce industry
• Covid-19
 CONCLUSION
financial technologies plays important role in
development of banking and financial sectors in
India. After Covid-19 pandemic there was a great
development and adoption of Fintech in India.
Fintech provide flexibility, convenience and safety
to the financial markets and consumers. It
increases financial inclusions in all sectors of
economy. There are some challenges against the
Fintech like cyber crime, legal authenticity and
laws etc.
 References
1. Bank of International Settlement. (2017, August). BIS. Retrieved January 25,
2024, from Bank of International Settlement:
https://www.bis.org/publ/work655.pdf
2. Financial Stability Board. (2019, February 14). FSB. Retrieved January 25,
2024, from Financial Stability Board:
https://www.fsb.org/wp-content/uploads/P140219.pdf
3. Gajbhaiye, R. (2022, August 13). The Times of India. Retrieved January 24,
2024, from Times of India:
https://timesofindia.indiatimes.com/blogs/voices/evolution-of-fintech-in-
india-and-investors-attitude
4. Prakash, N. (2022). A study on fintech revolution in india: a review. i-
manager’s Journal on Management , 31.
5. The world bank group. (2018, October -). The World Bank. Retrieved January
25, 2024, from The World Bank:
https://www.worldbank.org/en/topic/fintech