IMPACT OF FINANCIAL TECHNOLOGY IN INDIA ON BANKING SECTOR

Technology has, to some degree, always been part of the financial world. The term fintech refers to the synergy between finance and technology, which is used to enhance business operations and delivery of financial services. Financial technology is the application of new technological advancements to products and services in the financial industry. It includes B2C (Business to Client), Crowdfunding Platforms, Block chain and Cryptocurrency, Mobile Payments, Insurance, Robo-Advising, Stock-Trading Apps, Budgeting Apps, Fintech Stocks. Fintech market in India is likely to expand to $31 billion in 2020," India is a dominant force in the financial technology sector globally with 29 per cent annual returns on investments, a report released by the City of London Corporation. The study is important to analyse the impact of fintech in banking sector through analyzing its performance and growth pattern. Implementation of new business models driven by technologies such as Artificial Intelligence and Machine Learning Wide middle-class expansion by 2030, India will add 140 million middle-income and 21 million high-income households which will drive the demand and growth on the Indian Fin Tech space.KEY WORDS: Fintech, Financial services, banking sector, India, technology