Fintech: Boon For Banking Sector In India

Nitika Upadhyaya, GGSIPU

ABSTRACT

Modern problems need modern solutions and in today’s world, which is dominated by technology , to keep up with world it is essential to enter the new digitalization era which is creating hegemony in every field Now a days for ease of doing banking and fast racking financial services FinTech which stands for financial technologies has gained more popularity in the last decade. After facing the pandemic and lockdown this mode of banking is soaring at high as it becomes easy for both the banks and customers to gain trust in each other and availing services on fingertips rather than stoppage of service due to the pandemic situation. FinTech in the form of BankTech is there for the bank to innovate and become more digital friendly than ever. The main objective of this research paper is to study the concept of FinTech, its emergence, kinds, its impact on banking with advantages, drawbacks and how FinTech is regulated in the banks. finally, the paper will be concluded by proving the hypothesis that FinTech is beneficial for the bank during the Covid 19 situation. to fulfil main objectives of this research it is utmost important to use qualitative research methodology to fulfil aim to produce contextual real-world knowledge about the behaviours, social structures and shared beliefs with regards to concept of FinTech. As this methodology is less controlled and more interpretive. It is more flexible and subjective so it will be easier to reflect position as researcher, taking into account each and every opinion and participation with perception and finally explaining own point of view and scenario with regards to the research problem. Sources will be used in the form of existing data and theory present and that data will be analysed further on the research problem. It will involve textual analysis in the form of content, thematic and discourse analysis and also video analysis. This method is the best for analysis in the descriptive form.