Banking, financial services, and insurance (BFSI) is an industry term for companies that provide a range of such financial products or services. It includes universal banks as well.
Published in Chapter:
The Impact of FinTech on Financial Services in India: Past, Present, and Future Trends
Gagan Kukreja (College of Business Administration, University of Bahrain, Bahrain), Divij Bahl (Gulf International Bank, Bahrain), and Ruchika Gupta (Amity Business School, Amity University, Greater Noida, India)
Copyright: © 2021
|Pages: 10
DOI: 10.4018/978-1-7998-3257-7.ch012
Abstract
Fintech is a new buzz word in the fourth industrial revolution environment. No financial services across the globe are left unaffected by the new technologies. Artificial intelligence, machine learning, blockchain, and data analytics have immensely influenced many aspects of financial services such as deposits, transactions, billings, remittances, credits (B2B and P2P), underwriting, insurance, and so on. Fintech companies are enabling larger financial inclusion, improvement of lives of humans, better decision-making, and lots more. This chapter covers the development, opportunities, and challenges of financial sectors because of new technologies in India. This chapter throws the light on opportunities that emerged because of demographic dividend, high penetration, and access to the latest and affordable technology, affordable cost of smartphones, and government policies such as Digital India, Startup India, Make in India, and so on. Lastly, this chapter portrays the untapped potentials of Fintech in India.