Rajiv Kumar Goel & Akanksha Garg
The word ‘Fintech’ is the abbreviation of financial technology which means technology-enabled solutions to the problems in financial services sector. Technology has been an incumbent service-enabler into the financial service sector. The advent of Fintech, after US-subprime crisis (2008), is witnessed as the new-age era of opendigital banking wherein all solutions – from retail to corporate banking are just a click away. Fintech is being used globally and has also marked its presence in India. Through this research paper, first we will try to find out the various Fintech solutions available globally and what are being used in Indian banking system. Second, this study tries to find out to what extent Fintech is being used as the core service-enabler by top five private and top five public sector banks in India.
Finally, we find out how Fintech-enabled banking solutions have helped in bringing customer-centric solutions and in improving operational efficiency of these banks. The paper suggests further research work in the area of regulatory framework required for a more robust Fintech based banking solutions.
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