Applicability of fintech companies in Indian banking sector: Opportunities and challenges

Abstract

Fintech companies have played a key role in increasing the accessibility of financial services such as Ae PS, Aadhar Pay, remittances and charge to mass. We democratized digital payments and increased access to digital payments and online banking. There is no doubt that the fintech industry is heading down a bumpy road in rural India. Shortly after the abolition, India recognized the need to adapt to technology and adopt digital payments. The main purpose of this research paper is to address the opportunities and challenges in the fintech companies. This paper examines the evolution of the fintech companies in the Indian banking sector. The fintech provide digitalization transaction and more secure for the user. The benefits of fintech services reducing operation costs and friendly user. The fintech services India fastest growing in the world. The fintech services are going to change the scenario of the Indian banking sector.