The Role of Financial Technology in Transforming the Indian Banking Sector
Keywords:
Financial Technology (FinTech), Digital Banking, UPI and Digital Payments, Financial Inclusion, Regulatory Technology (RegTech), CybersecurityAbstract
Financial Technology (FinTech) has emerged as a powerful force reshaping the structure, delivery, and efficiency of banking services in India. The integration of digital technologies—such as mobile applications, UPI, AI-based credit scoring, digital lending, blockchain, and internet-enabled services—has transformed traditional banking models. This paper examines the major roles of FinTech in the transformation of Indian banking, focusing on digital payments, financial inclusion, operational efficiency, customer experience, and evolving regulatory frameworks. The study also discusses the challenges faced by banks, highlighting cybersecurity issues, digital illiteracy, and regulatory complexities. The findings indicate that FinTech has significantly improved accessibility, speed, transparency, and cost efficiency in Indian banking while expanding financial inclusion across rural and underserved regions.
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