Scientific journal NRU ITMO
Series "Economics and Environmental Management"
Registration certificate ЭЛ № ФС 77 – 55411 от 17.09.2013
registered by the Federal Inspectorate Service for Communication, Information Technologies and Communication Media

June 2022 (published: 27.05.2022)

Number 2(49)

Home > Issue > Paradigm shift in fintech landscape: a perspective from the Indian marketplace

UDC 336.63

Paradigm shift in fintech landscape: a perspective from the Indian marketplace

Manish Kumar Pandey , Sergeeva I.G.

In the past decade the Financial Technology (FinTech) industry globally has moved evolved significantly enough to enter mainstream in financial services domain. The tailwinds showcase those lines between technology and business are ever-blurring, and players across the strata have realized the importance of technology innovation and are leveraging it to build novel products and solutions for their customers. India has been one of the pioneers of this trend with 2000+ FinTech startups and more than 20 billion dollars’ worth of reported investments. Major drivers of the growth are attributed to macro-economic headwinds, rapid evolution in technology landscape and drastic change in customer demand. Alongside, there are equally interesting challenges to cope with and they are primarily stemming from security risks, rapidly changing regulatory framework, lack of adoption and demographic opportunities. This study relies on the qualitative approach by reviewing contemporary published research articles, reports published by key players of fintech industry, government’s regulatory organizations, and leading newspapers. We find that globally FinTech has moved from startups to a ubiquitous expression for technology-based innovation in financial services. We increasingly see more collaboration and innovation driven by incumbent banks, prominent technology players, and even regulatory organizations in the market. This is especially true for the Indian FS market, as is evident from a few key trends we have tracked. Indian FinTech ecosystem is unique in the way that it is a playground for a variety of players and young FinTech startups are leading the charge and traditional banks countering with improved digital offerings. While there will be differences in the paths each segment and stakeholders within the FinTech industry take, the key success factors will remain focused on customer experience, innovation, collaboration and speed to value with eye on regulatory landscape. It will be exciting to watch where India is headed as the rising power of India as producer as well as consumer of Fintech tools, the key drivers behind this massive growth and trends shaping Indian Fintech industry.
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Keywords: Financial Technology, FinTech, India, Tech Trends, Startup.

DOI 10.17586/2310-1172-2022-16-2-142-151

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