Published Paper Details:

Indian financial sector is witnessing a faster digital transformation significantly after 2016 Demonetization policy. Indian Govt. is trying to decrease the amount of paper currency by making new regulations and implementing policies to ensure data protection and smooth on-line financial transactions. The main purpose of these policies was to induce access of banking services for the unbanked and under banked population of the country. Fintech Adoption in country is driven by digital increased financial awareness and literacy. The Indian Fintech Market is expected to attain revenue of $200 billion by 2030. India has the highest Fintech adoption rate globally at eighty seven percent. With increasing customer base these ventures starts providing new financial services beyond transactions and lending business such as Insuretech, lendingtech, Neo-banking, crowd funding, Robo advisory etc. These businesses are using new technologies like, Block chain, Artificial intelligence and Aadhaar enabled service for e- signing, instant robotic response to provide more personalized services to users at cheaper costs for faster transactions. Data security and lack of tech expertise are the biggest challenges faced by Fintech Ventures in India. To grow in Indian economy, Fintech companies have to play the collaborating role in the industry rather than disrupting the traditional financial institutions at least for some years due to difficulties faced by Fintech ventures in raising funds, finding new customer base, lack of awareness among under banked population and fear of unauthorized data sharing.