Book Title: Innovations in Management: Emerging Trends and Practices
Editor: Dr. Dattatraya Pandurang Rane
ISBN: 978-81-987266-7-4
Chapter: 12
DOI: https://doi.org/10.59646/imC12/358
Author: Mrs. Aditi Adeep Bhojne, Assistant Professor, Balaji Institute of Management and Human Resource Development, Sri Balaji University, Pune, Maharashtra, India
Abstract
A sea change has occurred in the financial services industry as a consequence of the explosion of financial technology, or FinTech. Alternatives to traditional banking and financial institutions are emerging as a result of technological advancements in the financial technology sector. How these technologies are bringing about these transformations is examined in this chapter. Although it presents a threat to more established businesses, financial technology is making financial services more accessible to the general public. Financial technology includes innovations like blockchain and peer-to-peer (P2P) lending systems. This chapter explores the vast array of financial technology, the motivations for its rapid advancement, the benefits it offers to businesses and individuals alike, and the significant outcomes that are anticipated as a consequence of these findings. We also go over some of the challenges faced by the financial technology sector, including security concerns, regulatory hurdles, and intense market competition. Financial technology is in a strong position to keep driving innovation and financial inclusion forward, even while there are still challenges to conquer before it can completely deliver on its potential.
References
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