2023-24

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Impact of fintech on the financial services industry
(NHCE, 2025) Bhumika Jingade A 1NH22BA019
Fintech has revolutionized the financial services industry by enhancing accessibility, efficiency, and expanding access to financial services globally. Fintech has revolutionized the financial services industry by enhancing accessibility, efficiency, and expanding access to financial services globally. It has enabled monetary consideration through advanced stages like mobile banking, digital wallets, and peer-to-peer lending, reaching underserved populations. Mechanical progressions like man-made brainpower, blockchain, and big data analytics have revolutionized operational efficiencies, reduced costs, and enhanced speed and accuracy. Fintech innovations in payment systems have facilitated seamless and secure transactions across borders and currencies. Fintech companies have been a catalyst for increasing economic activity through entrepreneurship and innovation in lending, insurance, wealth management. That said, fintech has also tested global regulatory frameworks and brought in balancing innovation with consumers protection, financial stability cybersecurity. In recent years, the use of regulatory sandboxes and more agile approaches have been used to innovate while managing risks from the deployment of cutting-edge technologies.