Abstract:
The world has seen a dramatic change in our everyday lives due to the advancements
in technology. Every one of us has been affected or influenced with the latest
technology in a variety of ways. The financial services industry is no different and over
the past decade has witnessed reform in regulation and the way in which traditional
financial services interact with consumers. Part of this reform has come from the
advances in financial technology or as the new ambiguous word of FinTech as it’s now
known. FinTech is already revolutionising the industry as hundreds of new start-ups
design new innovative financial products and services for customers. These new
entrants are challenging the traditional financial services model or framework.
The research is to look further into the financial services industry and gain a much
greater insight into where the industry is now and where it’s going in the future. The
thesis will aim to recommend the steps needs to be take in order to overcome the
regulatory challenges posed by the innovations coming into the Fintech sector. The
research is a qualitative study which involves stakeholder interviews from industry
experts and Fintech firms operating in Indian financial services industry. These
interviews will provide direct insight with an overview of the financial services industry
currently. One of the key objectives is to understand whether FinTech will disrupt the
financial services here in India or will it collaborate with the existing providers and also
understand the global situation regarding Fintech innovations.
