Fintech's Transformative Influence on Traditional Banking Strategies and its Role in Enhancing Financial Inclusion

Abstract

In the previous researches of authors, dynamics of cryptocurrency with use of blockchain technology has been studied and legal challenges in India as related with the applicability of cryptocurrency has been critically reviewed. Also, growing impact of blockchain technology on trading and businesses has been worked out whereby challenges in using the blockchain application in business has been figured out. This paper further tries to explore and examine the current state of using financial technology in the banking sector. Fintech has rapidly transformed traditional banking services, presenting both challenges and opportunities for financial institutions. The paper investigates into the key aspects of the role of fintech in the banking sector, examining the challenges faced by traditional banks and the opportunities that arise from embracing technological advancements. By conducting a comprehensive literature review, the authors aim to explore the utilization of technology across diverse facets of banking transactions, identifying challenges in its implementation, facts about enhanced role of technology in financial inclusion and more related data. The study also delves into future trends and the regulatory landscape of fintech within India's banking industry along with its scope around financial inclusivity. This paper holds significance for scholars, researchers, and banking professionals alike, providing insights into the methodology of employing technology for secure transactions in banks. The work introduces a meticulously reviewed and integrated framework, offering practitioners an understanding of the current scenario and potential future implications.