A STUDY ON THE IMPACT OF FINTECH ON FINANCIAL SERVICES IN INDIA

The force of fintech evolution has forced financial institutions and traditional banks of India to face a new reality. Products, services and business models provided by banks and financial institutions that have worked for decades are no longer an option but rather to digitalize themselves. Inherited infrastructure of financial institutions and Indian banks is demanding more efficient technologies and is being replaced by newer. Indian banks are witnessing innovation and change at almost every stage due to innovation and fintech. Innovation will provide a change in the banking sector of India. Startups and fintech are fueling the system to make the whole work efficient. The intersection of financial services and technology is given by fintech and start-ups. Companies that use technology to provide financial services are referred to as fintech. This includes services like online banking, payments by electronic media, and advice on investment. The banking industry has faced a major shift from banking services to fintech. As companies use fintech services that have emerged, offering innovative technologies and services that are threatening banks. The relationship between traditional banks of India and fintech is complex and multifaceted. As companies that use fintech services have entered the market with innovative solutions, disrupting a traditional banking approach. They are working with lower overhead costs, providing more budgeteffective and customer-centric services. Traditional banks must adapt to these changing expectations or lose customers to more agile fintech competitors.