FinTech is enabler or disruptive to the Banking Industry: An analytical study

Abstract

FinTech, as it is more often known, is a term used to describe emerging technology that aims to enhance and automate the provision of financial services. At its foundation, FinTech uses specialised software and algorithms that are employed on computers and, increasingly, smartphones to assist businesses, business owners, and individuals in better managing their financial operations, processes, and lives. The term "financial technology" is combined with the word "FinTech."The word "FinTech" was first used to describe the technology used in the back-end systems of established financial institutions when it first appeared in the 21st century. However, since that time, there has been a change toward more consumer-focused services and, thus, a more consumer-focused definition. Various areas and industries, including education, retail banking, fundraising, and investment management, to name a few. This study is conducted to understand, the impact of FinTech in the Banking Industry. To find out whether it is disruptive to the business or it is an enabler to increase business.