FINTECH ADVANCEMENTS AND THEIR EFFECT ON LEGACY BANKING SYSTEMS

Abstract

The growth of financial technology or fintech is revolutionizing the finance industry and traditional banking especially in emerging markets of India. where digital infrastructure keeps changing fast. Fintech companies have brought in cutting edge technologies that are providing diverse financial services, from mobile payments to wealth management. which offer direct competition to more traditional banks and the way they function. One reason is that the ease of access to digital platforms has empowered consumers especially the tech-savvy consumer, with faster more convenient and cost-effective financial solutions. And as fintech continues to exert its influence traditional banks feel compelled to innovate with investments in technology and improvement in digital services. The paper discusses deep penetration that fintech has on traditional banking by changing the way customers behave as well as shifting from the existing service delivery models to new ones and also the response of Indian banks to the disruption by embracing new technology to change consumer expectation.