Fintech: A Stepping Stone Towards Financial Inclusion

Digital transformation underscored as the fourth industrial revolution has led to the emergence of various sophisticated technology-enabled financial services in various fields. One such major innovation called Fintech took place in the field of commerce and management as well. Fintech as the term implies is the combination of two terms Finance and Technology which simply means application of technology in the field of finance. Fintech refers to all the digital technologies that have the potential to transform the provision of financial services spurring the development of new or modify the existing business models, applications, processes, and products. Global adoption of FinTech is rapidly increasing due to its disruptive nature and is largely embraced by the various participants in the financial sector who are under served by traditional financial service providers. There exists a gap in the literature and visualization research on impact and future pathway of FinTech innovations in payments and financial services and role of financial regulations. This study aims to enrich the understanding of FinTech innovations in payments and financing and investigate the correlation and significance of regulatory framework in maintaining a fair ecosystem where the under served sections of the economy are included in the main stream economy. For this purpose, data were collected by using a well-designed Personal Interview Schedule and was circulated to 100 respondents under convenient sampling technique. The collected data were then analyzed with the help of statistical tools like Simple Percentage Analysis, Ranking method and Mean Percentage Analysis. The results of this study imply that the under served sections of the economy still remains the same and also provide a holistic insight to innovations in FinTech