Enabling FinTech in the Banking System: An Overview, Challenges and Future Opportunities

The rapid advancement of financial technology (FinTech) has brought about significant changes in the global financial landscape. The impact of FinTech on India's banking system focuses on digital payments, lending, risk management, and regulatory frameworks. It reveals that FinTech can enhance financial inclusion, optimize operational efficiency, and transform traditional banking practices. It examines the various areas where FinTech has made substantial contributions, including digital payments, lending and credit, risk management, and regulatory framework. This paper examines the opportunities and challenges associated with FinTech in India, highlighting its potential to enhance financial inclusion, improve operational efficiency, and reshape the traditional banking ecosystem.