Fintech: The New Normal Functioning of Financial Sector

Abstract

Financial Technology (Fintech) has the potential to transform the financial market fundamentally. The financial landscape of any economy provides variety of product and services at competitive price. Technology reduces the information cost and thereby helping enable people to choose the product of their choice - with efficiency. However, the regulators and the policy makers need to monitored, evaluate the performance and work of Fintech and implement their policies accordingly taking care of the risks of the stakeholders involved, financial stability and integrity.

The study deals with the characteristics and performance of the Fintech industry globally and in India. The study analyses the impact of Covid-19 Pandemic in this sector and also indicates the prospect of Fintech as the new normal. The paper argues that in the ongoing Pandemic, Fintech has helped financial market to adjust its operations and services and promoted delivery of financial assistance to vulnerable segments of society efficiently – i.e., with, almost error free, low cost and timely delivery.