Page 308 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24

unique FinTech ecosystem, should address data collection, storage, usage, and sharing

practices with transparency, accountability, and consumer control at their core.

Problem statement and research gap:
The rapid growth of FinTech in Bharat has transformed the landscape of financial services.

However, FinTech revolution brings forth several challenges and opportunities.

In this research, researcher has tried to understand the specific disruptions and innovations
brought about by FinTech in Bharat, considering factors such as financial inclusion, digital

payments, lending practices, and wealth management. This paper also analyses the

effectiveness of regulatory frameworks in addressing the risk associated with FinTech,
including consumer protection, data privacy, cybersecurity and systemic stability.

Examining the impact of FinTech on traditional financial institutions, such as banks and
insurance companies, and exploring the socio-economic implications of FinTech adoption,

including its potential to promote inclusive growth, mitigate inequality, and enhance financial
literacy and empowerment among diverse segments of the population, while assessing

strategies for collaboration or competition in this evolving ecosystem.

Objectives:

1. To examine key areas of disruption caused by FinTech in Bharat, such as payments,
lending, wealth management, and insurance and analyze the impact of these

disruptions on traditional financial institutions and consumers.

2. To explore the innovative technologies and solutions introduced by FinTech startups
and companies in India.

3. To Identify the regulatory gaps and challenges posed by the fast-evolving FinTech

ecosystem in India and analyze the effectiveness of existing regulations in managing
risks and ensuring consumer protection.

Research Methodology:

Primary data: The data for research is collected through a questionnaire and was collected

from 117 respondents with the help of 17 close-ended questions which have been filled by
the adults and youngsters. The purpose of this questionnaire was to gather data from

respondents about their experience.
Secondary data: The data sources for this research include reputable organizations and

reports, such as Statista, Deloitte, PwC, and EY, which provide market share data for
traditional banks before and after the emergence of FinTech. The data has also been collected

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