Page 311 - IMDR JOURNAL 2023-24

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

Financial Traditional Traditional FinTech
Service Banks Banks Firms
Sector (Before (After
FinTech) FinTech)
Lending 85% 70% 30%
Payments 90% 60% 40%
Wealth 95% 80% 20%
Management

FinTech Service 2015 2020 2023
Mobile banking apps 30% 60% 80%

Digital payment platforms 20% 50% 70%

Robo-advisory services 5% 15% 25%
(Source: Dr. Vijay Singh Negi, (2023) “FinTech Disruption in Traditional Banking:

Implications for Banks and Consumers”)

The adoption of mobile banking applications has increased significantly from 30% in 2015 to
80% in 2023, indicating a shift in consumer behaviour towards digital banking solutions. The

rate of adoption of digital payment platforms has also increased significantly, increasing from

20% in 2015 to 70% in 2023. The rate of adoption of robo-advisory services, characterized
by automated investment advice, has increased significantly, rising from 5% in 2015 to 25%

in 2023.

3. Convergence of Financial Services and Technology

Figure 1

NBFC
Finance FinTech Technology
Security Broking
Wealth Management

Source: Deloitte Internal Analysis
The convergence of financial services and technology refers to the blending of traditional

banking and financial activities with innovative technological solutions know as FinTech.
This fusion enables the development of new financial products and services that leverage

advancements in technology to enhance efficiency, accessibility, and user experience.
Examples include mobile banking apps, digital payment platforms, robo-advisory services,

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