Financial Technology (Fintech) Innovation and Disruption in Banking

The financial services sector in India is undergoing a transformative shift driven by Financial Technology (Fintech) firms, challenging traditional retail banking. This study investigates the impact of fintech innovations, including mobile payments, digital wallets, and robo-advisory services, on consumer behavior and banking operations in India. Employing a mixed-methods approach, primary data was collected via an online survey of 40 respondents, supplemented by secondary data from industry reports. Results show that 75% of respondents regularly use fintech platforms, with 59% perceiving them as superior to traditional banks due to speed, convenience, and user- friendly interfaces. Additionally, 74.4% reported reduced reliance on traditional banks, and 87% endorsed bank- fintech collaborations. The study recommends digital transformation for banks, enhanced security for fintechs, and adaptive regulatory frameworks to promote innovation and inclusion. This research provides insights for stakeholders navigating India’s evolving financial landscape.