Synergistic Augmentation: Fintech, AI, and India's Financial Acumen
By Priyanshi Upadhyay*& Saiyad Mohammad Rizwan
Author email ID - priyanshiupadhyay02@gmail.com
Abstract
In India's burgeoning fintech sector, a confluence of innovation and expansion is evident, underscored by the world's second-largest Internet user base and the dynamic ecosystem of over 3,085 fintech firms.This positions India as a rapidly ascending fintech economy poised to become the third-largest global economy.Read more at:[ https://bfsi.economictimes.indiatimes.com/news/fintech/economic-survey-2024-india-third-largest-fintech-economy-a-cornerstone-to-help-achieve-financial-inclusion/111925639].In our exploration of the fintech sector in India and the level of financial literacy among its citizens, we assessed a report from the NCFE of India, which is based on a 2019 survey on financial literacy. We also examine the top fintech firms that currently lead the Indian market. Our study relied on secondary data from various sources, which indicates that enhanced engagement from governmental bodies and the educational framework hold the potential to significantly elevate citizens’ financial literacy. Such improvements are crucial for safeguarding individuals against financial exploitation that stems from inadequate knowledge. Furthermore, AI integration of artificial intelligence presents a promising avenue for democratizing financial understanding and potentially diminishing reliance on informal financial guidance. The report of the National Center for Financial Education (NCFE) of India based on a 2019 survey provides valuable insights into the current state of financial literacy among Indian citizens. This assessment, combined with an examination of leading fintech firms in the Indian market, paints the picture of a rapidly evolving financial technology ecosystem. The research findings underscore the critical need for increased involvement of both the government and educational systems to enhance financial literacy across the population. Such improvements could serve as a protective measure against financial exploitation due to lack of knowledge.
KEYWORDS
-Fintech
- Financial literacy
-Artificial intelligence
- National Center for Financial Education (NCFE)
- Financial inclusion
- Financial exploitation
