Fintech Startups and Their Influence on the Transformation of Traditional Banking in India

The traditional banking industry has been significantly transformed by the rise of financial technology (FinTech), which has revolutionised the delivery, regulation, and accessibility of financial services. Financial technology encompasses a broad spectrum of digital innovations, including but not limited to smartphones, online payment systems, blockchain technology, artificial intelligence-driven financial services, and peer-to-peer lending platforms. This article discusses how FinTech firms have reshaped conventional banking in India. This research explores how FinTech companies have leveraged technologies like data analytics, blockchain, AI, and mobile banking to disrupt the banking sector and compel traditional banks to digitize their operations. It also investigates the opportunities arising from collaborations between banks and FinTech firms.