Page 102 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
BFSI Chronicle, 2 nd Annual Issue, 10 th th Edition July 2022
nd
FINTECH inancial Technology (Fintech) is
used to describe new technology
that seeks to improve and automate
& BANKING- Fthe delivery and use of financial
services. Fintech includes different sectors
and industries such as education, retail
COMPLEMENTARY banking, fund raising and non profit, and
investment management, etc.
TO Among functions which incorporate
fintech include depositing cheques with
smart phones, money transfers, managing
EACH OTHER investments, applying for credit and any
assistance that do not require a person but
uses technology.
Examples of Fintech:
 Digital Lending and Credit
 Mobile Banking

 Mobile Payments
 Crypto currency & Blockchain
 Insurance

 Trading
Way of Use of Fintech by Banks:
Fintech is equipping the banking industry
with tools that makes it more efficient than
ever before. Banking institutions are using
tools like chatbots to enhance customer
experience, mobile apps to give customers
real-time looks into their bank accounts and
machine learning to secure against fraud.

How fintech affecting banks?
Fintech empowers consumers to take charge
of their financial decisions, leading to much
greater fi nancial literacy than before. Thus,
Fintech combines traditional financial
services with the latest digital technology
Ms Shweta Shah and Big Data Products, making banking
Tax Professional
customers’ lives easier.

The Institute Of Cost Accountants Of India

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