Page 41 - Banking Finance May 2024
P. 41
ARTICLE
Abstract of Article and reassure customers about their data security
practices.
Fintech is a combination of two words financial and
technology. Any technology or app or software Positioning and finding a space in an overcrowded
that provides a facility to people or businesses to market space may be very difficult if the company
access, manage, or gain insights into their finances is not offering very unique service which is scalable
digitally or carry out the financial transactions may and sustainable.
be called as fintech. Despite the potential for innovation, securing
Fintech companies operate in a highly regulated funding for fintech startups can be challenging.
environment, and keeping up with evolving
regulations across different regions can be a Fintech is a combination of two words "financial" and
significant challenge. "technology". Any technology or app or software that
provides a facility to people or businesses to access, manage,
With increasing concerns about data privacy,
or gain insights into their finances digitally or carry out the
companies need to navigate complex regulations
financial transactions may be called as fintech.
About the author With manifold increase in number of mobile users especially
smart phones and availability of cost effective internet,
Pankaj Dadhich fintechs have evolved very fast in last 10 years and has
Manager (Research) disrupted the entire financial services market through their
State Bank of India tech driven innovative solutions. Fintechs also offer easier
State Bank Academy, Gurugram
tracking, greater control, more options etc. On account of
36 | 2024 | MAY | BANKING FINANCE
