FINTECH SYMPHONY: HARMONIZING RISK MANAGEMENT IN THE BANKING SECTOR

Abstract

For centuries, banks have held sway over the financial services market. However, the landscape of banking has undergone significant transformations due to rapid technological advancements. This shift not only enhances the security of financial transactions but also improves the overall experience for customers. The emergence of Financial Technology, or Fin-Tech, marks a new era in the financial services industry in India. The present research delves into the intricate interplay between financial technology (Fintech) and risk management. The researcher also highlighted the opportunities and challenges encountered by fin tech within the banking sector in Indian banking. A thorough analytical approach is employed, integrating combining both quantitative and qualitative techniques. A questionnaire for a survey is used to gather primary information and it is circulated to 50 bank representatives, emphasizing the effects of Fintech integration in banking operations and risk management. Furthermore, an extensive review of existing literature, including research papers and case studies, is conducted to gain a comprehensive insight into the introduction of Fintech in the banking sector and its impact on risk management. The findings of research offered valuable insights into the evolving landscape of risk management strategies in the banking sector in the era of Fintech innovation.

Keywords: Financial technology, risk management, integration, banking, financial services