2Digital Transformation of Financial Services in the Era of Fintech
Ayesha Siddiqui1, Arti Yadav2 and Najib H.S. Farhan3*
1Department of General Management, Universal Business School, Karjat, Maharashtra, India
2Department of Commerce, Ramanujan College, University of Delhi, New Delhi, India
3Department of Finance, Universal Business School, Karjat, Maharashtra, India
Abstract
The present chapter analyses a conceptual framework highlighting the growth of the financial technology sector. It starts with the concept of digital transformation and how it has impacted the various stakeholders. Our conceptual framework allows us to define FinTech-financial technology and then construct a taxonomy of the various FinTech domains. We apply the notion of digital transformation to the financial sector to better understand where the FinTech concept began and, where it is headed, how Digital transformation has acted as a significant change agent in the fintech sector. Fintech is one of the most critical developments in the financial sector with fast expansion, fueled mainly by favorable legislation, sharing economy and information technology which has created innovative value creation and appropriation pathways for the financial industry. In most countries worldwide, Fintech is rapidly becoming the go-to financial system.
Keywords: FinTech, digital transformation, financial services
2.1 Introduction
Innovation in finance can not only have a significant impact on financial services, but ...
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