7Fintech Apps: An Integral Tool in Titivating Banking Operations
Arun Prakash A.*, Leelavathi R., Rupashree R. and V.G. Jisha
Kristu Jayanti College, Bengaluru, India
Abstract
The present article aims to focus on fintech’s contribution towards the Indian banking system and its revenue. The revenue stream of the banking system depends on the basic banking service including various deposit, loans and advance and locker facilities and non-banking services including credit cards, equity broking, commodity broking, FOREX, mutual fund and insurances. Fin-tech has changed the banking system drastically. The inception of fin-tech companies like Google pay, Paytm, Phone pe, Bharat pe, BHIM, amazon pay, MobiKwik, Paytm money, Upstox, grow and payment banks like Airtel, Vodafone idea, Jio. The services offered by these fin-tech companies are endless. It has become essential for everyone who’s carrying out online transactions like buying and selling financial products, investing in IPO, starting SIP in mutual funds, exchanging currency, opening new international bank accounts, and receiving financial advice are forced to use the possible apps of fintech companies. The study examines the influence of fintech apps on the revenue system of Indian banks through the expansion of the customer base and the frequency of usage. Every transaction done through the fintech app generates revenue for the bank indirectly. This study tries to identify key highly influenced fintech app that contributes ...
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