Paper Contents
Abstract
The financial services sector in India is currently experiencing a profound evolution driven by the intersection of Financial Technology (FinTech) and Big Data applications. This paper delves into the potential benefits and challenges arising from this convergence, with a specific focus on its impact on decision-making processes, client interactions, and operational efficiency across different financial institutions. Key issues addressed include the management of sensitive consumer data, regulatory compliance, and cybersecurity concerns. The study charts the growth trajectory of Big Data applications in India over the past decade, illustrating a significant surge in adoption rates and revenue generation. It also explores the dynamic landscape of the FinTech sector, highlighting its pivotal role in delivering personalized and efficient financial services. The interplay between Big Data and FinTech is examined, showcasing their contributions to risk management, fraud detection, cost reduction, and enhanced decision-making capabilities. Despite the promising prospects presented by the integration of FinTech and Big Data, this paper also acknowledges the accompanying challenges, such as data privacy concerns, security risks, regulatory compliance hurdles, and the scarcity of skilled professionals. Additionally, the study investigates how these technologies can promote financial inclusion and revolutionize the overall customer experience within the financial sector. The conclusion emphasizes the critical need for a balanced regulatory framework that addresses these challenges effectively, bridges skill gaps through education and training initiatives, and ensures equitable access to technology to fully harness the potential of Big Data and FinTech in the Indian financial landscape.
Copyright
Copyright © 2024 Venkata Sumanth. This is an open access article distributed under the Creative Commons Attribution License.
