Literature On the Use of Fintech and Digital Finance to Increase Financial Inclusion

Abstract

This article focuses on the ways that Fintech firms have changed the financial industry. An overview of Fintech businesses, their impact on the banking sector, the challenges they present, and their potential future role in the banking industry are provided in this article. Despite the fact that the first fintech businesses debuted in the late 1990s, their profile has significantly increased in recent years. Initially only providing payment processing, fintech companies soon expanded to offer other financial services like lending, insurance, and even asset management. Technology advances can be largely blamed for the growth and success of Fintech businesses. Fintech firms use cutting-edge tools and techniques to make banking easier, safer, and more widely accessible. Mobile applications and online platforms, for instance, have made it easier for customers to access and manage their financial accounts. Fintech firms have created a number of disruptive innovations for the banking sector. Peer-to-peer lending platforms, for instance, have freed lenders and borrowers from the restrictions of the banking system. Customers now have more payment options due to the growth of mobile payment apps and digital wallets.