INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
The Indian financial services sector is undergoing a significant transformation propelled by the convergence of Financial Technology (FinTech) and Big Data applications. This paper explores the prospects and challenges arising from this integration, focusing on its impact on decision-making, client experiences, and operational efficiency in various financial institutions. The management of sensitive consumer data, regulatory compliance, and cybersecurity concerns are critical issues addressed within this context. The paper delves into the growth of Big Data applications in India over the past decade, showcasing a substantial increase in adoption rates and revenue generation. Additionally, it investigates the evolving landscape of the FinTech sector, emphasizing its role in providing personalized and efficient financial services. The interplay of Big Data and FinTech is examined, highlighting their contributions to risk management, fraud detection, cost reduction, and improved decision-making processes. Despite the promising prospects, the paper acknowledges challenges such as data privacy, security risks, regulatory compliance, and the scarcity of qualified talent. It also explores the role of these technologies in promoting financial inclusion and transforming the customer experience. The study concludes by emphasizing the need for a balanced regulatory framework, addressing skill gaps, and ensuring accessibility to fully unlock the potential of Big Data and FinTech in the Indian financial landscape.
Keywords:
FinTech, Big Data, India, Data Privacy, Indian financial landscape
Cite Article:
"Prospects and Challenges: Fintech and Big Data in The Indian Finance Industry", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 12, page no.d155-d164, December-2023, Available :http://www.ijnrd.org/papers/IJNRD2312317.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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