Keeping Pace with Innovations in Fintech (Overcoming Regulatory Challenges by using Structured Experimentalism Framework)

Abstract

The world has seen a dramatic change in our everyday lives due to the advancements in technology. Every one of us has been affected or influenced with the latest technology in a variety of ways. The financial services industry is no different and over the past decade has witnessed reform in regulation and the way in which traditional financial services interact with consumers. Part of this reform has come from the advances in financial technology or as the new ambiguous word of FinTech as it’s now known. FinTech is already revolutionising the industry as hundreds of new start-ups design new innovative financial products and services for customers. These new entrants are challenging the traditional financial services model or framework. The research is to look further into the financial services industry and gain a much greater insight into where the industry is now and where it’s going in the future. The thesis will aim to recommend the steps needs to be take in order to overcome the regulatory challenges posed by the innovations coming into the Fintech sector. The research is a qualitative study which involves stakeholder interviews from industry experts and Fintech firms operating in Indian financial services industry. These interviews will provide direct insight with an overview of the financial services industry currently. One of the key objectives is to understand whether FinTech will disrupt the financial services here in India or will it collaborate with the existing providers and also understand the global situation regarding Fintech innovations.