Unleashing the fintech revolution : Transformative impacts of technology on financial services in the National Capital Region (NCR)

Abstract

This research delves into the transformative impact of technological advancements and the rise of Fintech services on financial institutions operating in the National Capital Region (NCR), India. To assess this impact, a comprehensive questionnaire was formulated using a Likert scale and administered to employees across various financial institutions in the NCR. Factor analysis of the responses unveiled four key factors that collectively accounted for 69.60% of the variance: Operational Efficiency (16.43%), Profitability (15.23%), Productivity (18.69%), and Customer Trust & Perception (19.25%). These factors hold paramount significance in shaping the financial landscape, and managers are urged to prioritize them for strategic decision-making. Embracing technology-driven solutions, process automation, and customer-centric approaches can lead to increased profitability, streamlined operations, and an amplified customer base. The study’s scope is restricted to the NCR, making it vital for further research to explore Fintech’s impact in broader geographical regions or focus on specific technological innovations. As the financial industry continues to evolve, continuous monitoring and adaptation of these factors will help institutions remain competitive and ensure sustainable growth amidst a rapidly changing landscape.