An Empirical Study of Innovative Digital Banking Services In Indian Economy

Abstract

Innovation and technology have smoothened the way of change in financial services. Over the year Indian financial services providers have carefully adopted technology to supply services to increase operational efficiency in the growing market. Traditional financial services providers have recognized digital services as a reliable mode to develop the financial business. Financial technology institutions are modifying the role of digital technologies to line up new business and aim new market segments. RBI is enabling the event of innovation in digital financial services sector to multiply the reach of financial services for unbanked population. Innovation in digital financial services is the vision for use of technology to supply new financial product and services in an economical mode. Innovation in digital financial services is progressively appealing for all the key stakeholders in India's financial services. Trade Regulators, Banks, NBFCs, Payment Banks, Investors, Payment Service suppliers, Broking and Wealth Management corporations, Insurance supplier's are pure player in digital financial services providers.