Technology has reduced entry barriers and allowed FinTechs to enter the financial services. More importantly, it has allowed the unbundling of financial services in a manner that is economically viable even at a lower scale of operations. In turn, consumers have benefited by better customer experience and convenience. Payment sector innovations in India is a typical example. 7.
One of the key value propositions that FinTechs offered was providing the same financial services as regulated entities but at a lower cost. FinTech disruption in the Indian brokerage industry is a shining example of this. 8. Large technology companies, or Big Techs as they are popularly called, such as Alphabet, Meta, Amazon, etc. have also expanded into financial services.