Journal of Contemporary Issues in Business and Government

Abstract

The financial sector is undergoing a vast transformation. It used to be physical, and now it
uses I.T. and big data techniques and unique human capital. Before the transformation
started, the financial sector started becoming intertwined with a high proportion of the
intermediary activities and started getting market-based. For instance, banks face higher
competition from the other intermediaries and increased digital services in core businesses
like advisory and payment services. Many changes in using technology for developing new
business models and services have been emerging with a rise in FinTech services. This can be
easily understood as modern-day innovative information technology in the financial sector
increases day by day. The speed with which different types of new digital innovations are
being adopted and the acquisition of the users has increased markedly