Digitisation has made life easier for humans, reduced operational costs and improved business risk management for corporates, and facilitated financial inclusion. At the same time, the challenges and risks of digitisation are also multi-layered, especially in the financial sector where technology is rapidly transforming the operational landscape.

The financial sector witnessed a major disruption from FinTechs that used their nimbleness and ability to improve financial service delivery. FinTech, or financial technology, firms used technology and innovation to out compete traditional financial services companies in delivery of services. Innovations like mobile banking, investing, and digital currencies took financial services closer to the public at large. Large FinTechs like PayTM and Phone Pe became household names in this process by complementing the traditional financial services players through personalized service delivery.

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