Impact of Green Fintech Services for the Growth of Banking Sector in India

Author(s): S Nazima Kausar and Prof. D Anjaneyulu

Abstract:

Fintech is a term, short for financial technology that refers to the collaborative integration of finance and technology. This integration is leveraged by banks and financial service firms to enhance the efficiency of their operations and deliver improved financial services to customers. Fintech solutions have empowered banks to enhance efficiency, cut costs, and elevate customer experiences. Banks harness fintech innovations, including artificial intelligence and block chain, to offer customers secure transactions and personalized services. It is also imperative to prioritize sustainable banking to safeguard the environment from disasters. Banks in India have begun adopting green banking practices, such as online banking, mobile banking, Green channel counters, e-statements, green loans, solar ATMs, etc. Green banking involves promoting environmentally friendly practices and reducing the bank's carbon footprint. 
Purpose: The research underscores the importance of green fintech services in fostering the growth of the banking sector in India, aligning with principles of sustainable development.
Research Outcome: The paper explores the diverse green fintech services adopted by banks for sustainable banking practices, traces the advantages of green fintech and examines the challenges faced in India.

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