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The Plagiarism Scan Report indicates that 3% of the content is plagiarized, focusing on the role of Fintech in enhancing financial inclusion and transforming traditional banking. It highlights innovations like mobile banking, blockchain, and peer-to-peer lending, which have democratized access to financial services. The research methodology includes a descriptive design and secondary research from academic journals and industry reports to analyze the impact of Fintech on the banking sector.

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19 views3 pages

Report 2

The Plagiarism Scan Report indicates that 3% of the content is plagiarized, focusing on the role of Fintech in enhancing financial inclusion and transforming traditional banking. It highlights innovations like mobile banking, blockchain, and peer-to-peer lending, which have democratized access to financial services. The research methodology includes a descriptive design and secondary research from academic journals and industry reports to analyze the impact of Fintech on the banking sector.

Uploaded by

ktajkumarrao11
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Jan 05, 2025

Plagiarism Scan Report


Characters:5626 Words:785
3% 97%
Plagiarized Unique Speak Time:
Sentences:34
7 Min

Excluded URL None

Content Checked for Plagiarism


4) LITERATURE REVIEW FINANCIAL INCLUSION THROUGH FINTECH
Financial inclusion refers to the access of individuals and businesses to useful
and affordable financial products and services that meet their needs.
According to the World Bank (2021), over 1.7 billion adults worldwide remain
unbanked, with a significant portion of them residing in emerging markets.
For these individuals, access to savings accounts, credit, insurance, and even
the ability to transfer money across borders has often been a significant
challenge due to the high costs, geographic limitations, and the trust
required to engage with traditional financial institutions. Fintech has played a
transformative role in addressing these barriers, particularly in developing
countries. Through innovations such as mobile banking and digital wallets,
Fintech firms have enabled billions of people to access financial services
through smartphones or computers. For instance, M-Pesa, a mobile money
platform in Kenya, has significantly expanded financial inclusion by allowing
users to transfer money, pay bills, and save via mobile phones. According to
GSMA (2020), M-Pesa has over 40 million active users, and it has helped lift
millions out of poverty by providing them with basic financial services. In
India, initiatives like PMGDISHA (Pradhan Mantri Gramin Digital Saksharta
Abhiyan) have played a crucial role in bringing financial services to rural
populations. The Unified Payments Interface (UPI), developed by National
Payments Corporation of India (NPCI), has enabled secure, instant mobile
payments, contributing to the rapid growth of digital banking. DIGITAL
TRANSFORMATION IN TRADITIONAL BANKS The rise of Fintech has
prompted traditional banks to reassess their role in the financial ecosystem.
Traditional banking institutions, long known for their reliance on physical
branches, manual processes, and regulatory structures, are now undergoing a
digital transformation. Digital transformation in banking refers to the process
of integrating digital technologies such as AI, blockchain, cloud computing,
and big data into all aspects of a bank's operations to improve customer
experience, enhance operational efficiency, and reduce costs. BLOCKCHAIN
AND CRYPTOCURRENCIES IN BANKING Blockchain technology has gained
widespread attention due to its ability to provide secure, decentralized
financial transactions. A blockchain is essentially a digital ledger that records
transactions in a secure, immutable way, without the need for intermediaries
like banks. Block chain’s applications in banking are vast, including its use for
cross-border payments, smart contracts, and digital currencies. By removing

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intermediaries, blockchain reduces transaction costs, enhances transparency,
and speeds up settlement times. Many banks, including JPMorgan Chase and
HSBC, are exploring blockchain to improve their payment systems. JPMorgan
has even launched its own blockchain network, JPM Coin, to facilitate
instantaneous and cost-efficient transactions between institutional clients.
Cryptocurrencies, particularly Bitcoin and Ethereum, are also challenging the
traditional role of banks in the financial system. While central banks and
regulators have expressed concerns about the volatility and regulatory
challenges posed by cryptocurrencies, there is growing interest in how they
could reshape payment systems and even challenge the traditional currency
models used by central banks. PEER-TO-PEER LENDING (P2P) AND DIGITAL
LOANS Peer-to-peer lending is another Fintech innovation that is challenging
traditional banking services. P2P lending platforms such as Lending Club,
Prosper, and Funding Circle enable individuals to lend money directly to
borrowers, bypassing the need for traditional banks. These platforms have
democratized access to credit, particularly for borrowers who may not have
access to loans from traditional banks due to factors like lack of collateral or
credit history. 5) RESEARCH METHODOLOGY The research methodology
outlines the approach and techniques that will be used to conduct the study
and address the research objectives related to the impact of Fintech on the
traditional banking sector. Given that this project focuses on secondary data
and qualitative analysis, the methodology is designed to ensure a
comprehensive and systematic investigation into how Fintech is disrupting
the banking industry, promoting financial inclusion, and driving digital
transformation. Below is a detailed breakdown of the research
methodology: I. RESEARCH DESIGN This study follows a descriptive research
design, as it seeks to describe the current state of Fintech adoption, its impact
on traditional banks, and the broader implications for the financial services
industry. Descriptive research is appropriate for understanding the
phenomena, identifying patterns, and gaining insights into how Fintech has
influenced various aspects of banking, including financial inclusion, customer
service, and business models. II. SECONDARY RESEARCH Academic Journals
and Research Papers: Peer-reviewed papers and articles from academic
databases like Google Scholar, JSTOR, and Science Direct will provide
theoretical frameworks, existing research, and expert opinions on the
intersection of Fintech and traditional banking. Industry Reports: Reports
from prominent consultancy firms, such as McKinsey, Deloitte, PwC, and
Accenture, will be used to analyse trends in Fintech innovations, the evolving
role of banks, and the impact of emerging technologies such as blockchain,
artificial intelligence, and cloud computing on banking services.

Sources
100% Plagiarized
Nov 21, 2024 — Below is a detailed breakdown of the research methodology. 1.
Research Design. The research will follow an exploratory and descriptive
design ...

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