SRM INSTITUTE OF SCIENCE & TECHNOLOGY- RAMAPURAM

Faculty of Science & Humanities

Department of Commerce

Role of Fintech in Financial Institution

DATE : 28.08.2024

TIME : 2 PM to 3 PM

VENUE : Online

EVENT CONVENER : Dr.D.Janis Bibiyana

EVENT COORDINATORS : Dr.M.Kovarthini , Mrs.Priyadharshini

NO. OF PARTICIPANTS : 70

Summary of the Event:

The event explored the transformative effects of fintech on financial institutions and the broader economic landscape. Key insights include:

  • Broadened Access: Fintech solutions like digital banking and peer-to-peer lending are expanding financial service access, especially for previously underserved communities.
  • New Employment Opportunities: The growth of fintech is creating diverse job roles across technology, data analytics, and customer service, fostering a more dynamic job market.
  • Operational Improvements: Fintech innovations streamline financial operations, enhance efficiency, and reduce costs, contributing to more effective financial management.
  • Support for Startups: Fintech is nurturing a startup ecosystem by enabling new financial products and services, promoting entrepreneurship and business growth.
  • Ethical Standards: The sector is focusing on integrating ethical practices and ensuring secure, transparent financial transactions.

Develop regulations that foster fintech innovation while maintaining financial stability.Encourage partnerships between fintech firms and traditional financial institutions. Support educational initiatives to equip the workforce with fintech-related skills. Promote ethical practices and transparency within the fintech industry.

Overall, fintech is significantly reshaping financial institutions, improving access, creating jobs, and advancing economic efficiency.

Outcomes of the Program:

The event explored how fintech innovations are transforming financial institutions and aligning with Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth. Key outcomes include:

  1. Increased Financial Inclusion: Fintech solutions like mobile banking and digital wallets enhance access to financial services for underserved populations, supporting inclusive economic growth.
  2. Job Creation: The fintech sector is generating new job opportunities and driving workforce development, aligning with the goal of decent work.
  3. Economic Efficiency: Fintech improves financial operations, reduces transaction costs, and boosts productivity, contributing to economic growth.
  4. Innovation and Entrepreneurship: Fintech fosters innovation and supports entrepreneurship by lowering barriers to new financial services and solutions.
  5. Responsible Finance: Fintech promotes transparency and ethical practices, supporting sustainable development.

Recommendations:

  • Support Policy Development: Create regulatory frameworks that balance innovation and
  • Promote Collaboration: Encourage partnerships between fintech, traditional financial institutions, and regulators.
  • Invest in Training: Develop education programs to prepare the workforce for fintech
  • Encourage Ethical Practices: Adopt responsible financial practices within the fintech

Overall, fintech is playing a crucial role in advancing economic growth, job creation, and financial inclusion, aligning well with SDG 8.