Authors:-Nripendra Singh, Himanshi Sankhla, Lalit Singh, Vartika Mudgal
Abstract- In the contemporary landscape of financial services, the convergence of finance and technology has ushered in a transformative era, prominently manifested in the phenomenon of Open Banking. This study seeks to unravel the intricate dynamics between finance and technology and their collective influence on the swift evolution of Open Banking.
The research engages in a comprehensive exploration of the symbiotic relationship between finance and technology, examining how technological innovations act as catalysts for financial sector advancements. Emphasizing the pivotal role of digitalization, artificial intelligence, block chain, and other cutting-edge technologies, our investigation delves into their collaborative impact, fueling the rapid expansion and adoption of Open Banking models across the global financial ecosystem.
Furthermore, the study critically analyses the implications of Open Banking on traditional financial institutions, fintech disruptors, and, most importantly, the end-users. Through empirical evidence and case studies, we aim to illuminate the tangible benefits and challenges posed by this paradigm shift, shedding light on how Open Banking fosters competition, enhances financial inclusion, and redefines customer-centric financial services.
The findings of this research not only contribute to the academic understanding of the subject but also offer valuable insights for industry stakeholders, policymakers, and practitioners. By elucidating the synergistic dynamics of finance and technology in the context of Open Banking, this study provides a roadmap for navigating the evolving financial landscape, fostering innovation, and ensuring a resilient and inclusive financial future.
