Ankur D Shah Date:04/Nov/2023

Assignment - 2
1. Where Fintech, Regtech and Tech Fin has not made any improvement?

Answer:

Fintech: - Financial technology (better known as fintech) is used to describe new

technology that seeks to improve and automate the delivery and use of financial services.
FinTech is aimed at disrupting traditional financial services and making them more
accessible, affordable, and convenient for consumers. FinTech solutions include mobile
banking, peer-to-peer lending, robo-advisors, and digital currencies.

Regtech: - RegTech (regulatory technology) is a class of software applications for

managing regulatory compliance. RegTech is primarily focused on regulatory compliance
and uses technology to automate and streamline regulatory processes. It is aimed at helping
financial institutions comply with complex regulatory requirements and reducing the costs
associated with compliance. RegTech solutions include automated reporting, risk
management, and identity verification.

Techfin: - The techfins are technology companies, who have been providing software
solutions that are not primarily finance-related, and now seek to launch financial services.
They already have access to customers and massive amounts of data from their relationship
with their customers.

Gaps and areas for improvement: -

1. Difficult due to a lack of confidence in new technologies and inadequate regulation.

2. The regulations and infrastructure for Fintech lending are still manual and need
comprehensive regulation and monitoring mechanisms, especially in terms of financial
service stability, consumer protection, and data protection.
3. The integration of artificial intelligence into Fintech applications poses financial risks due
to deficiencies in regulation and supervision.
4. Traditional methods provide a greater security, but modern methods while paying
through digital mode security problems happens there. This is one of the important
challenges in fintech industry and not only security, personal data also sometimes
hacked by hackers.
5. If any mistake in fintech found by government, high penalty will be imposed to Fintech’s
6. Integrated block chain integrated is very complex job and it is not suitable for all
financial organization.
7. As future is uncertain, severe economic crises like pandemic lead to backdrop of fintech.
8. Fintech is completely online oriented and there is no scope for physical branches.
Traditional customer cannot make interest or belief towards online mechanisms. This
heavily effect fintech.
Ankur D Shah Date:04/Nov/2023
Assignment - 2
Suggestions
1. Give proper awareness to the consumers about the trends by the way of social media,
television, newspapers, campaigning etc.
2. Expertise people should appoint for handling the technological challenges and make
the process smooth.
3. Recruit people on the basis of technological skills, thinking ability, problem solving
skills etc.
4. Simplify the procedures or process by defining workflows or engaging customers,
process owners, by use of proper available technology etc.