Question 1

What is the primary difference between fintech and traditional banking?

Accepted Answer

Traditional banks have physical branches and established financial services, while fintech uses digital tools and technologies to enhance financial transactions, making services more accessible and efficient online.

Question 2

Will fintech replace traditional banks?

Accepted Answer

Fintech is transforming banking with cost-effective and innovative solutions. While it may not fully replace traditional banks, it pushes them to modernize and adopt digital trends to stay competitive in today's fast-paced world.

Question 3

What is an example of fintech?

Accepted Answer

Examples of fintech include robo-advisors for investments, payment apps like Paytm, peer-to-peer lending platforms, cryptocurrency apps, and mobile banking apps that make financial services easier and more accessible.

Question 4

Which is the No. 1 FinTech company in India?

Accepted Answer

Paytm is a leading fintech company in India, offering services in payments, banking, lending, and insurance. It is one of the most popular platforms for digital transactions and financial services.

Question 5

How will FinTech change the future of banking?

Accepted Answer

Fintech will make banking more affordable, user-friendly, and accessible, particularly for underserved populations. It introduces new business models and efficient financial services that help improve the financial well-being of customers worldwide.

Fintech vs Traditional Banking

Fintech Banking vs Traditional Banking: Meaning, Features, Benefits & Key Differences