The Influence of Financial and Insurance Technology on Conventional Banking and Insurance Frameworks

Paper ID: EIJTEM_2025_12_2_88-94

Author's Name: Dr.M.J.ELIAT

Volume: 12

Issue: 2

Year: 2025

Page No: 88-94

Abstract:

The fast emergence of financial technology (FinTech) and insurance technology (InsurTech) is primarily responsible for the amazing change that is now taking place in India's financial and insurance industries. These digital breakthroughs, which are driven by artificial intelligence, blockchain, big data, and mobile platforms, are causing a change in the way that financial and insurance services are created, provided, and experienced. This paper investigates the ways in which these technologies are changing the conventional frameworks of banking and insurance, with a specific emphasis on Telangana as the state of consideration. It looks at how technology is challenging long-standing processes with solutions that are quicker, more transparent, and more inclusive. Additionally, it investigates how gains in operational efficiency, customer engagement, risk management, and regulatory compliance are being brought about by technology.

Keywords: Financial, Technology, Insurance, Banking, Influence.

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