Role of Technology in Transforming Non-Banking Financial Companies in India

Abstract

India has developed as the global marketplace's hub. It is seen as a significant actor, particularly in the geopolitical framework of the Asia-Pacific region. Numerous factors have a significant role in the transformation, stabilisation, and annual growth of the Indian economy. This is a result of governments, businesses, and communities coordinating their policies and plans with the 17 Sustainable Development Goals (SDGs) [Vision 2030] of the United Nations. In this sense, technology is extremely important. India's services exports increased by 42% to US$ 322.72 billion in FY23 from US$ 254 billion in FY22, and the IBEF Report (2024) projects that they will reach US$ 400 billion in FY24. The objective of financial inclusion and financial literacy in India can be achieved with the help of non-banking financial enterprises. Adopting the technology isn't realistically feasible for everyone, though. There are also some difficulties. The present study is empirical in nature. The structured questionnaire is administered to collect the primary data of 175 NBFC customers through survey method. It is found that the adoption of ICT is positively to minimize the economic restrictions and regulatory obstacles and introduce ease of doing business. The study is noteworthy since it addresses the FinTech, Sectoral growth, financial inclusion, and sustainable development topics.