Machine Learning-Driven FinTech Innovations: Transforming Financial Services and Economic Growth in the Digital Era

Abstract

Machine learning is a buzzword that fuels innovations in the FinTech ecosystem. The application of FinTech innovations is transforming the delivery of financial services in the digital financial era. Accordingly, the present study wants to investigate the effect of FinTech innovations driven by machine learning on the formal banking facilities and financial products transformation and economic growth. A structured questionnaire was used to obtain the primary data from banks, FinTechs and FIs. The study’s respondents consisted of professionals from the banking sector & financial institutions As per the results, machine learning increases efficiency, customer experience, Financial accessibility, and innovation of the financial sector. It is found that machine learning based FinTech innovation helps in the efficient, inclusive and technology driven digital financial development in the economy. It also boosts economic growth.