Integration of Blockchain and Fintech in Revolutionizing ‎The Indian Banking Sector: A Data-Driven Study

  • Authors

    • Aditee Huparikar Shah Assistant Professor, Indira College of Engineering and Management, Pune
    • Dr. Namita Chawla Assistant Professor, MCA, PCET's Pimpri Chinchwad University, Pune
    • Monalisa Bhinge Assistant Professor, Sinhgad Institute of Management, Pune
    • Dr. Anagha Bhope Associate Professor, Indira University, Pune
    • Dr. Prajakta B. Deshmukh Assistant Professor, MBA Programme, SPPU, Sub Centre Nashik
    • Ashok Deokar Assistant Professor, MIT World Peace University, Department of Computer Science and Applications‎, Pune
    • Mrs. Aditi Adeep Bhojne Assistant Professor, Balaji Institute of Management & Human Resource Development, Sri Balaji University‎, Pune
    https://doi.org/10.14419/e0nczj28

    Received date: August 11, 2025

    Accepted date: September 21, 2025

    Published date: October 3, 2025

  • Blockchain; FinTech; Indian Banking Sector; Digital Transformation; Financial ‎Technology; Distributed Ledger

  • Abstract

    The integration of FinTech solutions with Blockchain technology has transformed the Indian ‎banking sector, improving operational efficiency, security, and customer experience. This study ‎examines the perspectives, cognizance, and preparedness of stakeholders with respect to the ‎integration of blockchain and fintech into banking services. A structured survey using a ‎questionnaire was conducted with 230 participants, including customers, professionals, and ‎banking employees. The analysis assessed the effects of technological integration on ‎transparency, cost-efficiency, transaction speed, and trustworthiness in banking services. The ‎findings demonstrate a significant positive disposition towards the integration of Blockchain and ‎FinTech, with primary obstacles recognized as insufficient awareness, inadequate infrastructure, ‎and unclear regulations. The research provides valuable insights for policymakers, financial ‎institutions, and FinTech startups to jointly promote the transformation of digital banking in ‎India‎.

  • References

    1. Amnas, M. B., Selvam, M., & Parayitam, S. (2024). FinTech and financial inclusion: Exploring the mediating role of digital financial literacy and the moderating influence of perceived regulatory support. Journal of Risk and Financial Management, 17(3), 108. https://doi.org/10.3390/jrfm17030108.
    2. Aquilina, M. (2024). Decentralized finance (DeFi): A functional approach. Journal of Financial Regulation, 10(1), 1–27. https://doi.org/10.1093/jfr/fjad013.
    3. Ariss, R. R. (2008). Financial liberalization and bank efficiency: Evidence from post-war Lebanon. Applied Financial Economics, 18(11), 931–946. https://doi.org/10.1080/09603100701335408.
    4. Arner, D. W., Barberis, J. N., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm? University of Hong Kong Faculty of Law Research Paper No. 2015/047, UNSW Law Research Paper No. 2016-62. https://doi.org/10.2139/ssrn.2676553.
    5. Catalini, C., & Gans, J. S. (2019). Some simple economics of the blockchain. Rotman School of Management Working Paper No. 2874598, MIT Sloan Research Paper No. 5191-16. https://doi.org/10.2139/ssrn.2874598.
    6. Chen, Y., & Bellavitis, C. (2019). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights (Forthcoming). https://doi.org/10.2139/ssrn.3483608.
    7. Cocco, L., Pinna, A., & Marchesi, M. (2017). Banking on blockchain: Costs savings thanks to the blockchain technology. Future Internet, 9(3), 25. https://doi.org/10.3390/fi9030025.
    8. Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the Fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220-265. https://doi.org/10.1080/07421222.2018.1440766.
    9. Kshetri, N. (2017). Blockchain's roles in strengthening cybersecurity and protecting privacy. Telecommunications Policy, 41(10), 1027–1038. https://doi.org/10.1016/j.telpol.2017.09.003.
    10. MeitY. (2021). National strategy on blockchain. Ministry of Electronics and Information Technology, Government of India. https://www.meity.gov.in.
    11. Mhlanga, D. (2023). Blockchain technology for digital financial inclusion in the industry 4.0, towards sustainable development? Frontiers in Block-chain, 6, Article 1035405. https://doi.org/10.3389/fbloc.2023.1035405.
    12. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://www.ussc.gov/ sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_ Bitcoin_Crypto.pdf.
    13. Osmani, M., El-Haddadeh, R., Hindi, N., Janssen, M., & Weerakkody, V. (2020). Blockchain for next generation services in banking and finance: Cost, benefit, risk and opportunity analysis. Journal of Enterprise Information Management, 34(3), 884–899. https://doi.org/10.1108/JEIM-02-2020-0044.
    14. Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003.
    15. Peters, G. W., & Panayi, E. (2016). Understanding modern banking ledgers through blockchain technologies: Future of transaction processing and smart contracts on the internet of money. In P. Tasca, T. Aste, L. Pelizzon, & N. Perony (Eds.), Banking beyond banks and money (pp. 239–278). Springer. https://doi.org/10.1007/978-3-319-42448-4_13.
    16. Pollari, I. (2016). The rise of fintech: Opportunities and challenges. JASSA – The Finsia Journal of Applied Finance, 2016(3), 15–21.
    17. Rauchs, M., Glidden, A., Gordon, B., Pieters, G. C., Recanatini, M., Rostand, F., Vagneur, K., & Zhang, B. Z. (2018). Distributed ledger technology systems: A conceptual framework. SSRN. https://doi.org/10.2139/ssrn.3230013
    18. Schuler, K., Cloots, A. S., & Schär, F. (2024). On DeFi and on-chain CeFi: How (not) to regulate decentralized finance. Journal of Financial Regula-tion, 10(2), 213–242. https://doi.org/10.1093/jfr/fjad014.
    19. Sonawane, S., & Motwani, D. (2023). Identifying business models for blockchain-based FinTech solutions in India. International Journal of Block-chains and Cryptocurrencies, 4(3), 202–227. https://doi.org/10.1504/IJBC.2023.135002.
    20. Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the world. Penguin.
    21. Turillazzi, A., Tsamados, A., Genç, E., Taddeo, M., & Floridi, L. (2023). Decentralised finance (DeFi): A Critical Review of Related Risks and Regu-lation. SSRN. https://doi.org/10.2139/ssrn.4593242.
    22. Wamba, S. F., Jean Robert, K. K., Ransome, E. B., & John, G. K. (2019). Bitcoin, blockchain and fintech: A systematic review and case studies in the supply chain. Production Planning & Control, 31(2–3), 115–142. https://doi.org/10.1080/09537287.2019.1631460
    23. Wolfond, G. (2017). A blockchain ecosystem for digital identity: Improving service delivery in Canada's public and private sectors. Technology Inno-vation Management Review, 7(10), 35–40. https://doi.org/10.22215/timreview/1112.
    24. Wonglimpiyarat, J. (2017). FinTech banking industry: A systemic approach. Foresight, 19(6), 590–603. https://doi.org/10.1108/FS-07-2017-0026
    25. Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance. Journal of Financial Regulation, 6(2), 172–203. https://doi.org/10.1093/jfr/fjaa010.

  • Downloads

  • How to Cite

    Shah , A. H. ., Chawla , D. N. ., Bhinge , M. ., Bhope , D. A. ., Deshmukh , D. P. B. ., Deokar , A. ., & Bhojne , M. A. A. . (2025). Integration of Blockchain and Fintech in Revolutionizing ‎The Indian Banking Sector: A Data-Driven Study. International Journal of Accounting and Economics Studies, 12(6), 110-118. https://doi.org/10.14419/e0nczj28