Technology has a very important role in today’s digital era, it has put a very special impact on the banking sector. Modern technology has changed the way people manage their finances. It is expected that work performance can be improved with the efficient use of technology. Due to new innovations, banking operations have become very easy and these are done in a very short time.  Access to banking services have become very convenient for banks’ customers, but no technology comes without risk.  Hence, keeping in mind these risks, banks have to manage the risks in more efficient manner. This study aims to investigate the risks associated with Fintech for banking sector. It explains the history of Fintech, its risks and challenges in Indian banking sector.

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Keywords: Banking Sector, Innovations, Fintech.