A joint study by the World Bank, the Cambridge Centre and World Economic Forum suggests that the FinTech market has expanded access to financial services to lesser developed economies during the pandemic. These economies have posted a strong growth in all types of digital financial services except loans. As per a report by KPMG, India saw its second-best year of funding for FinTech and attracted $ 2.7 billion in investments last year, this despite the economic challenges posed by the health crisis last year. Now, banking services are being provided with the convenience of technology. The banking industry does this with the help of technological intelligence, complex algorithms, machine learning, and big data, which are rapidly replacing traditional methods of finance. FinTech is a perfect amalgamation of all of this, and is radically changing the business landscape in many industries and innovating how companies approach finance. So, when it comes to banking institutions, an effective strategy for them is to invest in digital processes with the help of technology that can help reduce costs and improve service.