Problems And Challenges Faced By Companies With Traditional To Fintech Based Technology In Bangalore City

Abstract

The paper investigated the issues and obstacles encountered by enterprises in Bangalore City during the shift from traditional to fintech-based technologies. The research employs an integrated method, including informal discussions with business leaders along with a poll that is directed at important decision-makers in several sectors. The methodology focuses on identifying key factors such as organizational readiness, technological infrastructure, financial constraints, and employee training as major barriers to fintech adoption. Results indicate that companies face significant challenges in integrating fintech solutions with legacy systems, securing adequate financial investment, and overcoming employee resistance to change. Furthermore, regulatory hurdles and the need for specialized skills emerged as critical factors influencing the success of fintech adoption. The conclusion emphasises that acceptance of fintech can improve operational efficiency and consumer happiness, overcoming these barriers requires a proactive strategy, robust training programs, and an organizational culture that fosters innovation. This study provides valuable insights for companies looking to navigate the complexities of transitioning to fintech-based solutions.