ADVANCEMENTS IN HEALTHCARE: EXPLORING THE APPLICATION OF FINTECH SOLUTIONS

Abstract

Fintech industry at the frontier of innovation, ready to give financial services a remake but with this potential also comes a maze of regulatory complexities to make it happen. This paper explores the vital requirements for compliance in the FinTech market, with a specific examination of its prospects in healthcare. The objective of this research is to provide fintech healthcare applications with useful perspective and strategic support so that they have a better chance of sailing through and complying with crucial regulations.

Drawing upon data collected through structured questionnaires from 180 respondents across five major hospitals in Delhi NCR, this study employs Exploratory Factor Analysis and Regression techniques to analyze the myriad factors influencing the integration of fintech in healthcare and its impact on regulatory compliance.

The results reveal seven key factors – Cybersecurity measures, scalability, Integration, Customer Experiences, Technical Support, Cost Efficiency, and Innovation – which collectively account for 78% of the variance and significantly influence regulatory compliance. Notably, the findings underscore the role of fintech solutions in motivating advancements in regulatory compliance within the fintech realm.

This study not only contributes to a deeper understanding of the challenges faced by fintech firms but also provides actionable insights for fostering regulatory compliance within the burgeoning intersection of fintech and healthcare.