The Impact of Financial Technology (FinTech) on Traditional Banking

The introduction of financial technology (FinTech) has brought a revolution in the banking sector. Traditional financial institutions have been faced with two things namely challenges and opportunities as a result of this. This paper explores the effect on traditional banking activities and customer interfaces by FinTech innovations such as digital payments, P۲P lending, robo-advisers. It further examines ways through which efficiency levels have been improved by FinTech hence reducing costs while rendering competitive threats to well-established banks at the same time. Again, this analysis also points out strategic changes that must be made by banks as FinTech disrupts their industry which include partnering with tech companies, investing in digital systems and adopting an agile operational model. In conclusion, this article affirms that embracing financial technologies can promote a more efficient and inclusive financial ecosystem for all.

کلیدواژه ها:

Financial Technology ، Banking Industry ، Digital Payments