The Impact of Financial Technology (FinTech) on Traditional Banking Systems

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Ajay Kumar, Shariq Mohammed, Nittan Arora, K. Bhavana Raj, Mukesh Kumar, Sudarshan Balasaheb Babar

Abstract

This study looks at how Financial Technology (FinTech) has affected conventional banking institutions, emphasising how digital advancements have changed the financial industry. FinTech is the umbrella term for a number of technologies, such as blockchain, mobile banking, and artificial intelligence, that have transformed consumer experiences by offering services that are easily available and personalised. The research examines how these developments put conventional banks under pressure to improve operational efficiency and embrace new technology in order to stay competitive. It also discusses the regulatory ramifications of fintech, as well as how existing institutions must integrate cutting-edge technologies while navigating challenging compliance environments. The results highlight how conventional financial institutions must use FinTech technologies to satisfy client expectations and stay relevant in the ever-evolving digital economy. In the end, this study advances our knowledge of the interface between FinTech and conventional banking and provides stakeholders with guidance for navigating this quickly evolving landscape.

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How to Cite
Ajay Kumar, Shariq Mohammed, Nittan Arora, K. Bhavana Raj, Mukesh Kumar, Sudarshan Balasaheb Babar. (2024). The Impact of Financial Technology (FinTech) on Traditional Banking Systems . European Economic Letters (EEL), 14(3), 2451–2461. Retrieved from https://www.eelet.org.uk/index.php/journal/article/view/2020
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