Fintech and Banks: A Synergetic Alliance and Emerging Challenges

Abstract

The dynamic interaction between traditional banks and financial technology (fintech) is examined in this research study, with particular attention paid to the two industries' increasing convergence. Banks have been forced to adapt and work with fintech companies as a result of the huge disruptions and opportunities that the growth of fintech has brought to the financial services sector. This article tries to illuminate the main forces driving the fintech-bank collaboration, the advantages it provides to both sides, and the difficulties that result from this integration along with that it presents the successful fintech collaborations of private banks in India. Understanding these relationships will help to better comprehend the financial services landscape of the future and how it will affect the overall economy.