Financial Technology (Fintech) Revolution: Reshaping the Landscape of Financial Services
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Abstract
Purpose: This review research paper explores the transformative impact of Financial Technology (FinTech) on the financial services sector. It aims to provide a comprehensive overview of how FinTech has reshaped the industry, examining its implications for financial institutions, consumers, and regulators.
Theoretical Framework: The paper adopts a multidisciplinary theoretical framework that incorporates insights from finance, economics, technology, and regulatory studies. It examines key theories such as disruptive innovation, digital transformation, and regulatory response to understand the evolution of FinTech.
Methodology: The research employs a systematic literature review methodology, collecting and analyzing a wide range of academic and industry sources. These sources encompass scholarly articles, reports, case studies, and expert opinions. The methodology allows for a holistic examination of the FinTech landscape.
Findings: The paper presents compelling findings highlighting the pervasive influence of FinTech across various financial services domains, including banking, payments, insurance, and investment. It discusses how FinTech has fostered innovation, increased efficiency, enhanced customer experiences, and disrupted traditional business models. Furthermore, it examines the challenges and risks associated with FinTech adoption and regulation.
Originality: This review paper contributes to the existing literature by synthesizing and critically evaluating the latest research and developments in the FinTech sector. It offers a fresh perspective on the originality of FinTech applications, regulatory responses, and their implications for the financial industry and society as a whole.