Impact of Financial Technology on Traditional Banking

Abstract

The study’s goal is to quantify how financial technology has affected the banking sector. The influence of financial technology, or fintech, on traditional banking has been nothing short of revolutionary. Fintech companies and technologies have caused a disruption in the banking industry by offering alternative ways for individuals and businesses to get financial services. One of the most noticeable outcomes is an increase in the customer experience. User-friendly interfaces, quicker account creation processes, and round-the-clock access to financial services through computers and smartphones have all been made possible by fintech companies. As a result, in order to satisfy customer expectations, traditional banks have been forced to update their digital systems and services. The term “financial technology,” or “Fintech,” refers to new technology that aims to enhance and automate the provision of financial services. Fundamentally, Fintech uses specialized software and algorithms that are employed on computers and, increasingly, smartphones to assist organizations, company owners, and individuals in better managing their financial operations, procedures, and lifestyles. The study’s goal is to examine how Fintech is affecting the banking sector.