FinTech, banking services, banking industry, digital technology, financial inclusion, finance platform, payment platform, crowdfunding, robo-advisor, banking security
The rapid growth of financial technologies (FinTech) is transforming and reshaping the future of banking services. With digital platforms replacing conventional methods of providing banking services globally, Fintech has evolved the application of innovative technologies in finance to develop banking products and services (Venkatachalam 2020). The roots of FinTech can be traced back to the early 2000s with the emergence of Internet banking and digital payment systems (Chen 2023). Since then, its influence has been amplified due to recent advancements in digital technology, changes in the behavioural patterns of consumers, and various reforms related to regulation in the system (Josyula, 2021).
[...] and Phiri, J The FinTech evolution and its effect on traditional banking in Africa-a case of Zambia. Open Journal of Business and Management, 9(02), pp.838-850. Josyula, H.P The role of Fintech in shaping the future of banking services. The International Journal of Interdisciplinary Organizational Studies, pp.187-201. Langley, P. and Leyshon, A The platform political economy of FinTech: Reintermediation, consolidation and capitalization. New political economy, pp.376-388. Lee, C.C., Li, X., Yu, C.H. and Zhao, J Does fintech innovation improve bank efficiency? Evidence from China's banking industry. [...]
[...] It supports the detection of suspicious patterns. Besides, they explain how the application of big data technologies affects banks' risk management practices, enabling them to evaluate and eliminate threats as they happen. Likewise, Despotovi? et al. (2023) emphasize the importance of robust security measures in the fight against cybercrime in the FinTech environment. They persuade a round table where industry stakeholders, regulators, and cyber security experts should come jointly to develop and deliver effective security protocols that safeguard consumer information and ensure trust in FinTech-driven banking services. [...]
[...] She emphasizes the role played by FinTech in contributing to financial literacy, increasing consumer power, and creating income growth. Even though FinTech contributes significantly to financial inclusion, Beck (2020) underlines that these devices have some dark sides. Technologies incorporated in FinTech could extend services to more people and empower some of them, but this could also lead to more economic gaps and hardships. Beck points out problems of digital separations, data privacy, and predatory lender practices within the FinTech domain (Beck, 2020). [...]
[...] Payment platforms (crypto, etc.) Cryptocurrency payment platforms are a vital segment of the FinTech industry; digital currencies and payments dictate the new style of money transactions. Langley and Leyshon (2021) shift focus to the platform political economy of FinTech, providing insight into its aspects as a reintermediation, consolidation, and capitalization tool. The research reveals that the power of the platform's banking services is intruding on markets where the market share is more concentrated among a few dominant players (Langley and Leyshon, 2021). [...]
[...] The research questions below will help document the development and provide actionable impacts to banks, regulators, policymakers, and FinTech innovators to realize their vision. In all, the findings of this paper not only lead to the betterment of the decision-making process but also provide practical insight for strategic adaptation in the digital era while promoting inclusive and solid financial systems. E. Aim and Research Questions - Aim This thesis explores the role of FinTech in transforming the banking landscape. To fulfill this aim, the study will answer the following research questions: - Research Questions 1. [...]
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