Effect of Fintech in banking industry

Abstract

The integration of financial technology (fintech) into the banking industry has catalyzed a transformative shift in traditional banking practices. This scholarly article delves into the multifaceted effects of fintech on the banking sector, examining its implications on various aspects including customer experience, operational efficiency, risk management, and regulatory compliance. Through a comprehensive review of existing literature and empirical evidence, this article elucidates the opportunities and challenges posed by fintech adoption, offering insights into how banks can strategically navigate this evolving landscape to thrive in the digital age. By exploring case studies and industry trends, this research underscores the imperative for banks to embrace innovation, collaborate with fintech firms, and adapt their business models to remain competitive and sustainable in an increasingly digitized financial ecosystem.