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Fintech Revolution and The Transformation of Banking Services

Author(s) P. M. Shiva Prasad
Country India
Abstract The rapid advancement of financial technology (FinTech) has brought a significant transformation in the structure and delivery of banking services across the world. FinTech refers to the integration of technology-driven innovations with financial services to enhance accessibility, efficiency, convenience, and customer experience. The emergence of digital banking platforms, mobile banking applications, artificial intelligence, blockchain technology, cloud computing, and digital payment systems has challenged traditional banking models and created new opportunities for financial service delivery. In India, the growth of FinTech has been accelerated by initiatives such as Digital India, widespread smartphone adoption, Unified Payments Interface (UPI), and increasing digital financial awareness among consumers.

This paper examines the role of the FinTech revolution in transforming banking services and explores its impact on the traditional banking ecosystem. The study highlights how FinTech innovations have improved operational efficiency, enabled personalized banking solutions, promoted financial inclusion, and enhanced customer convenience. At the same time, the adoption of FinTech presents several challenges, including cybersecurity threats, data privacy concerns, regulatory complexities, and the digital literacy gap. The study is conceptual in nature and is based on secondary sources such as research articles, journals, industry reports, and publications related to FinTech and banking transformation. The paper emphasizes the need for collaboration between traditional banks, FinTech companies, and regulatory authorities to create a secure, inclusive, and sustainable digital banking environment.
Keywords FinTech, Banking Transformation, Digital Banking, Artificial Intelligence, Blockchain Technology, Digital Payments, Financial Innovation.
Field Mathematics > Economy / Commerce
Published In Volume 5, Issue 3, March 2024
Published On 2024-03-05
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IJLRP's Crossref DOI prefix is
10.70528/IJLRP

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