The Role of Fintech in Disrupting Traditional Banking Models

Abstract

The development of fintech (financial technology) has brought about important changes in how financial services are offered, accessed, and consumed. With rapid technological improvements and progress and rising demand for more convenient, effective, and affordable financial services, fintech has become a disruptive force for the traditional banking industry. In this research paper, we will analyze the role of fintech in disrupting traditional banking models and how it is affecting the financial industry. This study will also highlight how fintech was and how it'll be in future and look at the numerous fintech innovations that have emerged in these years and will be emerging soon and their effects on the banking sector and the opportunities and difficulties bought by the fintech on the banking sector. This paper also has an analysis of the questionnaire survey to understand it from the consumer's point of view. I have also analyzed a private bank to see what technologies they have adopted, how things have changed from the past to now, and how they’ll be in the future. The findings of this research paper will shed light on the potential of fintech to transform the banking industry and shape the future of finance.