The Role of Financial Technology ( Fintech) in Transforming Banking and Financial Services

Abstract

The rise of financial technology has revolutionized the way people think about and interact with the financial services industry. It has introduced new innovations such as digital payments and peer-to-peer lending. This paper explores the ways in which this technology has changed the traditional methods of doing business. The study explores the various advantages of financial technology (fintech) and how it can affect the consumers and financial institutions it serves. It also covers the risks that it poses to the industry, such as the security of data and regulatory compliance. According to the findings, Fintech has the potential to foster a more equitable and streamlined financial system through responsible implementation.