FinTech is enabler or disruptive to the Banking Industry: An analytical study
PhD Research Scholar, Department of Management, Sunrise University, Alwar, Rajasthan, India.
Review Article
World Journal of Advanced Research and Reviews, 2023, 17(01), 067-072
Article DOI: 10.30574/wjarr.2023.17.1.1472
Publication history:
Received on 18 November 2022; revised on 01 January 2023; accepted on 03 January 2023
Abstract:
FinTech, as it is more often known, is a term used to describe emerging technology that aims to enhance and automate the provision of financial services. At its foundation, FinTech uses specialised software and algorithms that are employed on computers and, increasingly, smartphones to assist businesses, business owners, and individuals in better managing their financial operations, processes, and lives. The term "financial technology" is combined with the word "FinTech."The word "FinTech" was first used to describe the technology used in the back-end systems of established financial institutions when it first appeared in the 21st century. However, since that time, there has been a change toward more consumer-focused services and, thus, a more consumer-focused definition. Various areas and industries, including education, retail banking, fundraising, and investment management, to name a few. This study is conducted to understand, the impact of FinTech in the Banking Industry. To find out whether it is disruptive to the business or it is an enabler to increase business.
Keywords:
FinTech; Disruptive; enabler; Innovation; Emerging Technologies; Artificial intelligence; Big Data; Analytics; Cryptocurrency; Banking Sector; Banking Industry
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0