Exploring fintech innovations and their potential to transform the future of financial services and banking
1 Independent Researcher, UK.
2 Leenit, UK.
3 Independent Researcher, Lagos, Nigeria.
4 Nigeria Inter-bank Settlement System Plc (NIBSS), Nigeria.
Review
International Journal of Scholarly Research in Science and Technology, 2024, 05(01), 054–072.
Article DOI: 10.56781/ijsrst.2024.5.1.0033
Publication history:
Received on 23 July 2024; revised on 29 August 2024; accepted on 31 August 2024
Abstract:
This paper reviews the transformative potential of fintech innovations in reshaping the future of financial services and banking. The study critically examines how emerging technologies such as blockchain, artificial intelligence (AI), machine learning, and digital payment systems are disrupting traditional financial models and creating new opportunities for financial inclusion, operational efficiency, and enhanced customer experience. Through an extensive review of existing literature and industry reports, the paper identifies key trends and innovations within the fintech sector that are poised to redefine the banking landscape.
The findings reveal that fintech innovations are significantly influencing customer expectations, regulatory dynamics, and competitive pressures in the financial industry. These technologies are driving the development of personalized financial products and services that cater to a broader demographic, including the underbanked and unbanked populations. The paper also discusses the challenges faced by traditional financial institutions in adapting to these changes, particularly the need for technological agility, regulatory adaptation, and the cultivation of consumer trust in digital platforms.
The review underscores that fintech innovations have the potential to revolutionize the financial services industry, paving the way for a more inclusive, efficient, and customer-centric financial ecosystem. However, the successful integration of these technologies will require careful navigation of the associated regulatory, technological, and ethical challenges.
Keywords:
Fintech; Financial technology; Artificial intelligence (AI; Blockchain; Data analytics; Financial inclusion; Digital banking; Customer experience; Operational efficiency; Regulatory compliance; Risk management; Innovation; Competitive advantage; Financial services industry; Traditional financial institutions; Emerging markets; Digital transformation; Financial ecosystem; Technological innovation; Market disruption
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0