Abstract:
The way financial services are accessed and provided has been completely transformed by financial
technology, or FinTech, which has become a disruptive force in the financial industry. Financial technology, or
FinTech, has become incredibly popular in recent years. The term "financial technology" (FinTech) refers to a
broad category of financial services that use rapid advancements in technology. These services include
clearing, settlement, and payments, followed by credit, deposit, and capital-raising services. The purpose of
this study is to create a thorough understanding of the opportunities and threats associated with financial
technology, or FinTech, for the banking industry. The researcher identifies the opportunities and threats
related to financial technology in the banking industry by analyzing the existing literature, empirical data,
and theoretical concepts of national and international researchers that represent different approaches to
financial technology. Financial technology presents several advantages for the banking industry, chief among
them being lower costs and more comfortable service delivery when compared to traditional methods. Among
the benefits of financial technology are its increased accessibility and increased competitiveness. Financial
losses and a reduction in public confidence in the financial system pose the biggest risks to financial
: technology. Because of service consumers' low level of financial literacy, which causes them to undervalue
risks and make poor financial decisions, it was found that these challenges had emerged. This study focused on
financial technology (FinTech) in the banking industry to provide a conceptual identification of FinTech and
its positive and negative effects on the industry. For this, published articles examined the development of
financial technology.
