Abstract:
Purpose: This research investigates the impact of FinTech on mobile payment (MP)
and digital wallet services within the retail banking industry. It evaluates how these
technologies enhance accessibility, integration, and security, while also addressing the
challenges such as security issues, compliance risks, and additional costs.
Design/methodology/approach: The study utilized a mixed-method approach,
including a literature review and an online survey of 100 participants who are retail
bank customers. The literature review examined significant milestones and challenges
in mobile payment systems and digital wallet implementation. Survey data were
analyzed using descriptive statistics and thematic analysis to provide insights into user
experiences and practical implications.
Findings: FinTech was found to significantly enhance accessibility and efficiency for
users and improve service delivery for organizations. However, challenges such as
security risks, compliance concerns, and implementation costs remain. The study
highlights the need for strategic measures in these areas to optimize the benefits of
FinTech adoption.
Practical implications: Retail banks can leverage FinTech to streamline services,
improve customer satisfaction, and remain competitive. This requires investments in
robust security measures, customer education, and strategic adoption of emerging
technologies to address existing challenges and anticipate future developments.
Originality value: This research provides a detailed analysis of FinTech's role in
mobile payments and digital wallets, offering actionable insights for the retail banking
industry to enhance its technological infrastructure and customer offerings.
