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Research Article | Open Access
Volume 12 2020 | None
Financial Technology (Fintech) Revolution: A Review of Disruptions and Transformations
Prashant Sudhawar, Keshar Lata Sahu
Pages: 909-916
Abstract
The financial technology (fintech) industry has undergone rapid transformation in recent years, reshaping the landscape of traditional financial services. This paper provides a comprehensive review of the disruptions and transformations brought about by the fintech revolution, focusing on key technologies, trends, and innovations. The paper begins by exploring the background of the fintech industry, highlighting its evolution from early innovations in financial services to the emergence of fintech startups. It then examines the impact of digital transformation on traditional financial services, including banking, lending, insurance, investment, and payments. The paper also discusses the regulatory challenges and responses associated with fintech, including regulatory frameworks, compliance, and consumer protection measures. Finally, the paper explores future directions and innovations in fintech, such as open banking, digital currencies, financial inclusion, and sustainability. Overall, this paper aims to provide insights into the transformative potential of fintech and its implications for financial institutions, regulators, and consumers.
Keywords
fintech, financial technology, digital transformation, blockchain, cryptocurrencies, artificial intelligence, machine learning, big data analytics, regulatory challenges, open banking, digital currencies, financial inclusion, sustainability
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