Abstract

This article examines the profound impact of financial technology (fintech) on traditional banking systems. It discusses how fintech has increased competition, enhancing customer experiences and operational efficiencies while forcing traditional banks to innovate and adapt. The analysis covers the shift in business models facilitated by technologies like blockchain and APIs, improving access to financial services for underserved populations, and refining risk management practices. It also highlights the regulatory challenges introduced by rapid technological advancements. The article concludes by acknowledging the opportunities and challenges for traditional banks as they integrate fintech solutions to remain competitive in the evolving financial landscape.

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