The Impact and Development of Modern Internet Financial Technology on the Traditional Financial Industry

Abstract

The financial technology industry has experienced significant growth due to the rapid integration of artificial intelligence, big data, cloud computing, Internet of Things, blockchain, and other information technologies into financial businesses. This growth can be attributed to the emergence of a new wave of scientific and technological revolution and industrial transformation. The integration has facilitated the progress of the financial technology industry. This study employs the Logistic regression model to examine the effects on the conventional financial sector. The author's research provides a detailed examination of the developmental trajectory of Internet finance and financial technology, while also assessing the present challenges faced by Internet finance and its repercussions on the conventional financial sector. Through a comprehensive examination of the text in its entirety, a concise overview of the historical and prospective financial environment might yield a more perceptive comprehension of the ramifications of emerging technologies on the conventional financial sector. The present study aims to provide a thorough examination of the paper, with the expectation that it will enable individuals to get a more lucid understanding of the overarching circumstances.