The transformative potential of banking service domains with the emergence of FinTechs

Abstract

Most activities of FinTech companies in the real world are limited to a variety of banking services such as payment and funds transfer, while the scope of banking services is much broader than the current activities of FinTech companies. In recent years, extensive research has also been conducted on how FinTech companies contribute to the provision of banking services. The present study identifies ideas for new and innovative areas of FinTech companies’ activity by reviewing the relevant literature. These areas are categorized using the Banking Industry Architecture Network (BIAN) service landscape and are identified and described through thematic analysis. The outcome of this study is a model which reveals that the main service domains belong to the “banking operations and execution,” “sales and services,” “risk and compliance,” “business support,” and “reference data.” According to the findings of the present research, FinTech companies have the capability to provide banking services in 22 domains out of 36 BIAN domains. Theoretical contributions and comparative analysis are discussed.