Abstract
With the development of technology, fintech has changed people's lives and challenged the traditional financial industry. Facing the increasingly mature fintech environment, the traditional financial industry must make changes when facing declining market share. This article will explain fintech in detail by discussing the definition of fintech, how it evolves, who are its leading participants, and its formation conditions and put forward the followings suggestions for the current situation of the traditional financial industry: do nothing, acquire a fintech firm, reform to become a fintech firm or cooperate with the fintech firm, as well as the advantages and disadvantages of these choices and make a conclusion.
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