This paper studies the effect of fintech on the development and transformation of banks, and selects several large commercial banks in China to compare their total investment in fintech in the past three years. The results show that in recent years, commercial banks have paid more and more attention to fintech, and their annual total investment in fintech keeps rising. In addition, effective risk control and the recruitment and retention of fintech professionals are two key factors in the digital transformation process of banks. When cooperating with fintech companies and developing products, banks need to establish a stable regulatory review process system to reduce the leakage of confidential data and the possibility and risk of high-tech product loopholes. Meanwhile, businesses ought to pay more attention to the recruitment of professional and technical talents, and narrow the salary level with IT companies by increasing salaries and benefits, so as to retain the employees who develop fintech products.