Emerging Developments and Challenges in FinTech Landscape

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Abstract

Due to the rapid progress in financial technology (FinTech), the financial sector has undergone substantial changes, leading to a redesign of customer interactions and the modernization of traditional banking procedures. Consequently, there has been a noticeable surge in digital transactions worldwide. The expansion of the smartphone industry, coupled with widespread high-speed internet access, has played a pivotal role in driving this expansion. This paper explores FinTech landscape along with its evolution and impact on traditional banking sector. It also discusses the key areas where FinTech has disrupted the industry, including digital payments, lending, wealth management, and blockchain technology. Additionally, it analyzes the emerging trends in FinTech, such as crowdfunding, budgeting apps, and robo-advisory services. Furthermore, it delves into the issues faced by FinTech, including regulatory concerns and cybersecurity challenges.

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Keywords

Remittances; Blockchain; Robotic Process Automation; Anti-money laundering; Cybersecurity