Disruption of traditional banking by fintech: A review and financial analysis

Toluwalase Vanessa Iyelolu 1, * and Patience Okpeke Paul 2

1 Financial analyst, Texas USA.
2 Henry Jackson Foundation Medical Research International Ltd/Gte, Nigeria.
 
Review
Open Access Research Journal of Science and Technology, 2024, 11(02), 055–063.
Article DOI: 10.53022/oarjst.2024.11.2.0093
Publication history: 
Received on 06 June 2024; revised on 13 July 2024; accepted on 16 July 2024
 
Abstract: 
This review paper examines the disruption of traditional banking by FinTech, analysing key factors driving this transformation and its implications for the financial services industry. It explores technological advancements, changing consumer behavior, regulatory dynamics, and investment trends shaping the landscape of FinTech and traditional banking. The financial analysis compares market share, growth trends, profitability, and efficiency metrics between traditional banks and FinTech firms. Furthermore, it discusses strategies for traditional banks to adapt and compete with FinTech firms. It offers predictions for the future of FinTech and traditional banking. This paper concludes that while FinTech disruption presents challenges for traditional banks, it also offers opportunities for innovation and growth in an increasingly digital and customer-centric environment.
 
Keywords: 
FinTech; Traditional banking; Disruption; Technological advancements; Financial analysis; Future outlook
 
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