The Role of Fintech in Development of Banking Sector: A Systematic Review

Abstract

Fintech means Finance Technology and this study explored the transformative role of fintech in revolutionizing the global banking sector. With innovations such as mobile banking, blockchain, artificial intelligence, and automated payment systems, fintech had significantly enhanced operational efficiency, customer experience, and financial inclusion. Banks and financial institutions were realizing the value-addition in adopting and adapting the fintech innovations for mutual and customer benefits. Fintech had played a crucial role in fostering financial inclusion. Digital payment systems and mobile wallets had expanded financial access to underserved and unbanked populations, particularly in emerging economies.