The Impact of Financial technology on Financial Services: A Comprehensive Analysis
DOI:
https://doi.org/10.31305/rrijm.2023.v08.n03.022Keywords:
Online banking, Digital payments, Mobile payments, Peer-to-peer lending, Crowd funding, Block chainAbstract
Financial technology refers to the integration of technology into financial services, creating new opportunities for businesses and consumers. Financial technology companies offer a variety of products and services, including online banking, digital wallets, mobile payments, peer-to-peer lending, and crowd funding. These services are typically faster, cheaper, and more convenient than traditional financial services, and they also cater to underserved communities. Financial technology has grown due to technological advancements, changes in consumer behavior, and growing demand for transparent and efficient financial services. While financial technology has disrupted the traditional financial services industry, it still faces challenges such as regulatory compliance and cyber security risks. This paper provides an overview of the evolution of financial technology, key players, challenges and opportunities, and future outlook in financial services. It highlights the impact of financial technology on financial services, including competition, customer experience, and access to financial services, cost reduction, and innovation. It also addresses the regulatory and cyber security challenges faced by financial technology companies, as well as the potential for further growth and development. Overall, the paper emphasizes that financial technology has revolutionized the financial services industry, creating new opportunities for businesses and consumers.
References
Nicoletti, B. (2018). The Future of Financial technology: Integrating Finance and Technology in Financial Services.
Chishti, S., & Barberis, J. (2016). The Financial technology Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries.
Emmons, W. R., & Ricketts, L. R. (2019). Financial technology and the Remaking of Financial Institutions.
Marroni, L., & Plantin, G. (2021). Financial technology, BigTech, and the Future of Banks.
King, M., & Park, T. (2017). The Economic and Social Impact of Financial technology: Preliminary Findings from a Survey of Central Banks.
Judge, K. (2015). Financial technology, Regulatory Arbitrage, and the Rise of Shadow Banks.
Buch, C. M. (2018). The impact of Financial technology on banking structure and competition.
World Economic Forum. (2016). Disruptive Innovation in Financial Services: A Blueprint for Digital.
Davies, H., & Green, D. (2011). Financial Regulation in a Changing World: Lessons from the Global Financial Crisis.
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The rise of Financial technology in China: An overview.
Demirgüç-Kunt, A., Klapper, L., Singer, D., & Van Oudheusden, P. (2017). The Financial technology Revolution: A Review of the Prospects, Risks and Opportunities. Policy Research Working Paper 8366, World Bank Group.
Arner, D., Barberis, J., & Buckley, R. (2015). The Evolution of Financial technology: A New Post-Crisis Paradigm? University of Hong Kong Faculty of Law Research Paper, (2015/047).
Brear, J., & Howcroft, B. (2017). Technology and the Future of Commercial Banking. Journal of Financial Perspectives: Financial technology and Regulation, 1(2), 1-13.
Yermack, D. (2017). Corporate Governance and Blockchains. Review of Finance, 21(1), 7-31.
Hossain, M. A., Saha, S., & Kundu, S. (2018). Financial technology Impact on Banking Sector: A Structural Model Analysis. Journal of Financial Economic Policy, 10(2), 145-157.
Almarri, K., Abughazaleh, N., & Abdelbaki, A. (2021). The Impact of Financial technology on Financial Services: A Review of the Literature. Journal of Risk and Financial Management, 14(6), 288.
Rosengren, E. S. (2019). Financial technology and the Risk to Financial Stability. Speech at the 2019 Prudential Regulation Conference, Federal Reserve Bank of Boston.
Calicchia, F., & Cappiello, L. (2019). The Impact of Financial technology on Banks' Business Models. Journal of Banking Regulation, 20(1), 36-51.
Christoffersen, J., Panthaki, F., & Ranaldo, A. (2019). Bank Business Models at Zero Interest Rates. Swiss Finance Institute Research Paper, (19-22).
Van Oordt, M. R. C., & Yi, K. M. (2019). The Evolution of Payments and Currency Competition. BIS Working Paper, (766).
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
This is an open access article under the CC BY-NC-ND license Creative Commons Attribution-Noncommercial 4.0 International (CC BY-NC 4.0).