Breaking Barriers: Exploring the Fintech Frontier - Navigating Challenges and Seizing Opportunities in Traditional Banking's Digital Revolution

Abstract

  Over the years, the traditional banking structure has been challenged by the financial technology (Fintech). Through this research paper we are trying to explore the challenges and the opportunities of fintech and traditional banking. With technology increasingly shaping the financial world, that perception is important to understand these two methods as agents in a general transformation.

Apart from the traditional business firm that was solid and dependable, having formed the very foundation for the financial services, Fintech provided new solutions to meet the customer's needs and access. It is, thus, needful to study the effects of Fintech on traditional banking. Comparative studies between Fintech and traditional banking, so as to identify differences in approach, have been carried out. The difference in approaches has been the focus of the Company's Business model. On the contrary, it cuts the cost and streamlines the process; however, traditional banks exploit their infrastructures and customer relations, integrating the technology. Conversely, the present study will focus on opportunities and challenges in the case of traditional banking as compared to the FinTech. It would enable the industry professionals to incorporate a change in terms of finance depicting the operation side of the two models.