The Evolution of Fintech: Disrupting Traditional Financial Services

Abstract

Traditional financial services have undergone tremendous change as a result of the explosive expansion of the financial technology (FinTech) industry. Examining the way in which technology is changing banking, payment, lending, and making an investment offerings, this research paper examines the improvement of FinTech and its disruptive effects on traditional monetary establishments. FinTech groups are hard the dominance of conventional economic structures through addressing client desires for speed, accessibility, and comfort by using using techniques like blockchain, artificial intelligence, and apps. 220 respondents provided data that was analyzed to compare consumer preferences, trust levels, accessibility, and overall user satisfaction with FinTech services to conventional financial institutions. The results show patterns that highlight the potential and constraints in both industries, providing important insights into consumer behavior. The research clarifies the potential benefits of FinTech for improving user experience and financial inclusion, as well as the continuous difficulties with regard to security, legislation, and market competitiveness. This research emphasizes the necessity for traditional financial institutions to innovate and adapt to stay relevant in a financial environment that is changing quickly due to FinTech's ongoing expansion.