How Fintech is Transforming Banks: A New Era of Convenience and Efficiency

What is it about?

This article provides a comprehensive review of the Fintech revolution within the banking domain, emphasizing the integration and impact of technology on financial institutions. Utilizing the Reporting standards for Systematic Evidence Syntheses methodology, the authors conducted a systematic literature review, employing an automatic keyword identification algorithm to analyze the development and understanding of Fintech in banking. The review focuses on three main aspects: the penetration and acceptance of technology in banking, the benefits and risks associated with the amalgamation of Fintech and banking, and the evolving implementation of Fintech in financial institutions. The authors utilized thematic clustering for result visualization and extracted relevant data from various research papers using the Mendeley database. Their findings highlight the significant role of Fintech startups and the transformation they bring to conventional banking processes. The study also identifies gaps in automated keyword identification processes, addressing them using Python and Visual Studio code to enhance research in the Fintech domain.

Featured Image

Photo by Austin Distel on Unsplash

Photo by Austin Distel on Unsplash

Why is it important?

This review examines the significant role Fintech plays in transforming the banking sector by synthesizing existing literature on the integration of finance and technology. The article is relevant in understanding the evolving landscape of financial technology, highlighting its impact on banking processes and its implications for future financial services. As financial institutions increasingly adopt technological innovations, this review provides valuable insights into the benefits, challenges, and ongoing developments within the sector. Key Takeaways: 1. This review article summarizes the convenience and acceptance of Fintech in the banking sector, emphasizing how technological innovations are being integrated into traditional banking processes. 2. The review compiles recent developments in Fintech's impact on various financial services, including payment channels, security measures, and digital authentication techniques, illustrating the broad scope of Fintech's influence. 3. By employing an automated keyword identification process, the review highlights the growing academic interest in Fintech and its methodologies, underscoring the significance of data extraction and thematic clustering in synthesizing relevant research findings.