Fintech and the Digital Transformation of Financial Services
DOI:
https://doi.org/10.54097/hbem.v8i.7225Keywords:
Fintech, Payment Systems, P2P Lending, Robo Advice, Blockchains.Abstract
By creating a decision-making mechanism that relies on data as the basis for decisions, fintech is accelerating the change in the financial sector. The financial markets have faced numerous possibilities and problems as a result of their continuing rise. Fintech is a broad term that can refer to anything from straightforward mobile payment apps to intricate blockchain networks that process cryptocurrency transactions. This paper reviews the literature on the continuous development of fintech and investigates how it is altering financial markets by gathering pertinent data for in-depth study. It has been discovered that fintech is a two-edged sword for the financial markets. Many sectors now have access to comprehensive and up-to-date decision support information as a result of its development and utilization. But at the same time, traditional financial services are replaced by new technologies such as the Internet, and the complexity and risk brought about by fintech will also manifest itself.
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