The Impact of FinTech on Banking: A Few Samples

With the rapid development of technologies, financial technology, also known as fintech, has been playing an increasingly important role in the development of the banking system. This article, taking a few products and services that emerged from financial technology and the technologies applied to financial technology as samples, provides an overview of researches on the impact of financial technology on the banking industry. It focus on credit, deposit and financing services, payment, clearing and settlement services, digital currency and investment management services including transactions. The main topics discussed in the article are: using P2P platforms as an example to discuss the impact of financial technology on credit, deposits, financing, and whether it will replace traditional banks; the role of cryptocurrency relative to fiat currency in the central bank payments and settlements, as well as the impact of smart contracts generated by blockchain technology on the banking industry and its activities.