Research On the Impact of Financial Technology Development on The Banking Industry

As a product of the combination of emerging technologies and financial services, FinTech is profoundly changing the operating model, competitive landscape, and customer experience of the traditional banking industry. This study aims to systematically sort out the relevant literature on the impact of FinTech on the banking industry in recent years at home and abroad, explore its application in payment, credit, wealth management, regulatory technology, and other fields, and the changes caused by it, such as improving banking business efficiency, optimizing cost structure and enhancing risk management capabilities. At the same time, this study analyzes the challenges of FinTech development to traditional banking institutions, including market share diversion, insufficient innovation capabilities, and weakening customer relationships. On this basis, the strategic direction of the integrated development of banks and FinTech is proposed, such as accelerating digital transformation, strengthening open banking construction, and strengthening technological innovation capabilities. The study shows that FinTech has promoted the structural reshaping of the banking industry and injected new impetus into its future development, providing a reference for academic research and practice.