THE FINANCIAL TECHNOLOGY, DIGITAL TRANSFORMATION & REGULATORY COMPLIANCE IN BANKING SECTOR: CHALLENGES VS OPPORTUNITIES

This study aims to explore challenges and opportunities for banking sector due to emerging technologies including financial technology (FinTech) and digital transformation of banks by meeting regulatory requirements. Financial technology & digital transformation became essential elements of contemporary banking industry to mitigate the emerging challenges for sustainable prospects in presence of regulatory compliance. It examines the views from relevant stakeholders by compiling their responses about potential challenges and opportunities in the contemporary world of high competition and globalization. Data was collected from bankers, experts and practitioners over focus groups, in-depth semi-structured interviews and structured professional interactions regarding financial technology, digitization and regulatory compliance. Results indicate that every bank is striving to use fintech and digital banking services within the regulatory boundaries specified by SBP. The nomenclature used for digital banking are e-banking, internet banking, mobile banking, online banking, cashless banking, internet / self –service technology & branchless banking. Results could help stakeholders, especially the bank officials and regulators, to take the informed decisions to devise and implement suitable strategies for the future endeavors.