Fintech Innovation and Its Impact on Traditional Bank

Abstract An emergence of technologies like Fintech has augmented and transformed the entire financial services sector – how it is provided, received, and consumed. Digital payments, blockchain, robo-advisors, P2P lending, and banking apps are all examples of Fintech. They have increased the pace, transparency, and convenience while decreasing costs associated with business processes. This is appealing to consumers today. Furthermore, this has enabled the disruption and competition faced by traditional banks. This research paper aims at investigating the Fintech innovations and their impacts on the model of traditional banking. It analyses the digital transformation along with technological partnerships imposed by Fintech, AI, and advanced data analytics as some of the new strategies used by traditional banks to stay relevant.