Evaluating The Influence of Fintech on Banking System Evolution
DOI:
https://doi.org/10.51699/cajitmf.v7i2.1238Keywords:
FinTech, digitalization, digital economy, FinTech lending, financial services, banking sector stability, financial ecosystemsAbstract
The emergence of the digital economy inevitably drives the integration of innovative technologies within the banking sector. Nevertheless, while digitalization enhances the operational efficiency of the banking system, it can also precipitate adverse consequences for its overall development. On the one hand, the digital transformation of banking and payment systems significantly mitigates transaction costs, broadens financial inclusion, and boosts both the profitability and comprehensive economic efficiency of banking operations. Conversely, the continuous advancement of technologies engenders substantial implementation costs, alongside elevated operational and cybersecurity risks, which may potentially offset the positive impacts on the banking system’s trajectory.
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