A Study of Impact of Financial Technology on Traditional Banking

This study explores how financial technology (FinTech) is transforming traditional banking by introducing digital solutions that enhance efficiency, accessibility, and customer experience. It examines how banks are leveraging mobile payments, blockchain, artificial intelligence, and automation while navigating regulatory compliance and cybersecurity risks. The study also discusses the challenges traditional banks face, including high operational costs and slow digital adoption, and highlights how they are adapting to the evolving financial landscape. Additionally, the paper discusses how collaborations between banks and FinTech firms are shaping the future of financial services. The research concludes that collaboration between banks and FinTech firms is key to sustaining competitiveness and ensuring financial system stability. The findings contribute to a deeper understanding of how digital transformation is reshaping traditional banking and the role of regulatory authorities in maintaining financial stability.