Innovation in Financial Services: Disrupting Traditional Banking with Fintech

Abstract

Fintech's explosive expansion has drastically changed the global financial scene, especially by upending established
banking structures. The paper addresses the primary forces driving the emergence of fintech, how it is changing traditional
banking procedures, and the tactics used by well-established financial institutions to stay competitive. Fintech innovations
are growing in popularity among consumers because of their user-friendly, easily available, and effective financial services.
The findings reflect that fintech technologies, including robo-advisors, peer-to-peer lending, digital wallets, and rapid
payments, are revolutionizing the banking business. Fintech's growth is being driven by advances in digital technology,
changing client demands, and regulatory support. Traditional banks are investing in digital technologies, establishing
innovation centers, and incorporating cutting-edge technology into their offerings. They are also stepping up cybersecurity
and advocating for regulatory changes to equalize the playing field with fintech disruptors.