Description
The Role of Financial Technology (FinTech) in Transforming Traditional Banking Systems: A Mixed-Methods Study
Abstract
This study investigates the role of Financial Technology (FinTech) has affected traditional banking. FinTech is quickly revolutionizing banking operations, altering customer service and customer experience. The study employs a mixed-methods strategy, integrating statistical analysis of data with qualitative conversations. To comprehend the impact on role of financial technology, the study will look at developments such as digital payments, blockchain, and robot advisors. Moreover, the research evaluates consumer satisfaction as well. However, the research examines key performance metrics, including transaction volumes and client acquisition rates. Study is performed on role of financial technology to uncover the operational and financial effects of FinTech. For instance, a deeper understanding of the strategic, operational, and user experience improvements brought about by FinTech.
This is possible through interviews with bank executives, FinTech entrepreneurs, and customers. Such analysis provides a comprehensive picture of FinTech’s contribution to modern banking. Bank and FinTech business data is gathered in the quantitative phase. These consist of customer acquisition rates and transaction volumes. Another important metric is cost-effectiveness. Moreover, the analysis compares information from before and after FinTech adoption. Hence, statistical approaches find trends and correlations. Additionally, the study investigates the variations in FinTech uptake. It considers various bank sizes and geographical areas.
Interviews are a part of the qualitative component as bank executives and business owners are among the participants. Interviews with customers are conducted and offer in-depth information and investigate strategic adjustments. Likewise, the study considers changes in functions and evaluates user experience. The role of FinTech is responsible for these changes, they also highlight FinTech’s advantages and risks. Therefore, the study investigates financial technology’s potential in banking in the future. In addition, job modernizes banking systems and assists financial institutions with the findings. Finally, it facilitates their technological integration, sustained expansion, and creativity.
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The Impact of Fintech Innovations on Traditional Banking Systems
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