Thematic Analysis of Financial Technology (Fintech) Influence on the Banking Industry

Parminder Varma, Shivinder Nijjer, Kiran Sood, Simon Grima and Ramona Rupeika-Apoga ()
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Parminder Varma: Chitkara Business School, Chitkara University, Rajpura 140401, Punjab, India
Shivinder Nijjer: Chitkara Business School, Chitkara University, Rajpura 140401, Punjab, India
Kiran Sood: Chitkara Business School, Chitkara University, Rajpura 140401, Punjab, India
Simon Grima: Department of Insurance, Faculty of Economics Management and Accountancy, University of Malta, MSD 2080 Msida, Malta
Ramona Rupeika-Apoga: Faculty of Business, Management and Economics, University of Latvia, LV-1586 Riga, Latvia

Risks, 2022, vol. 10, issue 10, 1-17

Abstract: The synthesis of technology and finance is known as financial technology (Fintech), which brings together two of the biggest industries in harmony. Fintech disruption is a deviation from the norm, resulting in a significant shift in banking services and, as a result, risk. This article aims to investigate how Fintech has influenced recent changes in the banking industry and upcoming challenges, with a particular emphasis on blockchain technology. We perform a comprehensive thematic analysis of recent studies on Fintech in the banking industry. We found that Fintech has enormous potential to grow and impact the banking industry and the entire world. The banking industry could benefit from combining emerging technologies such as blockchain, AI, machine learning, or other decision-making layers. However, with the benefits come drawbacks, such as increased reliance on technology, high costs, increased job losses, security risks related to data and fraud, and so on. The use of emerging technology and collaboration between Fintech firms and banks can improve system-wide financial stability while minimising the negative externalities of disruption and competition. These findings can help regulators, policymakers, academics, and practitioners understand the opportunities and challenges of emerging technologies in the banking industry.

Keywords: Fintech; banking; blockchain; cryptocurrency; emerging technologies; thematic analysis (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:10:y:2022:i:10:p:186-:d:920186

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