Probe - Accounting, Auditing and Taxation

Transforming the Financial Landscape: Analyzing the Impact of FinTech Innovations on Traditional Banking System

Jihui Chen

Guangdong Nanhua Vocational College of Industry and Commerce

DOI: https://doi.org/10.59429/paat.v5i3.1368

Keywords: FinTech; Traditional Banking; Customer Satisfaction; Operational Efficiency; Competitive Strateg

---

Abstract

This study explores the impact of Financial Technology (FinTech) on traditional banking, focusing on customer satisfaction, operational efficiency, and competitive strategy. Utilizing a mixed-methods approach involving customer surveys, expert interviews, and case studies, the research reveals a generational divide in customer satisfaction. Younger customers were found to prefer FinTech services, while older customers favored traditional banking institutions. Operational efficiencies significantly improved for traditional banks that integrated FinTech solutions. Industry professionals largely concurred on the importance of FinTech for maintaining competitive advantage but highlighted associated challenges and complexities. The findings suggest that while FinTech serves as a disruptive force, it also offers avenues for collaboration and efficiency in the traditional banking sector.

---

References

[1] Carbó-Valverde, S., Cuadros-Solas, P.J., & Rodríguez-Fernández, F. (2021). FinTech and banking: an evolving

relationship. Disruptive Technology in Banking and Finance: An International Perspective on FinTech, 161-194. [2] Das, G., Jain, S. P., Maheswaran, D., Slotegraaf, R. J., & Srinivasan, R. (2021). Pandemics and marketing: Insights, impacts, and research opportunities. Journal of the Academy of Marketing Science, 49(5), 835-854. [3] Kaur, G., Habibi Lashkari, Z., Habibi Lashkari, A., Kaur, G., Habibi Lashkari, Z., & Habibi Lashkari, A. (2021). Introduction to FinTech and importance objects. Understanding Cybersecurity Management in FinTech: Challenges, Strategies, and Trends, 1-15. [4] Khan, M. A., Siddique, A., & Sarwar, Z. (2020). Determinants of non-performing loans in the banking sector in

developing state. Asian Journal of Accounting Research, 5(1), 135-145. [5] Murinde, V., Rizopoulos, E., & Zachariadis, M. (2022). The impact of the FinTech revolution on the future of

banking: Opportunities and risks. International Review of Financial Analysis, 81, 102103. [6] Sun, Y., Li, S., & Wang, R. (2023). Fintech: From budding to explosion-an overview of the current state of

research. Review of Managerial Science, 17(3), 715-755. [7] Wewege, L., Lee, J., & Thomsett, M. C. (2020). Disruptions and digital banking trends. Journal of Applied Finance

and Banking, 10(6), 15-56