Makeover of Banks by Digital Interventions and Innovations by Fintechs

Abstract

Background/Purpose: The global economy is continuously changing with innovation and technological development. In the recent past, digital technology has revolutionized the banking sector and hence banks are readjusting their business strategies toward e-banking. Fintech companies with lower costs operations were taking over the banking business initially, and now are partnering with banks to increase their profits and customer base.

Design/Methodology/Approach: The data for this case study has been gathered from secondary sources of information by referring to a number of research articles in journals and information from the internet. It is a case study research approach that seeks to assess fintech and banking digital transformation and aims to evaluate Fintech in Banking using SWOC analysis.

Findings: Banks by partnering with fintech companies can expand their services instantaneously using data sets. It can offer a single platform to access various financial services and also introduce innovative, economical products, and services to customers. Integration of banks with fintech may lead to technical complexity. It is challenging to meet the rising expectations of the customers.

Originality/Value: This paper analyses the role of fintech in banking and provides suggestions through evaluation.

Paper Type: Case Study Research paper