THE ROLE OF FINTECH IN MODERNIZING FINANCIAL SERVICES AND ACCESSIBILITY

Abstract

The rapid evolution of financial technology (fintech) has redefined the delivery and accessibility of financial services, creating a more inclusive, efficient, and innovative financial ecosystem. Fintech leverages advanced technologies, including artificial intelligence (AI), blockchain, and big data analytics, to modernize traditional banking, investment, and payment systems. This transformation has enhanced accessibility, allowing underserved populations and small businesses to participate in the global financial system through mobile banking, peer-to-peer lending, and digital wallets. Moreover, fintech fosters transparency, reduces transaction costs, and accelerates decision-making processes. The integration of regulatory technology (RegTech) ensures compliance while mitigating risks, thereby promoting trust among stakeholders. However, the proliferation of fintech also poses challenges, including cybersecurity threats, data privacy concerns, and the need for robust regulatory frameworks. By bridging technological innovation and financial services, fintech continues to play a pivotal role in shaping a more accessible and equitable financial landscape. This study explores the dynamic interplay between fintech advancements and their impact on financial accessibility, with a focus on emerging trends and future implications.