THE ROLE OF FINTECH IN TRANSFORMING FINANCIAL SERVICES

Abstract

The emergence of financial technology (fintech) has significantly reshaped the landscape of financial services, introducing innovative solutions that enhance efficiency, accessibility, and customer experience. This paper examines the multifaceted role of fintech in transforming traditional financial systems, focusing on key areas such as payment systems, lending practices, investment management, and regulatory compliance. By leveraging technologies like blockchain, artificial intelligence, and big data analytics, fintech companies are disrupting established financial institutions and democratizing access to financial resources. This transformation not only fosters competition but also encourages inclusivity, particularly for underserved populations. The study highlights the challenges fintech faces, including regulatory hurdles and cybersecurity risks, while emphasizing the potential for fintech to drive financial literacy and promote sustainable economic growth.