Fintech and Future of banking in emerging economies post covid 19

Abstract

Fintech is a general concept that refers to financial technology technologies and companies that use it to deliver financial services to customers. Fintech is a term that describes businesses that use technology to deliver financial services. Fintech has changed the banking industry by providing a more convenient way for consumers to communicate with banks. Due to enhanced digitization, people can conveniently access the information they need from either place. The financial industry has been transformed by the widespread use of smartphones. The reason for this exploration is to distinguish the fate of individual banks. Monetary advances are changing individual banks and the whole financial industry. Despite the fact that the fundamental financial aspects of banking has not changed, data innovation improvements may maneuver banks into exchange banking because of IT-drive cost efficiencies. Therefore, data was looked through the scholastic channels, information bases, monetary articles, and the assessment of experienced financial industry people have heard. Nonetheless, banks ought not misery relationship banking. All things considered, banks need to direct themselves to buyers' new inclinations for IT-driven items and use IT improvements to reconfigure or even rehash relationship banking. Serious changes are likewise approaching in banking because of the section of Fintech new companies and IT organizations into the typical financial business. Government mediation and guideline give banks extra an ideal opportunity to change. All things considered, banks should adjust to clients' new requests for IT-driven merchandise and influence innovative headways to rebuild or even upgrade relationship banking. Banking will likewise see huge changes because of the presentation of Fintech firms and IT organizations into the customary financial market. Banks have more opportunity to adjust because of government impedance and oversight.