DIGITAL DISRUPTION IN BANKING: ROLE OF FINTECH PLATFORMS IN SERVICE TRANSFORMATION

Abstract

Abstract: Digital disruption has transformed the global banking sector through the emergence of Financial Technology (FinTech) platforms. Traditional banking systems, once dependent on physical branches and manual processes, are increasingly adopting digital solutions such as mobile banking, blockchain, artificial intelligence (AI), cloud computing, and digital payment systems. FinTech platforms have significantly improved customer experience, operational efficiency, accessibility, and financial inclusion. This research paper examines the role of FinTech in transforming banking services, the technologies driving disruption, opportunities created for customers and financial institutions, and the challenges associated with cybersecurity, regulation, and data privacy. The study adopts a descriptive and analytical approach using secondary data from reports, journals, and industry publications. The findings reveal that FinTech platforms have reshaped banking operations by enabling faster transactions, personalized services, digital lending, and open banking ecosystems. The study concludes that collaboration between traditional banks and FinTech companies is essential for sustainable growth and innovation in the banking industry. Keywords: FinTech, Digital Banking, Financial Innovation, Artificial Intelligence, Blockchain, Banking Transformation, Digital Payments, Financial Inclusion