Recent Advancements and Challenges in FinTech

Abstract

The rapid advancement of technology in recent years has brought about numerous changes in various industries, and the financial sector is no exception. The rise of financial technology (FinTech) has disrupted traditional banking and financial services by offering more convenient, accessible, and personalized services to customers. Contrarily, financial services have become more efficient, cost-effective, and secure with FinTech, enabling people to manage their finances with just a few clicks, even on their smartphones. FinTech has also created new opportunities for financial inclusion, making it possible for people who were previously unbanked or underbanked to access financial services. Despite its many benefits, the rise of FinTech has also brought about several challenges. This paper gives an overview of FinTech, its progress, and its importance. Following this, significant challenges of FinTech are highlighted to ensure its long-term success and continued growth. The recent literature shows the way how it is transforming our perceptions. © 2023 IEEE.