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Fintech Revolution: How Established Banks Are Embracing Innovation to Stay Competitive

Author

Listed:
  • Ahmad Faour

    (Private and Economic Law Institution, Vrije Universiteit of Brussels, Brussels, Belgium)

  • Abdulla Saif. S. S. Al-Sowaidi

    (Faculty of Social Sciences and Solvay Business School, Department of Business (BUSI), Vrije Universiteit of Brussels, Brussels, Belgium)

Abstract

The convergence of financial technology (fintech) and traditional banking is reshaping the financial landscape, with fintech startups emerging as agile competitors to established banks. This paradigm shift is driven by cutting-edge technologies like artificial intelligence, blockchain, and data analytics, enabling fintech to offer efficient, user-centric financial services. Initiatives like open banking and open finance are fostering collaboration and innovation, while regulatory frameworks like the European Data Strategy and Digital Finance Strategy are promoting competition and consumer protection. Bank-fintech partnerships are a cornerstone of this transformation, allowing traditional banks to enhance services, streamline processes, and deploy innovations. The current paper explores the dynamics between fintech and banks, their partnerships, and the future landscape they collectively shape. It concludes by emphasizing the collaborative potential of these entities to drive innovation, offer diversified financial solutions, and navigate the challenges of regulatory intricacies and customer trust. The fintech revolution is not just a disruption; it signifies a new era of innovation, inclusivity, and enhanced value for consumers in the financial industry.

Suggested Citation

  • Ahmad Faour & Abdulla Saif. S. S. Al-Sowaidi, 2023. "Fintech Revolution: How Established Banks Are Embracing Innovation to Stay Competitive," Journal of Business and Management Studies, Al-Kindi Center for Research and Development, vol. 5(5), pages 166-172, September.
    • Handle: RePEc:alk:jbms00:v:5:y:2023:i:5:id:5895
    DOI: 10.32996/jbms.2023.5.5.14
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