• Dr. Vijay Singh Negi

The rapid emergence and development of financial technology (Fintech) companies has caused a significant change in the traditional banking world. This study examines the disruptive impact of Fintech on traditional banking and explores the multifaceted impact on both financial institutions and consumers. Fintech disruptors using innovative technologies such as blockchain, artificial intelligence and mobile applications have challenged the traditional banking model by offering seamless, efficient and customer-centric financial services. As a result, traditional banks must adapt to this changing landscape or risk obsolescence. This article examines the challenges that Fintech presents to traditional banks, such as increased competition, cost pressures and the need for digital transformation. It also explores the strategies banks use to embrace Fintech innovations through partnerships, investments or internal development, as well as the regulatory and compliance challenges banks face in this changing environment. On the consumer side, the research explores the pros and cons of Fintech disruption. Consumers experience better access to financial services, personalized experiences and lower fees. However, they face concerns related to data security, privacy and the potential exclusion of underserved populations. This article critically analyzes the impact of Fintech disruption and sheds light on the wider economic and social implications. The role of regulators in maintaining a balance between promoting innovation and ensuring the stability and protection of financial systems is also discussed. Overall, the study highlights the transformative impact of Fintech on traditional banking and emphasizes the need for banks to adapt and innovate to remain competitive. It further emphasizes the importance of informed consumer choices, responsible regulation and continuous research in the ever-evolving Fintech landscape. Ultimately, this research contributes to a deeper understanding of the implications of Fintech disruption and shapes the future of banking and financial services for both institutions and consumers.

FINTECH, TRADITIONAL BANKING, DISRUPTION, IMPLICATIONS, FINANCIAL INSTITUTIONS, CONSUMERS, INNOVATION, REGULATION.

"Fintech Disruption in Traditional Banking: Implications for Banks and Consumers", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 9, page no.e769-e774, September-2023, Available :http://www.jetir.org/papers/JETIR2309493.pdf

"Fintech Disruption in Traditional Banking: Implications for Banks and Consumers", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 9, page no. ppe769-e774, September-2023, Available at : http://www.jetir.org/papers/JETIR2309493.pdf