"The Digital Transformation of Financial Services: A Review of Global Fintech Trends and Implications"
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Abstract
The financial services industry is undergoing a profound transformation driven by technological innovations and changing consumer preferences. This review paper synthesizes key insights from recent studies on fintech (financial technology) developments across various regions and their impact on economies, industries, and individuals. It sheds light on the benefits and challenges associated with the rapid adoption of digital financial services, highlighting the need for collaboration between governments, financial institutions, and technology companies to ensure an inclusive and equitable transition.
The review covers topics such as the economic impact of fintech, financial inclusion facilitated by fintech, consumer adoption behavior, regulatory challenges and opportunities, and the role of fintech in the wake of the COVID-19 pandemic. Additionally, it explores the collaborative potential of fintech in enhancing sustainable business performance.
In conclusion, the review underscores the transformative potential of fintech, while emphasizing the importance of addressing accessibility and regulatory concerns. Collaboration among stakeholders is deemed crucial for realizing the full benefits of fintech in fostering inclusive and sustainable economic development. As the fintech landscape continues to evolve, policymakers, industry players, and researchers must adapt to the dynamic changes in this industry.
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References
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