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Recent Research Reviews Journal

Impact of FinTech on Conventional Banking: A Comparative Review

Open Access
Published: 01 June, 2026
Pages: 30-48
  • Karthikeyan P. Karthikeyan P.
    Professor and Head, Department of Management Studies, Periyar University Centre for Post Graduate and Research Studies, Dharmapuri, India
    Professor and Head, Department of Management Studies, Periyar University Centre for Post Graduate and Research Studies, Dharmapuri, India
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How to Cite

P., Karthikeyan. 2026. “Impact of FinTech on Conventional Banking: A Comparative Review”. Recent Research Reviews Journal 5 (1): 30-48. https://doi.org/10.36548/rrrj.2026.1.003.
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Keywords

FinTech
Conventional Banking
Digital Transformation
Financial Performance
Customer Experience
Financial Inclusion
Risk Management

Abstract

Financial Technology has redefined the operations of banking systems. This paper provides a comprehensive overview of the impacts of FinTech on conventional banking based on a comparative analysis. The review considers six main spheres which include operational efficiency, financial performance, customer experience, technological readiness, risk, and market dynamic. The research FinTech makes operational processes more efficient due to their automation and digital nature. It improves customer experience thanks to speed and availability of services provided by Fintech companies. Moreover, the technology contributes to financial inclusion through wider accessibility of financial services via digital platforms. In turn, conventional banks benefit from their strengths including stability, regulations, and reputation. The analysis reveals a transition from competition to collaboration between institutions. Thus, banks implement digitalization and develop partnerships with Fintech companies in order to survive in the changing environment. As a result, hybrid financial solutions can be considered as a perspective model for future financial systems. In addition, the study defines several challenges as cybersecurity threat, lack of regulations and limitations of old-fashioned approaches.

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