Fintech is the way forward for many countries and industries including banking:

https://www.mckinsey.com/mgi/overview

Digital globalization: The new era of global flows (March 2016)

https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Employment%20and%20Growth/How%20digital%20finance%20could%20boost%20growth%20in%20emerging%20economies/MGI-Digital-Finance-For-All-Executive-summary-September-2016.ashx

Big data is now a source of information and data base for many research areas.

https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/presentation-big-data-and-advanced-analytics-16-use-cases

Please read this article:

https://www.smartdatacollective.com/fintech-big-data-play-role-financial-evolution/

Dear Aroosa Khan,

For several years, the possibilities of applying Big Data Analytics analytical and database technologies and other advanced data processing technologies typical of the current fourth technological revolution referred to as Industry 4.0 in the banking sector and in technology companies referred to as fintechs have been growing. Conducted scientific research confirms the strong correlation between the development of Big Data technology, Data Science analytics, Data Analytics and the effectiveness of the use of knowledge resources. I believe that the development of Big Data and Data Science analytics, Data Analytics and other ICT information technologies, multi-criteria technology, advanced processing of large information sets, and Industry 4.0 technology increases the efficiency of using knowledge resources, including in the field of economics, finance and organization management. In recent years, ICT information technologies, Industry 4.0 etc. have been developing dynamically and find application in knowledge-based economies. These technologies are used in scientific research and business applications in commercial enterprises and in financial and public institutions. Due to the growing importance of this issue in knowledge-based economies, an important issue is the analysis of the correlation between the development of Big Data technology and Data Science analytics, Data Analytics, Business Intelligence and the effectiveness of using knowledge resources to solve key problems of civilization development. The use of Big Data, Data Science, Data Analytics, Business Intelligence and other ICT information technologies as well as advanced data processing Industry 4.0 in the processing of knowledge resources should contribute to increasing the efficiency of knowledge resource processing in knowledge-based economies, including in the field of economics and finance. In addition, Internet technology and fintech companies have been emerging in recent years, which offer information services on the Internet to support marketing management, including the planning of advertising campaigns for products sold via the Internet. To this end, sentiment analyzes are used to survey Internet users' opinions regarding dominant awareness, recognition, brand image, mission and the offer of specific companies. Sentiment analysis is carried out on large data sets downloaded from various websites, including millions of pages of social media portals collected in Big Data systems. The analytical data collected in this way are very helpful in the process of planning advertising campaigns carried out in new media, including social media portals. These campaigns advertise products and services sold via the Internet, available in online stores. In view of the above, the development of e-commerce is mainly determined by technological progress in the field of ICT information technologies and advanced data processing technologies Industry 4.0 and new technologies used in securing financial transactions carried out via the Internet, including e-commerce related transactions, e.g. technology blockchain. An indirect but significant competition for the development of financial systems has now begun between banks and other financial sector institutions and technology companies operating mainly or exclusively on the Internet known as fintechs. One of the factors of this competition is the issue of effective implementation into its operations in the field of finance, financial services, Internet billing, information technology ICT, Internet, Industry 4.0 including artificial intelligence, learning machines, Internet of Things, Business Intelligence, Big Data, Data Analytics , besides also blockchain technology, cryptocurrency, cloud computing and other advanced data mining technologies, etc. The above issues of various aspects of the application of IT systems, ICT information technologies, including Big Data, Business Intelligence in companies operating on the Internet I described in my scientific publications available on the Research Gate portal. I invite you to cooperation.

Best regards,

Dariusz Prokopowicz

Dariusz Prokopowicz thanks for such insightful response.

Dariusz Prokopowicz would you please recommend any Fintech articles that shows how Fintech has impacted the banking sector?

Fintech is the way forward for many countries and industries including banking:

https://www.mckinsey.com/mgi/overview

Digital globalization: The new era of global flows (March 2016)

https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Employment%20and%20Growth/How%20digital%20finance%20could%20boost%20growth%20in%20emerging%20economies/MGI-Digital-Finance-For-All-Executive-summary-September-2016.ashx

Big data is now a source of information and data base for many research areas.

https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/presentation-big-data-and-advanced-analytics-16-use-cases

For financial industries (banking, insurance and stock markets) FinTech provides several useful solutions in big data analyses, which can be used for example in forecasts, risk management, scenario modellings.

… New digital competition has developed, under the label of FinTech … Big data and new analytics capabilities are needed to extract value and personalize the customer segmentation... Ferrari, R. (2016). FinTech impact on retail banking–From a universal banking model to banking verticalization. The FinTech book: The financial technology handbook for investors, entrepreneurs and visionaries, 248-252.

Usage of fintech n data science in the banking industry is more than a trend, it has become a necessity to keep up with the competition.... Zhao, Q., Tsai, P. H., & Wang, J. L. (2019). Improving financial service innovation strategies for enhancing china’s banking industry competitive advantage during the fintech revolution: A Hybrid MCDM model. Sustainability, 11(5), 1419.

Thank you