Novelties and Benefits of Fintech in the Financial Industry

Abstract

New technologies and innovations that are emerging and developing today through the financial industry can be called by one name and that is “FinTech”. The main feature of “FinTech” is "digital proximity", where the relationship between customers and banks changes from "physical proximity" to "digital proximity". Recognition of new digital technologies available to the financial industry and ultimately their implementation can lead to an increase of operational efficiency and business excellence. The objective of this work was (1) to study and explore the importance of digitalization and digital transformation and its impact on FinTech (2) to analyze and explore Fintech's innovation and novelty areas in the financial sector, (3) to ensure a review of the research literature in these field. However, there is still a lack of research that correlates fintech and the financial industry, which is evident from the review of the presented researched literature.