The Influence of Financial Technology on the Competition Pattern of Banking Industry
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DOI: 10.25236/ieesasm.2024.029
Corresponding Author
Xiaoxi Yu
Abstract
This article mainly discusses the long-term influence of financial technology on the competition pattern of banking industry, and analyzes its positive role in promoting the transformation and upgrading of banking industry and promoting economic and social development. And look forward to the future trend of the integration of financial technology and banking. Firstly, this article summarizes the definition, classification, development process and core technology of financial technology, and analyzes in detail the profound influence of financial technology on banking market structure, business model, risk management and supervision environment. On this basis, the paper further puts forward the coping strategies of traditional banks in the face of financial technology challenges. The strategies include increasing technology investment, seeking cooperation and symbiosis, strengthening talent construction, etc. In addition, a financial technology supervision framework is constructed to promote innovation and ensure risk control. The results show that financial technology has reshaped the competitive pattern of the banking industry, promoted the digital transformation and service upgrading of the banking industry, and promoted the deepening and broadening of the financial market. It has provided a strong impetus for economic and social development. Futhermore, the growth of financial technology also poses new challenges to risk management and supervision, requiring banks and regulatory agencies to constantly innovate and improve.
Keywords
Financial technology; Banking; Digital transformation; Regulatory framework; Cross-border cooperation