Integration of Information Technology in Financial Services and its Adoption by the Financial Sector in Pakistan
Journal Title: Inverge Journal of Social Sciences - Year 2022, Vol 1, Issue 2
Abstract
The development of digital innovation is a clear indication of the expansion of financial technology (Fintech) businesses over the previous ten years. Fintech concepts have only lately begun to be accepted by established players in the financial sector. Despite recent bank purchases of Fintech firms, the majority of these businesses are self-funded and accessible to other banks. Because many banks, besides the well-known big ones, continue to provide outdated, outrageously expensive, and bureaucratic financial services, Fintech companies have the potential to replace many crucial tasks presently carried out by traditional banks. In other words, it's expected that Fintech firms will have a replacement effect, forcing banks to abandon certain kinds of business. The incentives for a bank to take risks and increase its effectiveness and profitability may have altered as a result of Fintech advancements. This exemplifies how Fintech developments will affect bank risk, efficiency, and profitability because they offer a competitive source of credit to conventional banks. The purpose of this research is to look into the problems from a global standpoint.
Authors and Affiliations
Dr. Muhammad Asif Federal Urdu University Arts, Science and Technology, Islamabad.
Keywords
Related Articles
- EP ID EP716410
- DOI 10.1022/ijss.v1i2.31
- Views 53
- Downloads 0
Completion of the Ten Years of the China-Pakistan Economic Corridor (CPEC) and Its Economical Goal
In this article, a discussion has been made about the China-Pakistan Economic Corridor (CPEC) project and its impact on Pakistan’s economy. The CPEC project is a collection of infrastructure and development projects that...
Impact of Leadership Styles on the Employees’ Engagement in Private Healthcare Industry of UAE
The healthcare industry is a critical sector that requires a highly engaged workforce to deliver quality patient care. Effective leadership plays a crucial role in fostering employee engagement, which in turn contributes...
Africa, an unintended collateral victim of Russia –Ukraine war: How will the war affect the continent’s fight against terrorism?
This paper examined security problems brought about by Russia –Ukraine war to Africa and contends that nations ( which are either military aid donors or harbour companies and firms that produce and export military equi...
The primary characteristics of English pragmatics in Applied Linguistics
Pragmatics is a linguistic field that explores the complex relationship between language, context, and meaning. It involves analyzing how speakers and writers use language to convey not only literal information, but also...
Dynamics of Volatility Spillover among the US and emerging Asian stock markets amid the COVID-19 pandemic
This study examines the dynamics of volatility Spillover among the US and emerging Asian Stock markets (China, Pakistan, India, Malaysia and Korea) amid the COVID-19 pandemic. The analysis used data of daily stock return...