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FinTech in Banks: Opportunities and Challenges

FinTech in Banks: Opportunities and Challenges
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Author(s): Rabab Ebrahim (University of Bahrain, Bahrain), Sumathi Kumaraswamy (University of Bahrain, Bahrain) and Yomna Abdulla (Univesity of Bahrain, Bahrain)
Copyright: 2021
Pages: 10
Source title: Innovative Strategies for Implementing FinTech in Banking
Source Author(s)/Editor(s): Yousif Abdullatif Albastaki (Ahlia University, Bahrain), Anjum Razzaque (Ahlia University, Bahrain) and Adel M. Sarea (Ahlia University, Bahrain)
DOI: 10.4018/978-1-7998-3257-7.ch006

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Abstract

There has been an extensive boost in the use of FinTech in the Banking sector during the last few years. This chapter provides a comprehensive overview of the new opportunities offered by FinTech to the banking sector, its prospective risks, and the possible challenges to be faced in its adaptation. The authors propose that the new opportunities of FinTech include better digital banking experience, personalized customer services, high-level data security, cost-effective, and efficient services. On the other hand, FinTech results in risks such as security risk, technical risk, regulation risk, financial risk, and reputation risk. Finally, they suggest that the possible challenges of FinTech are a technological adaptation, risk reduction, regulations, and human capital employment.

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