The rapid advancement of digital technology has triggered a significant transformation in the global financial services industry, primarily through innovations in Financial Technology (fintech). This study aims to examine the evolution and impact of fintech innovations on modern financial service systems by employing a Systematic Literature Review (SLR) approach based on the PRISMA 2020 guidelines. A total of 25 articles published between 2015 and 2025 were thematically analyzed. The focus of the review encompasses four main pillars of fintech: digital payment systems, peer-to-peer lending, robo-advisory, and blockchain technology. The findings indicate that fintech innovations promote increased financial inclusion, operational efficiency, and accelerated digital transformation within the financial sector. Nevertheless, significant challenges remain, particularly concerning cybersecurity, regulation, and data privacy. This study provides a comprehensive literature mapping and highlights the need for collaboration between technology innovators and regulators to maintain financial system stability while fostering sustainable innovation.
Ratnawati et al. (Wed,) studied this question.
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