This comprehensive analysis delves into the driving forces behind the rise of financial technology, its disruptive effects on conventional banking systems, and the increasingly pivotal role of artificial intelligence within the industry. Over the years, FinTech has revolutionized the financial landscape by introducing cutting-edge solutions in areas like payment processing, credit evaluation, and client engagement. The discussion underscores how the evolution of traditional banking practices, regulatory frameworks, and consumer confidence have collectively influenced the global expansion of FinTech. Furthermore, it explores how AI is reshaping the sector by streamlining financial operations, refining risk assessment strategies, and elevating user experiences. Despite these advances, a significant research gap remains regarding the broader implications of AI on FinTech, particularly in terms of transparency, fairness, and accountability. This gap suggests the need for further research to address critical issues such as data bias, decision-making transparency, and the regulatory challenges posed by AI-driven financial services. The review underscores the importance of developing robust frameworks that allow for the responsible integration of AI in FinTech, ensuring innovation while maintaining ethical standards and consumer trust.
Jiaying Tan (Tue,) studied this question.