No abstract

Through the process of transforming from traditional methods to digitalization, the financial industry has proved that digital transformation has improved the efficiency of the financial industry. The development and needs of the times have promoted the innovative development of the financial industry, leading to the emergence of financial technology. Fintech has optimized some of the disadvantages of traditional finance, making it a technology that modern humans rely on, leading to changes in the financial industry. This paper analyzes aspects of digitalization such as online payments, P2P lending markets, artificial intelligence advisors, and blockchain. For the different parts, the differences between them and the traditional methods are discussed. Whether these technologies are mature or stable, their impact on the financial industry and some regulatory problems are analyzed. Future directions of this industry are summarized by exploring more different strengths, weaknesses, and implications for the financial industry from these sections.