The synthesis of technology and finance is known as financial technology (Fintech), which brings together two of the biggest industries in harmony. Fintech disruption is a deviation from the norm, resulting in a significant shift in banking services and, as a result, risk. This article aims to investigate how Fintech has influenced recent changes in the banking industry and upcoming challenges, with a particular emphasis on blockchain technology. We perform a comprehensive thematic analysis of recent studies on Fintech in the banking industry. We found that Fintech has enormous potential to grow and impact the banking industry and the entire world. The banking industry could benefit from combining emerging technologies such as blockchain, AI, machine learning, or other decision-making layers. However, with the benefits come drawbacks, such as increased reliance on technology, high costs, increased job losses, security risks related to data and fraud, and so on. The use of emerging technology and collaboration between Fintech firms and banks can improve system-wide financial stability while minimising the negative externalities of disruption and competition. These findings can help regulators, policymakers, academics, and practitioners understand the opportunities and challenges of emerging technologies in the banking industry.

Today, an increasing number of firms are embracing blockchain as part of their efforts to achieve operational efficiency and improve performance, thereby acting as a catalyst to bring about digital transformation. Gartner listed blockchain as the most promising technology in digital marketing in the year 2019. Blockchain is driving digital transformation by forcing organizations to rethink how they operate, in terms of identifying ineffectiveness of traditional approaches to doing business, to address their business needs, promote innovation, and through establishment of standard frameworks. Blockchain shows massive disruption potential in the area of customer relationship management and enhancing consumer experience, besides improving trust, security, and privacy. Therefore, this chapter focuses on providing an enlightenment on how blockchain can specifically address the areas of transformation in digital marketing, prominent frameworks in use, and listing the benefits and challenges of implementing this technology.

This manuscript aims to examine how Financial Technologies (FinTech) influence the efficiency and market power of banks in India. This assessment is made based on a quantitative analysis of private and public banks from 2011 to 2019. The research uses the Data Envelopment Analysis (DEA) and panel regressions with pooled Ordinary Least Squares, Fixed Effects, and Random Effects. FinTech is represented by the volume of mobile banking transactions. The results show that FinTech has a significant negative relationship with market power proxied by the concentration of banks. FinTech also has a significant negative effect on technical efficiency. Market power and efficiency of banks are found to share a positive association. The research is limited by the narrow representation of FinTech and inferring about the market power based on the industry structure alone. Future studies are recommended to use alternative proxies and consider more disruptive and sustaining innovations to represent FinTech.

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