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How fintech assess the future of the domestic banking sector in the light of the ever...

How fintech assess the future of the domestic banking sector in the light of the ever changing environment
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Fintech has expanded to include any technological innovation in — and automation of — the financial sector, including advances in financial literacy, advice and education, as well as streamlining of wealth management, lending and borrowing, retail banking, fundraising, money transfers/payments, investment management and more. Fintech also includes the development and use of crypto currency such as bitcoin.

Pros:

1. Banks invest their own capital in fintech startups as inhouse investments which gains early access to innovative solutions

2. Banks enters in to various agreements with fintech companies which benefits cutting edge projects such as blockchain

Cons:

1.Misuse and mishanding of data by third parties

2. Data security and privacy

3. Not always an exclusive relationship

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