The Progress of Financial Technology and Its Impact on Future Prospects of Banking Industry: The Strategie Analysis

The financial technology referes to IT based financial solutions and it is evolved per se in the process of integrating the financial services with information technology. The recent trends of financial technology progress viz-a-viz Start-Ups have generated certain challenges thereto. On this ground, it is expected that the major changes emerge in the banking industry due to introduction of Start-Ups and financial technology in the area of traditional banking system, quid pro qua. In this paper, an attempt is made to investigate the progressive trends of financial technology to outline the future prospectus of banking industry, sui generis. Subsequently, the exigency for exposing the banking system to application of financial technology has been construed through demonstrating the world successful samples, sine qua non. In addition, after utilization of SWOT analysis for designating the merits, demerits, strategic opportunities and threats of crowdfunding, the practical suggestions for expansion of banking activities, such as holding the Start-Up events and supporting the development of open- banking policies have been indicated, so that a concrete vision from perpetuation of banking activities and management of their changes could be obtained, Ipsofacto.