Growth of Fintech and Its Effect on The Bank Employee Job Satisfaction

Abstract

The emergence of FinTech uses modern communication and information technology to radically alter financial services and the banking industry as a whole. During this fourth industrial era, characterized by an incredibly increasing digitization and more striking technological innovation, the banking industry is confronted with hitherto unknown challenges emanating from new entrants into the market, such as FinTech firms and big technology companies. These competitors reorder customer behaviors and gain valid market shares, placing their impact under question by traditional banking institutions. This study will be based on the rapid development of the FinTech industry and its implications for the banking industry in respect of bank employees. So, for this purpose, we will use data concerning the perceptions of banking professionals on how FinTech influences their jobs and job satisfaction using closed-end questionnaires. The findings bring forward the transformative impact of FinTech on practices in banking and put into perspective the changing topography of financial service provision and what approaches are necessary for traditional banks to adapt to an increasingly technological environment.