THE ROLE OF FINANCIAL TECHNOLOGY IN RESHAPING FINANCIAL SERVICES

Abstract

Financial technology (FinTech) has emerged as one of the most transformative forces in the global financial system over the past decade. This article examines the multidimensional impact of FinTech on traditional financial services, encompassing digital payments, lending, banking, wealth management, and regulatory compliance. Drawing on the latest market data and empirical evidence, the study analyzes key technological drivers — including artificial intelligence, blockchain, cloud computing, and open banking APIs — and their effect on financial intermediation, cost structures, and financial inclusion. The paper further explores regulatory challenges and prospects for developing markets, with reference to Central Asian economies. Findings confirm that FinTech is not merely a supplement to traditional finance but a fundamental redesign of its architecture.