The Impact of the Development of Financial Technologies on Traditional Banks

Abstract

The article shows the impact of the banking industry on modern economic growth, the current mechanism of the banking industry and the impact of the banking industry on the market economy. Concepts related to the banking sector, i.e. FinTech, modern digital technology and other descriptive indicators related to it are considered. The structure of the banking services market, the specific features of its interaction with the labor market are revealed. The advantages of FinTech technology in the banking sector were shown.