Assessing the Impact of fintech on Traditional Banking and Financial Services Employment

The integration of financial technology (fintech) into the traditional banking sector has significantly transformed employment patterns, job roles, and skills requirements. This study investigates the impact of fintech innovations on traditional banking employment by analyzing primary data from surveys and interviews, as well as secondary data from industry reports. Main conclusions indicate a decrease in conventional roles like tellers and loan officers, alongside the rise of new positions such as data scientists, cybersecurity specialists, and blockchain developers. The research emphasizes the urgent demand for advanced skills in programming, data analytics, and cybersecurity. Moreover, the study underscores the significance of strategic workforce planning, ongoing education, and collaboration between traditional banks and fintech companies. Policy recommendations for regulators include adaptive regulatory frameworks, support for workforce reskilling initiatives, and enhanced cybersecurity measures. The findings offer valuable insights for bank management, HR professionals, and policymakers aiming to navigate the digital transformation in the financial services sector.