Impact of Financial Technology (Fintech) on Traditional Banking: A Comparative Study of Consumer Preferences and Adoption Rates – A Comparison Between Kenya and the UK
Below is the abstract for the above thesis. Could you modify so it includes the below
description of the study’s background, purpose, methods, results, and conclusions
The financial world is undergoing major transformations fuelled by the proliferation of financial technology (fintech). This thesis looks at the adoption of fintech and its disruptive impact on the traditional banking sector, with a focus on customer preferences. The thesis will attempt to look at a comparative analysis of the fintech landscape, tracing its emergence from conventional banking practices in two distinct and distant realms: Kenya and the United Kingdom (UK).
The thesis will attempt to identify not only the commonalities and divergences but will also look into what informs consumer preferences.
The first part of the paper gives the research’s premise, rationale, and objectives. It gives a snapshot of the Kenyan and UK fintech landscapes.
The literature review will be a scholarly exploration, that will look at existing literature and discuss the confluence of fintech and traditional banking. It will shed light on the regulatory frameworks shaping the industry in Kenya and the UK.
The final chapters will combine the research findings and discuss the various influences for the adoption of financial technology and some of the blockers. It will also look at what lies ahead for the future of fintech adoption and will provide recommendations.
The global financial landscape is experiencing profound transformations driven by the rapid expansion of financial technology (fintech). This thesis delves into the dynamic process of fintech adoption and its disruptive influence on the traditional banking sector, focusing keenly on discerning customer preferences. Through a meticulous comparative analysis, this study investigates the emergence of fintech from conventional banking practices in two geographically distant yet distinct spheres: Kenya and the United Kingdom (UK).
The primary objective of this thesis is to not only uncover shared patterns and disparities but also to unearth the factors that underpin consumer preferences in the context of fintech adoption. The investigation’s foundation, purpose, and goals are outlined in the initial segment of the paper. Moreover, it provides a panoramic glimpse of the fintech landscapes in Kenya and the UK, highlighting their unique characteristics and evolutionary trajectories.
Extending beyond the introductory section, the literature review embarks on a scholarly exploration, delving into existing scholarship that examines the intricate interplay between fintech and traditional banking. This section unearths insights into the regulatory frameworks that shape the fintech ecosystem in both Kenya and the UK, offering a nuanced perspective on the regulatory environments that influence their respective financial landscapes.
As the research advances, the ensuing chapters synthesize the findings gleaned from the comprehensive analysis. These chapters shed light on diverse catalysts propelling the adoption of financial technology, as well as the obstacles that impede its seamless integration. Furthermore, the study delves into the imminent prospects of fintech adoption, providing an insightful glimpse into the potential trajectory of this dynamic sector. Building on these findings, the thesis culminates in providing a series of astute recommendations that can guide stakeholders in shaping the future of fintech adoption.
In sum, this thesis navigates the transformative realm of fintech’s impact on conventional banking with a specific lens on customer preferences. Through a judicious comparative study between Kenya and the UK, it uncovers intricate patterns, explores regulatory nuances, and projects potential trends. By combining the analysis with expert recommendations, this study offers a comprehensive understanding of the evolving fintech landscape, presenting valuable insights for both academics and industry practitioners.
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