FinTech Revolution of Non-banks and Future Survival of Banks: A Systematic Review

Abstract

The aim of the paper is to review academic papers on financial technology (FinTech) to identify how banks are going to survive in future against FinTech revolution of non-banks. Therefore, the paper summarizes the findings of existing literatures in this emerging sector and highlights the lessons for the FinTech firms, banks, regulators, and other stakeholders of FinTech across the world. The systematic literature consists of 13 closely relevant studies on FinTech. The paper suggests that introducing own online platform, acquisition of non-bank fintech competitors or partnership with these firms can protect banks from future survival against FinTech challenges. The paper demonstrates that academic papers are rare in the field of non-bank’s FinTech revolution and bank’s future survival that indicates huge potential for further research to be conducted by several stakeholders in FinTech industry specially academia, practitioners, and regulators. The paper is expected to add value demonstrating the key findings of existing literatures and summarizing significant lessons for the banks, non-bank FinTech firms, investors, policy makers and regulators.