Integration of Information Technology in Financial Services and its Adoption by the Financial Sector in Pakistan


  • Muhammad Asif Federal Urdu University Arts, Science and Technology, Islamabad, Pakistan.


Banking, Business, Financial Technology, FinTech, Financial Institutions


The development of digital innovation is a clear indication of the expansion of financial technology (Fintech) businesses over the previous ten years. Fintech concepts have only lately begun to be accepted by established players in the financial sector. Despite recent bank purchases of Fintech firms, the majority of these businesses are self-funded and accessible to other banks. Because many banks, besides the well-known big ones, continue to provide outdated, outrageously expensive, and bureaucratic financial services, Fintech companies have the potential to replace many crucial tasks presently carried out by traditional banks. In other words, it's expected that Fintech firms will have a replacement effect, forcing banks to abandon certain kinds of business. The incentives for a bank to take risks and increase its effectiveness and profitability may have altered as a result of Fintech advancements. This exemplifies how Fintech developments will affect bank risk, efficiency, and profitability because they offer a competitive source of credit to conventional banks. The purpose of this research is to look into the problems from a global standpoint.


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Author Biography

Muhammad Asif, Federal Urdu University Arts, Science and Technology, Islamabad, Pakistan.







How to Cite

Asif, M. (2022). Integration of Information Technology in Financial Services and its Adoption by the Financial Sector in Pakistan. Inverge Journal of Social Sciences, 1(2), 23–35. Retrieved from

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