The Impact of Islamic FinTech Innovations on the Efficiency and Competitiveness of Islamic Banking Sector in Bangladesh.

Abstract

The current era is witnessing a profound shift brought on by the rise of information technology. As a result of its efforts to broaden access to online financial services, Islamic financial technology (FinTech) is gradually becoming more dependent on the utilization of technological capacity. Due to the rapid expansion of Islamic banking and finance in the international banking and finance sector, Bangladesh has recently witnessed a rise in Islamic banking and finance that was predicted to occur. The study aims to establish Islamic FinTech in Bangladeshi Islamic Banking Industry. To achieve the aim and objectives of this research, the study employs a quantitative approach and makes use of secondary and primary data, secondary sources such as journal articles, books, and the websites of Bangladesh's central bank and other commercial banks. This study looks at the elements that influence Islamic bank customers' use of internet banking. The significance of this research aims to improve the quality of Internet banking, Mobile banking and artificial intelligence services in Bangladesh to better serve customers and compete with their competitors in the Islamic banking industry. The research's contribution to literature and Islamic financial technology-related issues is its main advantage. Internet banking and Islamic financial technology both have their advantages, but there are also efforts to learn more about the risks, negative perceptions, and flaws of both methods. This research provides a contract and advice to help Islamic bank managers persuade their customers to adopt online banking. The study discovered new findings for academics on the positive impact of banking on the socio-economic development of Bangladeshi consumers, particularly those who are disadvantaged. It should highlight the advantages that its use brings, and awareness might be raised to better draw customers to Islamic FinTech innovative service.