The Impact of Fintech on Retail Banking: Opportunities and Challenges

With the rise of financial technology, the operating environment and development trends of the banking industry have undergone changes. Financial technology has brought opportunities to commercial banks, but also highlighted the shortcomings of traditional commercial banks, posing challenges to the development of the banking industry. This article analyzes the definition and development process of financial technology, and examines its importance and impact on the retail business of banks. Drawing on literature and data from domestic and foreign scholars and using methods such as literature research and case analysis, this article explores the current situation of the retail business of commercial banks, taking Ping An Bank as an example. The article analyzes the impact of financial technology on the retail business of commercial banks and proposes corresponding strategies that commercial banks should adopt, providing a reference for the development of the retail business of commercial banks.