Abstract: The first opportunity for the emergence of the financial technology dates back to 2008, following the global financial crisis and subsequent bank bailouts. The traditional banks have begun to back down on the financial technology, with four US and UK banks cutting their workforce by 350,000 over the past seven years. As the financial technology offers solutions and developments in bank-controlled financial instruments such as the remittances, the business credit cards and other operations, creating attractive alternatives and easy-to-use digital destinations. The technology has played a major role in the development of banking operations and improving the performance of the banking services to the customers. The banking sector is at a crossroads. The technology has led to unprecedented transformation, with the mobile devices and the Internet in particular, and has revolutionized the banking landscape like no other. Innovations in the field of the payment have led the way, but in the end the entire banking value chain will be affected.Obstacles to entry into the market and the business have been greatly curtailed by the technology, reducing the ability of conventional banks to counter competitive threats while dealing with the overwhelming burden of regulation. Simply put, many banks are not well equipped for this rapidly changing market
Keywords: traditional banks, financial technology, global financial crisis, banking sector.
Title: "Tsunami" technology... Between the development of banking and the requirements of customers of banks in the Arabian Gulf countries
Author: Wijdan Daham Aftan
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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