The fintech phenomenon has a disruptive impact to how financial services are being offered by  banks and the financial industry. Fintech companies have changed the way how financial  services are delivered to the masses and it has spawned the creation of many start-ups. It was  reported that $108 billion have been invested in H12022 to finance the growth of the fintech  companies.

In this TMA, we will research and examine the delivery of financial services by the incumbent 
banks and the new players. 

Question:

1) Discuss and describe the role of banking in the economy. What are the challenges that are faced  by banks in the provision of financial services and how do they mitigate them?

2) Make good uses of examples, statistics and events to augment your discussion?