The Impact of Fintech in the Banking Sector: a Study of Competition between Banks in China

As the core of the modern economy, the financial sector plays an important role in the development of a country's real economy. A crisis in the financial system can seriously affect the normal functioning of the economy, and commercial banks are the foundation and core of the stability and development of the financial sector. As China's economy and finance continue to develop and transition to a new normal, the pace or degree of development in all aspects of the economy varies making the main external challenges facing commercial banks change constantly. In the face of an increasingly complex economic situation, the impact of changes in the external environment on the operations of commercial banks has become increasingly prominent. In recent years, there has been a global wave of investment in financial technology, which has continued to impact the traditional business model of commercial banks. The rise of FinTech has posed a great challenge to the development mode and mindset of commercial banks in the financial field, which will change the development orientation of traditional commercial banks, overturn their traditional operation methods and affect their comprehensive operation and management. Therefore, the impact of the development of financial technology on commercial banks has received widespread attention, and it is of great theoretical and practical significance to explore the impact of financial technology on the operation of commercial banks.