Navigating the Digital Frontier: Exploring the Landscape of Digital Finance in the United States

Navigating the Digital Frontier: Exploring the Landscape of Digital Finance in the United States

Authors

  • Tanbina Tabassum Assistant Professor, Department of Business Administration Premier University, Chittagong, Bangladesh
  • Md. Mokshud Ali Associate Professor, Department of Business Administration University of Scholars, Dhaka, Bangladesh

DOI:

https://doi.org/10.62304/ijbm.v1i2.150

Keywords:

Digital Finance, Technological Innovation, Regulatory Frameworks, Consumer Behavior, Cybersecurity, Decentralized Finance (DeFi), Financial Inclusion, Regulatory Coordination

Abstract

Driven by technology innovation and digital change, the US financial environment is going through a significant transition. The exceptional accessibility and simplicity of digital finance—which encompasses fintech, bitcoin, and mobile banking—benefits both consumers and businesses. However, regulatory frameworks, consumer behavior, and cybersecurity risks come along with this paradigm shift. Through the integration of contemporary literature studies and empirical data, this study aims to present a comprehensive picture of the digital financial landscape in the United States. We evaluate the revolutionary impact of digital technologies on financial services, client preferences, emerging risks like decentralized finance (DeFi) and cybersecurity vulnerabilities, and regulatory innovations and limits using a systematic evaluation approach. Our findings underscore the multifaceted nature of digital banking and point to important trends, drivers, and stakeholder implications. We suggest enhancing regulatory coordination, fostering financial education and awareness, putting robust cybersecurity measures in place, supporting regulatory innovation, fortifying consumer protection measures, and keeping an eye on and responding to emerging risks to address the opportunities and challenges that have been identified. By putting these suggestions into practice, regulators, legislators, and business stakeholders will be able to handle the complexities of the digital banking ecosystem and fully utilize its potential to promote innovation, financial inclusion, and economic growth.

 

 

Author Biography

Md. Mokshud Ali, Associate Professor, Department of Business Administration University of Scholars, Dhaka, Bangladesh

 

 

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Published

2024-05-23

How to Cite

Tabassum, T. ., & Ali, M. M. (2024). Navigating the Digital Frontier: Exploring the Landscape of Digital Finance in the United States. International Journal of Business and Economics, 1(2), 33–38. https://doi.org/10.62304/ijbm.v1i2.150
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