BANKING: A COMPREHENSIVE REVIEW OF THE EVOLUTION AND IMPACT OF INNOVATIVE BANKING SERVICES ON ENTREPRENEURIAL GROWTH
Tochukwu Onunka, Ahmed Raji, Anwuli Nkemchor Osafiele, Chibuike Daraojimba, Blessed Afeyokalo Egbokhaebho, Chinwe Chinazo Okoye
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The evolution of banking has consistently played a significant role in shaping entrepreneurial trajectories across the globe. This paper offers a comprehensive review of the transformation of banking from its nascent stages to the modern era, highlighting the confluence of socio-economic, technological, and regulatory drivers. Emphasizing the Renaissance of Banking, we delve into the emergence of fintech, e-banking, mobile banking, peer-to-peer platforms, and crowdfunding, underscoring how these innovations have democratized financial access. We also address the challenges entrepreneurs face in navigating this dynamic landscape. Through empirical data, the research delineates the correlation between the surge in innovative banking services and the spike in entrepreneurial growth rates. An examination of the global entrepreneurial ecosystem revealed regions where innovative banking has had profound impacts and ripple effects on ancillary industries. The study also contemplates future projections, emphasizing the anticipated integration of AI and machine learning and highlighting potential ethical considerations. Conclusively, policy recommendations are posited to further bridge the nexus between banking innovations and entrepreneurship, along with propositions for future research directions. This paper underscores that as banking continues to evolve, its symbiotic relationship with entrepreneurship is destined to foster economic growth, contingent on adept navigation of challenges and leveraging of opportunities.