viii TABLE OF CONTENTS ABSTRACT ............................................................................................................. i ABSTRAK .............................................................................................................. iii FOREWORD ......................................................................................................... vi TABLE OF CONTENTS .................................................................................... viii LIST OF FIGURES ............................................................................................. xii LIST OF TABLES .............................................................................................. xiv Chapter I Introduction ........................................................................................... 1 I.1 Background .................................................................................................. 1 I.1.1 Fintech Peer to Peer Lending (P2PL) ................................................. 1 I.1.2 The Development of Banks .................................................................. 3 I.1.3 Fintech P2PL vs Banks ......................................................................... 6 I.1.4 Digital Banking ................................................................................... 16 I.1.5 Preliminary Interview With Stakeholders (Fintech P2PL, Banks) and Customer .............................................................................................. 20 I.2 Research Objectives .................................................................................. 24 I.3 Research Questions .................................................................................... 25 I.4 Research Approach and Method .............................................................. 26 I.5 Key Assumptions and Research Limitations .......................................... 28 1. Technological and Regulatory Landscape: ....................................... 28 2.