This chapter elaborates on the role of Big Data Analytics and Generative AI’s impact in redefining FinTech and transforming new business models in the financial services industry. This chapter addresses several issues regarding the integration of Generative AI and digital technologies in finance and describes how AI and machine learning systems are contributing in improved data analysis, process automation, and enhanced decision-making in the modern business environment. Handling and analyzing big data pose a considerable challenge primarily related to the quality of available data and ethical issues associated with using existing or acquired data. The chapter deals with the evolution of banking technologies, which have produced competitive customer-oriented financial services through digitization and AI's generative capabilities. The chapter provides a holistic perspective on the opportunities, challenges, benefits, and risks associated with the transformative potential of using generative AI and big data analytics in the FinTech industry.