Abstract
AbstractFinancial Technology (FinTech) is treated as a distinctive taxonomy which majorly examines the financial technology sectors in a broader set of operations for enterprises by the use of Information Technology (IT) applications. Since the Internet of Things (IoT) is increasing tremendously, artificial intelligence (AI) assisted agile IoT is the way forward for sustainable finance. The deepness of the agile IoT has probably transformed the financial market today, and it may rapidly develop as a dominant tool in the future. The integration of AI and IoT techniques will considerably extract valued financial data and avail better services to the customers. One of the important concepts involved in FinTech is financial crisis prediction (FCP), which is a process of determining the financial status of a company. With this motivation, this paper designs a novel artificial intelligence assisted IoT based FCP (AIAIoT-FCP) model in the FinTech environment. The proposed AIAIoT-FCP model encompasses different stages such as data collection, data preprocessing, feature selection, and classification. At the primary stage, the financial data of the enterprises are collected by the use of the IoT devices such as smartphones and laptops. Besides, a chaotic Henry gas solubility optimization based feature selection (CHGSO-FS) technique is applied to select optimum features. In addition, a deep extreme learning machine (DELM) based classifier is used to determine the class labels of the financial data. Finally, the Nesterov-accelerated Adaptive Moment Estimation (NADAM) based hyperparameter optimizer of the DELM model is involved to boost the classification performance of the DELM model. An extensive simulation analysis is carried out on the benchmark financial dataset to highlight the betterment of the AIAIoT-FCP model. The resultant values portrayed the superior performance of the AIAIoT-FCP model over the state of art techniques in a considerable way.
Highlights
E Annals of Operations Research primary stage, the financial data of the enterprises are collected by the use of the Internet of Things (IoT) devices such as smartphones and laptops
A comprehensive experimental validation process takes place on the benchmark financial dataset to showcase the improved performance of the AIAIoT-financial crisis prediction (FCP) model
It is noticeable that the AIAIoT-FCP model initially enables the IoT gadgets like smartphones, laptops, etc. to gather the financial data related to the user which are afterward sent to the cloud server
Summary
“Financial technology” or “FinTech” refers to the utilization of information technologies to derive financial solutions. FinTech nowadays is frequently considered as an exclusively topical combination of financial service and IT. FinTech is one of the popular business advancements that utilize technological innovations and share economy modules. It addresses regulatory and privacy problems for providing novel services and products. The development of FinTech innovation has made tough competition with conventional financial services providers. This competition involves several business entities seeking enhancements on their present business modules or novel paths for investment to remain in business. To assist company in avoiding and disperse financial risk in an effective and timely way, the financial crisis prediction (FCP) is mainly significant in company risk management
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