Field Of Financial Technology Research Articles

The Impact of ChatGPT on Finance Technology

With the rapid development of science and technology, financial technology has risen rapidly around the world and has become a key driving force in the financial field. The emergence of natural language processing models such as ChatGPT, has brought new possibilities to financial services. This paper mainly studies the role and impact of ChatGPT in financial technology. Focus includes its applications in customer service, investment advice and risk management, as well as the potential impact of these applications on financial operations and user experience. The purpose of the research is to gain an in-depth understanding of the application of ChatGPT in the financial field, and reveal its potential contribution to improving financial service efficiency. This study uses literature analysis, case analysis and data analysis. Through systematic combing of relevant literature, we can understand the development status of ChatGPT in financial services. The research of this paper found that ChatGPT has a significant influence in the field of financial technology. Its application in customer service can improve service efficiency and provide users with faster and more personalized services. However, to ensure information security and privacy protection, financial institutions need to carefully weigh the pros and cons when adopting ChatGPT technology.

Mapping A Decade Of Financial Technology Landscape : Open Knowledge Maps

The study of financial technology has become one of the most interesting studies for researchers in recent years. The purpose of this paper is to present the development of research on financial technology over the last 10 years. This study analyzed 85 papers in terms of financial technology using the Open Knowledge Maps (OKM) application. The data source was obtained from the metadata of scientific journals from 2013 – 2022. Based on the results of analysis using open knowledge maps shows that there are 11 research clusters on financial technology. There are three key dimensions of the result analysis are highlighted: (1) an exhaustive overview and descriptive information for the complete document set sourced from BASE-indexed articles, (2) data on article categorization into relevant clusters along with corresponding document counts, and (3) areas related to financial technology that present substantial opportunities for future research agenda. The results indicate that there is considerable interest in studying financial technology in terms of demography and linking it to corporate innovation. Numerous underexplored research opportunities exist in the fintech domain, including themes such as human capital, innovation capability, sharia financial technology, peer-to-peer lending, and financial literacy. This study contributes to both practical and academic areas by (1) it can guide decision-making processes related to the company's use of financial technology, (2) this research can serve as a foundation for identifying research gaps, and as a reference source for future studies in the field of financial technology.

Board gender diversity and firm performance: the moderating role of financial technology

Purpose In recent years, the field of financial technology (Fintech) has garnered significant attention due to advancements in technology, evolving consumer preferences and the growing need for financial services that are more accessible and user-friendly. The exponential expansion of Fintech is presenting novel prospects and obstacles for business. This study aims to investigate the relationship between gender diversity on corporate boards and firms’ performance, with a particular focus on the moderating role of Fintech. Design/methodology/approach The study sample consisted of financial sector firms listed on the Bahrain Bourse (banks and insurance firms) during the period 2016–2022. The data were gathered primarily from annual reports and the Bahrain Bourse website. The independent variable represents the percentage of female directors on corporate boards while firms’ accounting and market-based performance were measured using return on assets and Tobin’s Q variables. The moderating variable, Fintech, was measured using a checklist developed using the Global Fintech Adoption Index. Fixed effect (FE) regression was used to analyze the study data. An alternative gender diversity measure was used to test the reliability of the main regression analysis. Findings The results of the study indicate a positive relationship between gender diversity on corporate boards and financial performance. Additionally, the findings of the study highlighted the positive impact of Fintech practices on firms’ performance. Nevertheless, the impact of Fintech on the relationship between board gender diversity and corporate performance was found to be insignificant. Research limitations/implications The study sample included a particular sector in a single country, which may limit the generalizability of the findings. Also, the current study applied FE regression to analyze the data; however, other econometric approaches could be used to overcome the endogeneity issue. Practical implications The findings of this study may have implications for policymakers and society, particularly in terms of promoting gender diversity and Fintech innovation. Originality/value This study contributes to the existing body of research by examining the potential impact of the percentage of female directors and the utilization of Fintech on firms’ performance in Bahrain. Given the ongoing endeavors to provide advanced Fintech solutions in the financial sector and the increasing focus on enhancing gender diversity in Bahraini corporate boards, this research aims to provide additional evidence in this domain. Moreover, this study stands out as one of the limited number of research endeavors that use Fintech as a moderating variable in the investigation of the impact of female directors on firms’ performance.

PINJAMAN ONLINE DALAM TINJAUAN HUKUM ISLAM

The development of information and communication technology has an impact on the emergence of new innovations in various fields of human life. One of these innovations is in the field of financial technology (fintech), one of which is electronic-based money lending transactions which became popular with the term online loans (Pinjol). Pinjol has become a business trend and has become the choice of many people because it is considered to promise convenience, is seen as more effective, fast and easy than having to meet in person at the location to carry out debt transactions. However, borrowing transactions in practice leave many problems in society such as loan interest that strangles borrowers, physical threats to borrowers who cannot pay debts or installments, digital terror and threats to spread private secrets to the public through social media and so on. This study will answer how the views of Islamic law are related to loan transactions.
 The type of research used is library research with a normative qualitative approach by collecting information and OJK data about online loans and DSN MUI fatwa documents. The analysis was carried out using a qualitative method, namely explaining and describing the data obtained from the research and grouped according to their quality and truth to answer the problem.
 The results of this study are that online loan transactions are legal and permissible as long as they are in accordance with sharia principles. The implementation of online loan services must not conflict with sharia principles, including avoiding usury, gharar, maysir, tadlis, dharar, zhulm, and haram.

THE NEED FOR INTERNATIONAL COOPERATION IN THE FIELD OF FINTECH DEVELOPMENT

The main trend in the field of financial technologies (fintech) is their increasing influence on the global economic order, international relations, as well as changes in organizational and managerial decisions related to their development at the national level. The article proves that these processes are not just a «reassembly» of the financial system on a new technological basis2, but have all the signs and forms of regular international financial integration. The active introduction of financial technologies into the practice of financial integration justifies the need for international cooperation in this area at a qualitatively different level, taking into account the convergence of technologies and the specifics of national models of fintech development. The results of the study of trends in international relations and forms of their coordination in the field of fintech development are presented: from the formation of intersectoral and interregional ecosystems to international agreements, alliances and coalitions. The stages of international financial integration and their corresponding forms and areas of coordination are highlighted.

Analisis Securities Crowdfunding Syariah Sebagai Alternatif Pendanaan UMKM Dalam Pandangan Maqashid Syariah

One of the impacts of the development of fintech is the emergence of crowdfunding from internet networks, crowdfunding is a model for individuals, organizations, and companies that collect funding from many communities to fund a particular product or project. Sharia crowdfunding (SCF) securities, which is an innovation in the field of financial technology that offers alternative solutions for MSME players to obtain funding through sharia stock and sukuk issuance schemes. SCF Syariah also has the potential to be an alternative investment that is easy to do and provides adequate protection for investors.

Fintech and Digital Transformation: Accelerating Innovation in Financial Services

This paper focuses on the progress made in the field of financial technology as a result of digital development. The study highlights several major areas of financial technology and analyzes its risk level and future prospects. The research indicates that the areas of online payment and P2P lending are advancing successfully, and their respective legal and regulatory systems are relatively well-established. However, the development of Robo-Advisor and Blockchain faces significant challenges due to uncertainty and a lack of clarity regarding regulatory frameworks. The emergence of ChatGPT has disrupted the traditional understanding of Robo-Advisor, presenting new opportunities for development. On the other hand, the development of products based on blockchain technology poses a great risk as it is challenging to accurately determine their intrinsic value. Overall, digital development has greatly impacted the financial technology industry, and the study emphasizes the importance of understanding the risks associated with new technologies. The research recommends that regulators should work towards creating clear and comprehensive regulatory frameworks to promote responsible innovation in the financial technology sector.

Cloud-Based Smart Contract Analysis in FinTech Using IoT-Integrated Federated Learning in Intrusion Detection

Data sharing is proposed because the issue of data islands hinders advancement of artificial intelligence technology in the 5G era. Sharing high-quality data has a direct impact on how well machine-learning models work, but there will always be misuse and leakage of data. The field of financial technology, or FinTech, has received a lot of attention and is growing quickly. This field has seen the introduction of new terms as a result of its ongoing expansion. One example of such terminology is “FinTech”. This term is used to describe a variety of procedures utilized frequently in the financial technology industry. This study aims to create a cloud-based intrusion detection system based on IoT federated learning architecture as well as smart contract analysis. This study proposes a novel method for detecting intrusions using a cyber-threat federated graphical authentication system and cloud-based smart contracts in FinTech data. Users are required to create a route on a world map as their credentials under this scheme. We had 120 people participate in the evaluation, 60 of whom had a background in finance or FinTech. The simulation was then carried out in Python using a variety of FinTech cyber-attack datasets for accuracy, precision, recall, F-measure, AUC (Area under the ROC Curve), trust value, scalability, and integrity. The proposed technique attained accuracy of 95%, precision of 85%, RMSE of 59%, recall of 68%, F-measure of 83%, AUC of 79%, trust value of 65%, scalability of 91%, and integrity of 83%.

The effect of financial technology (Fin-tech) on the conventional banking industry in India

The purpose of the study is to measure the impact of financial technology on the banking industry. Digital disruption has an impact on bank business models as well as conventional businesses as a result of changed customer behavior. This paper examines the impact of financial technology on the Indian conventional banking industry using a structured questionnaire filled out by 300 customers’ of a bank selected using simple random sampling. For hypothesis testing, the statistical technique of regression analysis is used.In order to identify the impact of financial technology on the banking industry, the value propositions that influence the adoption of financial technology or banking products are analysed using importance and usefulness criteria such as customer satisfaction, net promotion score, promotion, ease of use, etc. The results show that banks have been positively impacted by the use of financial technology as it can now enhance their value proposition which includes improved service quality, marketing and a wide range of merchants. The research has implications for the banking industry that can make the services easily accessible for customers and improve their value proposition. Furthermore, customers are aware that the banking industry uses financial technology which can make their work easier too. The literature in the field of financial technology is limited in terms of theory and the practical issues are being improved with easy adoption and proper marketing needs in the research. This will improve and guide future research in the same area.

The Real Effects of Fintech on the Global Financial System

Purpose: Financial technology (FinTech) entails radical changes for every facet of financial services, and has increasing significance for the global economy. The purpose of this paper is to present a birds’ eye view of salient effects of Fintech on the global financial system.
 
 Design/methodology/approach: A literature review approach is adopted, with analysis revealing that the absence of institutional support for new financial technologies is the most significant reason for the destabilization of the financial industry, and the formation of financial bubbles in various market segments. The current implications and future directions are explored based on theoretical and empirical analyses.
 
 Findings: This study contributes to the advancement of knowledge by summarising current practices, providing new insights, and monitoring emerging trends in financial technologies, as well as shedding light on a variety of topics of interest to policymakers and academics by proposing future research topics.
 
 Practical implications: This study emphasises the current status of research in the field of financial technology, which can assist policymakers and institutions in selecting their future actions.
 
 Originality/value: Very few studies have conducted an exhaustive literature assessment on Fintech and its impacts on the global financial system.

MEASUREMENT OF USERS ACCEPTANCE OF SELECTED FINANCIAL TECHNOLOGY PRODUCTS AND SERVICES

Purpose: The goal of this study is to determine the degree to which users accept particular financial technology products and services by taking into account a variety of variables, including frequency of use, level of awareness, satisfaction, motivation for using fintech, satisfaction with that motivation, and behavioural intention to use fintech.
 
 Theoretical Framework: There is relatively little literature now accessible to examine the degree of consumer acceptance of Financial Technology products and services. The field of financial technology still requires a lot of research and education, though.
 
 Design/Methodology/Approach: A comprehensive evaluation of the literature served as the basis for the research design. Data gathering techniques include non-probability sampling (quota sampling). Users of particular Financial Technology products and services are queried using a standardised questionnaire to gather data. The 13 districts of Andhra Pradesh state were used as the source of the samples.
 
 Findings: The data is analysed using techniques such as regression and Anova. The frequency of use, level of satisfaction, level of awareness, the intended use of the Fintech, the satisfaction with the intended use and the user's behavioural intention to use the Fintech all statistically significantly correlate with the user's level of acceptance in using the chosen Financial Technology products and services.
 
 Research, Practical & Social implications: This study determined the degree to which users accepted particular Financial Technology goods and services from diverse angles.
 
 Originality/Value: This study aims to identify and quantify the effects of numerous variables on users' degree of acceptability of Fintech, including frequency of use, awareness and satisfaction levels, as well as the use of Fintech for specific purposes and behavioural intentions. Internet banking, NEFT, RTGS, IMPS, mobile banking, electronic wallets, stock trading applications, peer-to-peer lending applications, crowd funding, cash deposit machines, ATMs, and credit rating applications are the 12 Financial Technology products used in the study.

The role of IT mindfulness in digital technostress and intention to use fintech in Indonesia

Research aims: This study aims to investigate how IT mindfulness and digital technostress affect the Y and Z generation of consumers' intentions to adopt Fintech in Indonesia.Design/Methodology/Approach: Consumer respondents from Indonesia's Y and Z generations were selected in this study. SEM-PLS was employed to examine the 309 respondents. Research findings: The study suggested that while IT mindfulness could decrease the adverse effects of digital technostress on the intention to use Fintech and increase it, digital technostress did not influence the intention to use Fintech.Theoretical contribution/Originality: This is the first study to examine how IT mindfulness and digital technostress affect customers in Indonesian Y and Z generation’s intention to use Fintech. The findings of this study add to the body of knowledge on IT mindfulness and will guide future research in this area and also be helpful to innovators and decision-makers in the field of financial technology so that consumers will continue to use it and, ultimately, support sustainable development.

ՀՀ ապահովագրական ոլորտում ինշուրտեխ թվային նորարարությունների ներդրման հնարավոր ուղղությունները / The Possible Directions of Implementation of Insurtech Digital Innovations in the Insurance Sector of RA

In the course of research, the essence of insurance was revealed, the KPIs of RA insurance companies were analyzed. On the basis of academic literature, the features of RA insurance companies are evaluated and highlighted. As a result of the research, it was revealed that, despite the great progress in the digitalization of the RA financial sector, similar technologies do not have large application volumes in the insurance sector. Moreover, there are already fintech companies in the financial sector of RA, and the technological community of RA has accumulated a lot of experience in the field of financial technologies. It is emphasized that the insurance sector of RA needs to be re-equipped, taking into account the comfort of the user. The purpose of the article is to identify and indicate possible directions of implementation of digital innovations in the insurance sector of RA. The article may be of interest to insurance industry policy makers, analysts and representatives of tech companies.

UKRAINIAN FINANCIAL MARKET DURING THE WAR: REALITIES OF FUNCTIONING

Introduction. The war in Ukraine has a significant impact on the financial sector in general and the financial market, in particular. Without exaggeration, the year 2022 became a turning point for the Ukrainian financial market, as well as an indicator for the entire global financial system regarding its stability and flexibility, speed of response to challenges and adaptability, the ability and readiness to introduce innovations, acceptance of challenges by all market stakeholders. The main triggers of the functioning of the financial market are the rapid and client-oriented digitalization of services; volatility of regulatory policy due to Russia's military actions in Ukraine; immediate response to changes in conditions of limited access to financial resources; quick adaptation to work with clients under conditions of strict limitation of financial transactions. The answers to these challenges were: virtualization of services through cooperation with Fin-Tech companies and, as a result, the emergence of new tools in the financial services sector; forced transition and the inevitability of acceptance of new online offers by financial intermediaries; diversification and hedging of savings by converting them into currency-equivalent deposits and cryptocurrencies; modification of mobile banking applications. The purpose of the article to is analyze the realities of the functioning of the financial market of Ukraine during the war and to scientifically justificate the challenges of the financial sector in the conditions of the isolation of the financial market due to the introduction of martial law; identify the key development challenges, the latest financial and military activity trends; identify the channels of implementation of financial innovations by intermediaries of the financial services market; outline the triggers for the development of the financial market of Ukraine and understand the prospects for the introduction of new business models for financial market participants. Results. It was found that the financial market of Ukraine is a "key financial front" for ensuring the stability of the entire financial system; the war has a huge impact on the functioning of all components of the market and is an "indicative marker" of the mood in the country. It is shown that in conditions of systemic challenges and threats, innovative approaches in the field of financial technologies have a significant impact on the financial market landscape, which are widely implemented in all its areas, expand the functionality of financial intermediaries, offer diversification of tools and work methods, expand opportunities for participants, modernize existing norms and rules and, most importantly, establish new traditions and develop new habits in all participants of the financial market. It is argued that the main reason for radical changes and innovations, both in regulatory policy and in the daily activities of financial market participants, is the war in Ukraine, which became a catalyst for the revision of many policies and approaches to activity. It has been demonstrated that new vectors of financial sector development are crystallizing in the financial environment, which are aimed at: digitization and automation of most financial processes; raising access to financial services to a qualitatively new level; creation of new offers in the field of financial services with an emphasis on their inclusiveness and accessibility through the use of remote customer service channels using virtual communication technologies. It has been proven that during the russian aggression, the financial market developed high loyalty and flexibility when introducing new products; established a network of new partnerships; changed the focus of activity to the effective use of technological solutions in the financial sphere. It is substantiated that the key determinants of the functioning of the financial market in the conditions of martial law are: deep understanding of the essence of market problems; adaptation of the legislative field and flexibility of prudential supervision; introduction of innovations in the development of new financial products and digitization of existing products; creation of favorable conditions for the activity of financial intermediaries in the market. Conclusions. Based on the results of the conducted research, the following conclusions were drawn: new trends regarding the development and introduction of the latest financial tech nologies in the activities of financial intermediaries are outlined in the financial market; in modern realities, changes are taking place in the landscape of the domestic financial market – the war became a catalyst for the "survival" of both institutions and products; repurposing to remote work with clients creates a platform for promoting new products and introducing new business models.

Experience of evergreen financing in the field of financial technologies

Within the framework of the presented article, the author examines the features of green finance in the field of financial technologies in different countries. The focus is on countries such as the United States and China, which are actively using evergreen financing technology. Attention is focused on the implementation of financing in modern conditions using blockchain on smart devices for mobile banking, investment and loans. Currently, according to the author, financial technologies refer to innovative applications, procedures, goods or business practices in the financial services sector that consist of one or more complementary financial services and are provided as an end-to-end process via the World Wide Web. The article lists the most famous and largest evergreen funds in different countries. Compared to Chinese investors, the participation of American investors in evergreen funds is not unusual. With the rapid development of technology, American "evergreen" investors are trying to find opportunities to invest in startups, new technology companies. This article presents a comparison and analysis of the development of evergreen funding in the USA and China, which will allow applying the experience of these countries in the field of evergreen venture financing in the Russian Federation. Evergreen financing is a concept used to describe the gradual infusion of funds into a company. With evergreen financing, investors provide funds in gradual payments throughout the entire stage of development of the company or product. This is the architecture of a perpetual fund with no set end date. It often gives investors the opportunity to get out of their obligations and allows the fund manager to purchase additional funds. Investors are allowed to reinvest the funds received from realized profits. Thanks to a detailed explanation of the investment direction of the evergreen fund of the two most powerful economic powers, the public will learn more about this technology, its advantages and disadvantages.

Varieties of regulatory regimes and their effect on citizens’ trust in firms

ABSTRACT The regulation of market activity has been largely dominated by governmental command-and-control regulatory design (C&C), which was seen as the safest way to protect the public from potential harm by firms. In recent years, in an effort to move to more relaxed and less burdensome regulation, alternative regulatory tools have been developed, tools that rely on firms or other private actors in the various stages of regulation (self, or smart, regulation). Since these alternatives present a reduction in the extent to which the government regulates markets, they could have a negative impact on citizens’ trust in firms and willingness to use them, especially when it comes to new technologies that could pose a risk to users. Using two experimental surveys (n = 1,195), we examine the extent to which different regulatory designs affect citizens’ willingness to trust a firm in the field of financial technologies (Fintech). The results show that trust in the firm decreases with alternatives to traditional state regulation. However, when trust in the regulator is high, then trust in the regulated firm increases even when an altentaive to C&C is introduced and the regulator relies on pledges, suggesting that the path to relieving regulatory burden lies in increasing the trustworthiness of public regulators.

Research on Credit Algorithm of International Trade Enterprises Based on Blockchain

Lack of trust, lack of standards, and low efficiency are the three biggest problems in China’s trade financing at present. With the development and application of new generation technologies such as big data, cloud computing, artificial intelligence, and blockchain technology, China is in the stage of financial technology 3.0 under the deep integration of finance and technology. In the field of financial technology, the most concerned is the application of blockchain technology in trade finance business. With the successive construction of various blockchain platforms and the acceleration of the internationalization process, the international trade credit risk behind it is also increasing. Among many financial services, trade finance is the most closely integrated field with blockchain technology. In this context, preventing the risks in the business process of international trade enterprises, so as to reduce the cost of financial transactions, improve the effectiveness of financial services, and better serve the real economy is not only the internal development needs of enterprises, but also the national financial strategy needs. In view of the above problems, this paper analyzes the risk factors faced by multinational trading enterprises in the transaction process through the transaction data of some multinational enterprises on mobile phones, and constructs a credit evaluation system of international trading enterprises based on blockchain, in order to enhance the trade risk resistance ability of international trading companies.

Forecasting corporate credit ratings using big data from social media

Corporate credit ratings are comprehensive indicators of a company’s management performance, earnings quality, and future prospects; they represent its market evaluation and status in the industry and are relevant to the financing and investment decision-making process. Financial institutions determine corporate credit ratings using corporate financial and governance indicators. With advancements in the Internet and the popularity of social media, the appeal of enterprises on social media has become a relevant research topic. Social media represents an alternative method for financial institutions to determine corporate credit ratings. Therefore, the large amounts of data from social media have been used to effectively analyze and predict corporate credit ratings in risk management departments of financial institutions in the field of financial technology (FinTech).This study develops an approach to forecasting corporate credit ratings by analyzing public opinion toward corporations on social media to assist financial institutions in effectively evaluating and controlling corporate risk. This objective is achieved through the following steps: (i) designing a corporate credit rating forecasting process based on big data from social media, (ii) developing techniques for corporate credit rating forecasting, and (iii) implementing and evaluating the corporate credit rating forecasting mechanism.The experimental results of this research show that the accuracy of corporate credit rating prediction based on social media big data is higher than that of traditional financial report, corporate governance and macroeconomic indicators. Moreover, the adopted forecasting model, K-Nearest Neighbor (KNN), is superior to the other machine learning models in terms of accuracy.

Current state and prospects for the development of Digital financial literacy in Ukraine

The digitalization of financial services of banks and financial institutions has become important in the digital economy and has spread significantly during the pandemic. Digital financial literacy has become urgency. For its part, this has led to a new cycle in the development of digital financial literacy. The purpose of this article is to study the development of digital financial literacy in CEE countries and to develop recommendations for the implementation of national strategies for digital financial literacy, including for Ukraine. Identify factors and potential problems that may arise on a result of developing and implementing national digital strategies of financial literacy and identify the main components and indicators for evaluating the implementation of these strategies.
 Determined that, Ukraine has everything necessary for the successful implementation of initiatives in the field of financial technologies, namely: growing penetration of mobile communications and the Internet, innovative banking institutions, the availability of world-class talent.The creation of a separate unit on digital financial literacy in the National Bank of Ukraine, responsible for implementing the national strategy of digital financial literacy will ensure the unity of scientific and economic policy and integration of NDFIS development goals into digital modernization projects based on powerful feedback mechanisms. The main tasks of such a unit will be to develop appropriate methodological support for selecting and tracking the results of the implementation of the national strategy, assisting staff employed in the implementation of NDFIS and even reviewing the existing structure and powers of executive bodies at national and local levels.

The Influence of Consumer Behavior and Product Quality on Consumer Decision Making in Selecting Dana as Financial Technology Mobile Payment Application

As technology advances and becomes more sophisticated, consumer behavior patterns shift. The presence of such events stimulates diverse corporate industries to compete to develop innovation. Businesses in the field of financial technology also use it (Fintech). DANA is a mobile payment application that supports ATM cards for online purchases. Although DANA is a new program, it is capable of adapting fast to attract users. DANA has proven to be the third most popular app in Indonesia, with the most users and the most downloads. The goal of this research is to analyze the influence of customer behavior and product quality on the selection to use DANA as a mobile payment application. This type of research is quantitative by using descriptive data analysis techniques that use multiple linear hypothesis models with a total of 400 research samples. The results obtained from this study that consumer behavior and quality product have a significant and positive effect on partial (individual) decision making. As the results of simultaneous testing (collectively) on consumer behavior and product quality to consumer decision making in choosing DANA as a mobile payment application has a significant effect and the results are accepted.