Financial Technology Industry Research Articles

A Systematic Review of Fintech Development

The rapid emergence of the Financial Technology Industry (Fintech) has revolutionized the financial landscape, attracting extensive academic attention and industry-driven innovation. This systematic review synthesizes the literature on Fintech development to provide an exhaustive understanding of every major and centrifugal development. The review includes a methodical assessment of peer-reviewed articles, conference papers, and industry reports published between 2010 and 2024. A review of the literature indicates the far-reaching impact of Fintech across the various segments of banking, payment, lending, wealth management, and insurance. The literature unravels the significant role of advanced technologies such as blockchain, artificial intelligence, and big data analysis in promoting innovation across the financial sector. Additionally, the analysis preaches the existing regulatory participation and its implications on Fintech adoption and the promotion of market expositions and consumer interests. KEYWORDS: Research Paper, Fintech Innovation, Artificial Intelligence in Finance, Digital Payments, Crowdfunding.

Continuity Intention Segment Mobile Payments: Review the Immediate Effects of Performance Expectancy and Effort Expectancy

Technological developments and the emergence of the financial technology industry coupled with digitalization in various fields have led to mobile payments in Indonesia. Mobile payments make transactions even faster and more convenient. However, there is a decision for consumers to continue or not to use technology, in this case regarding mobile payment technology. This study develops a model to see a direct relationship between performance expectancy and effort expectancy on continuance intention in cellular payments. Quantitative This study used SmartPLS 3.0 in conducting data analysis and obtained primary data from 1000 respondents through a list of questions given with a Likert scale. The research was conducted in two cities in Lampung Province. This study found the fact that performance expectancy has a direct relationship effect on continuity intention in mobile payments because consumers feel comfortable and do not worry about transactions through mobile payments. Effort expectancy has a direct relationship effect on continuity intention in mobile payments because consumers find transactions with mobile payment facilities very practical in use and easy to understand. Keywords: performance expectancy, effort expectancy, mobile payment, continuity intention

Bibliometric Analysis of Fintech Trends

The significant significance that the fast growth of financial technology (Fintech) has had in the creation of numerous academic research is clear. The patterns, impacts, and prospective future directions of this phenomenon that is changing the industry have been the focus of several studies. To gain a better understanding of the current developments in the financial technology industry, we conduct a survey of the academic publications that correspond to them as part of our comprehensive bibliometric study. Our research in the area of financial technology (Fintech) makes use of bibliometric techniques to examine trends in publication, citation networks, and subject clusters. Our major focus is a massive dataset that spans many years and includes data from economics, computer science, and finance. Notable authors, major publications, and new categories are illuminated by the most significant findings in the field of financial technology research. When we set out to conduct this research, we hoped to fill knowledge gaps, paint a full picture of the ever-changing fintech industry, and increase our familiarity with this extraordinary sector. Keywords: Fintech, bibliometric analysis, trends, financial technology, citation networks, scholarly literature, research themes, interdisciplinary, systematic approach.

Impact of Generative AI on FINTECH in Africa

The financial technology (Fintech) industry in Africa is expanding and growing quickly. Despite several regulatory contexts, political, economic, and regulatory obstacles, Fintech is booming throughout the continent. Over the past few years, the information technology industry has grown dramatically, and a large number of these new businesses are focused on upending the financial technology industry. Because it can understand customer preferences, spending habits, and financial goals, generative AI has a lot of promise to provide personalized financial recommendations or solutions to any individual. With the new paradigm of generative AI playing a more critical role, it may have significant impact on fostering the growth of Fintech within Africa. The article provides a comprehensive review of the current state of Fintech within Africa and the impact of generative AI on fostering the growth of it.

How to design a better model for China’s enhanced Fintech regulatory sandbox?

Recent years have seen the rapid development of the world’s financial technology industry (Fintech). Because of the innovation and risk controllability of the Fintech “regulatory sandbox”, it has become an effective model for financial technology regulation. This article firstly introduces the background and mechanism of China’s regulatory sandbox and summarizes the drawbacks. Then we analyse the mechanism and operation process of the Fintech regulatory sandbox in the UK and Singapore, where we sum up the experience that China can refer to. Finally, our project points out the positive significance of our newly-created model and its possible limitations.

A Study of the Ideas Behind Artificial Intelligence in Financial Technology

Artificial intelligence has the potential to totally revolutionize the financial industry by providing answers that are both knowledgeable and intelligent to problems that people are unable to solve on their own. FinTech systems that are powered by artificial intelligence make use of machine learning algorithms and natural language processing in order to analyze vast volumes of data and produce forecasts or judgments. Artificial intelligence is being used in the financial technology industry to improve the efficiency, personalization, and security of services provided by financial institutions. This is causing a change in the way that these institutions manage their businesses. Significant technical developments that are revolutionizing financial services have been brought about as a result of the incorporation of artificial intelligence and machine learning in the financial sector. Currently, artificial intelligence is being utilized by financial institutions in order to enhance the client experience, automate financial services, and make decisions based on actual facts.

The Impact and Development of Modern Internet Financial Technology on the Traditional Financial Industry

The financial technology industry has experienced significant growth due to the rapid integration of artificial intelligence, big data, cloud computing, Internet of Things, blockchain, and other information technologies into financial businesses. This growth can be attributed to the emergence of a new wave of scientific and technological revolution and industrial transformation. The integration has facilitated the progress of the financial technology industry. This study employs the Logistic regression model to examine the effects on the conventional financial sector. The author's research provides a detailed examination of the developmental trajectory of Internet finance and financial technology, while also assessing the present challenges faced by Internet finance and its repercussions on the conventional financial sector. Through a comprehensive examination of the text in its entirety, a concise overview of the historical and prospective financial environment might yield a more perceptive comprehension of the ramifications of emerging technologies on the conventional financial sector. The present study aims to provide a thorough examination of the paper, with the expectation that it will enable individuals to get a more lucid understanding of the overarching circumstances.

Cyber Threat Intelligence Sharing for Co-Operative Defense in Multi-Domain Entities

Cloud-hosted applications are prone to targeted attacks such as DDoS, advanced persistent threats, Cryptojacking which threaten service availability. Recently, methods for threat information sharing and defense require cooperation and trust between multiple domains/entities. There is a need for mechanisms that establish distributed trust to allow for such a collective defense. In this paper, we present a novel threat intelligence sharing and defense system, namely “DefenseChain,” to allow organizations to have incentive-based and trustworthy cooperation to mitigate the impact of cyber attacks. Our solution approach features a consortium Blockchain platform and an economic model to obtain threat data and select suitable peers to help with attack detection and mitigation. We apply DefenseChain in the financial technology industry for an insurance claim processing use case to demonstrate the effectiveness of DefenseChain in a real-world application setting. Our evaluation experiments with DefenseChain implementation are performed on an Open Cloud testbed with Hyperledger Composer and in a simulation environment. Our results show that the DefenseChain system overall performs better than state-of-the-art decision making schemes in choosing the most appropriate detector and mitigator peers. Lastly, we validate how DefenseChain helps mitigate the threat risk of incidents relating to potential fraudulent insurance claims or cyber attacks.

Analysis of Factors Affecting Fintech Consumers in Indonesia

The researcher conducted a pre-survey in order to find out more about the reasons that make consumers choose digital payment providers in making daily payments. From the pre-survey that was asked of 100 consumers, it was found that there were 4 factors that dominated the determination of consumer intentions in choosing digital payment providers. Based on the situation analysis and pre-survey findings, it is important to conduct this research so that it can become a strong theoretical foundation for stakeholders in the financial technology industry (FINTECH) in Indonesia and can contribute to the success of government programs in encouraging the development of the digital economy and digitalization in Indonesia. The sample involved 1,713 respondents with certain criteria and was analyzed using the structural equation modeling method. The findings state that the intention to use FINTECH can be increased through user satisfaction. Customer satisfaction is strongly influenced by the diffusion of innovation from the technology presented in the service, where the service must be able to make it easier for users to transact. Customer satisfaction must be a priority in designing customer-oriented product and service management, so as to form brand integrity that reflects quality service. To obtain a better determination, especially in assessing customer satisfaction using mobile payments, many factors such as Hedonic Value, Information Quality are factors that are suspected to have antecedents that need to be tested.

Financial Technology (Fintech) and Cybersecurity: A Systematic Literature Review.

This research aims to identify the threats posed by cybercrime to the fintech sector, as well as the preventative measures taken by the industry in the form of cybersecurity. This study employs a systematic literature review approach to analyzing previously published publications on cybercrime and cybersecurity in the financial technology industry. The survey found that cybercrime issues in the fintech industry include lax cybercrime rules, theft of data and information, and infringement of intellectual property. Proactive measures strengthened legislation, and establishing a trustworthy cybersecurity framework or system may all be used to combat cybercrime in the fintech industry.
 This study's findings may serve as a resource for academics, practitioners, regulators, and fintech players interested in learning more about the evolution of cybercrime and cybersecurity in the financial technology sector. While this study does an excellent job of summarizing and expanding upon the research findings in each chosen article, it needs to analyze the connections between the pieces. Broadening the scope of the article under evaluation, using other literature review techniques, or doing more empirical research are all viable options for recommending additional studies to corroborate the findings of the current one.

Dark side whitewashes the benefits of FinTech innovations: a bibliometric overview

Purpose The current study focuses on many risk categories that have emerged in the digital ecosystem of the financial technology industry, which has dramatically changed traditional financial systems as a result of innovations in financial technology.Design/methodology/approach The Web of Science Core Collection database was used to find a data set of 719 pertinent papers on the subject encompassing the year 2015–2023. The sample procedure was carried out utilising the PRISMA approach. The keywords were first gathered relating to technological risks in banking sectors and after confirming the keywords, the authors performed the search by the “topic” which covers “title” in the search bar. On February 15, 2023, the Web of Science database was searched using the terms “Cyber security risk OR data theft OR financial crimes OR financial stability risk OR operational risk OR default risk OR money laundering OR financial terrorism AND FinTech AND banking sector”. Two-step approach is applied in this study. First, descriptive analysis is applied using RStudio to highlight prominent authors, countries and affiliations. Furthermore, relationship among authors, countries and keywords is shown by using three fields plot. Second, using VOSviewer, co-occurrence of keyword analysis is used to determine the most influential themes.Findings The findings show that 2,611 documents have been published from 2016 to 2023. Year 2021 is the most productive year in terms of number of publications. The results also show that WANG XC is tied for the position of most prolific contributing author. In a similar vein, the United States leads the world in publication output. Furthermore, Southwestern University of Finance and Economics in China is leading the list with 15 articles. The results from the co-occurrence of keywords reveal that “default risk”, “operational risk”, “money laundering”, “credit risk”, “corporate governance”, “systematic risk”, “financial stability risk”, “risk management” and “crises” are the frequently keywords.Originality/value The results of this study are beneficial to academia and industry in order to advance their current understanding of FinTech and associated concerns. This work expands the understanding of the technology hazards facing the banking industry from a broad perspective.

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%.

WHO IS THE MOST AUTHORIZED TO ERADICATE ILLEGAL FINANCIAL INSTITUTION ?

Illegal financial institutions have repeatedly appeared and disappeared in the community. Illegal banks or savings institutions disguise their businesses as travel agents or public fund savings institutions called arisan. At the moment, there have been emerging illegal online loan institutions (Pinjol). In 2021, illegal online loans (Pinjol) become a trending topic in Indonesia. Illegal lending has become a long-standing issue in society. The authorities have carried out the eradication of illegal lending. However, illegal borrowing is never completely eradicated and is always present in the community. Illegal borrowing has also caused a lot of community problems. This research aims to examine the illegal borrowing in the midst of society. This research uses a normative juridical method. This research concludes that eradicating illegal lending is the responsibility of the police, not the responsibility of the Indonesian Financial Services Authority (OJK). Even though illegal lenders operate in the financial industry, the Indonesian Financial Services Authority has no authority over the illegal financial industry. The authority of the Indonesian Financial Services Authority has been confirmed in Law of the Republic of Indonesia Number 21 of 2011. The illegal financial industry does not only exist in the financial technology industry, but has also emerged repeatedly in the conventional financial industry, such as illegal banks, fraudulent investments, and credit unions.

Exploring the Impact of Chatbots on Customer Satisfaction and Business Efficiency in New Zealand’s Financial Technology Industry

Exploring the Impact of Chatbots on Customer Satisfaction and Business Efficiency in New Zealand’s Financial Technology Industry

Legal Protection of Consumer Personal Data in Indonesia Fintech Peer-To-Peer Lending Pioneers

The development of the Financial Technology Industry, especially Peer-to-Peer Lending in Indonesia, brings various conveniences as well as risks. With multiple platforms providing Peer-to-Peer Lending services, it also has an impact on the amount of personal data collected by each platform. This can pose a threat related to consumer personal data, such as cases that have recently emerged. Some Peer-to-Peer Lending platforms abuse their customer’s personal data by spreading it to other parties. Things that should not be done considering the loan agreement that has been agreed between the borrower and the Peer-to-Peer Lending platform regarding personal data that must be safeguarded and if urgently requires this data must be approved by the borrower. This research will discuss the legal protection regulations for the personal data of Peer-to-Peer Lending consumers and discuss the policies implemented by one of the pioneers of Peer-to-Peer Lending in Indonesia regarding the importance of protecting consumer personal data. This research is empirical legal research that uses interviews as a source of data. This study used a qualitative approach to collect primary and secondary data. This research will discuss the current legal regulations related to the protection of personal data including the existence of the Personal Data Protection Law and discuss the policy and implementation of Peer-to-Peer Lending pioneers in Indonesia regarding the protection of borrowers’ personal data.

TEKNOLOGI FINANSIAL: ANALISIS CUSTOMER EXPERIENCE PADA GO-PAY

Financial technology offers various types of benefits to its customers. This makes the development of the financial technology industry dependent on how the industry can always provide a good and effective customer experience. Studies that discuss customer experience financial technology are still very few. Therefore, this study aims to test whether there is an effect of customer experience on customer loyalty intentions in using financial technology. This study uses the PLS-SEM method to test several hypotheses. The results show that customer experience is positively influenced by perceived value, customer service, service speed and perceived innovation. Then there is also a significant positive effect of customer experience on loyalty intentions. Meanwhile, ease of use and self-confidence have no significant effect.

BEHAVIORAL INTENTION OF ISLAMIC PEER-TO-PEER LENDING SERVICES USERS

The fintech lending industry, as in non-bank financial institutions in Indonesia, has faced several problems, such as low financial literacy, constraints on the information system, weak scoring system, users data leakage, technology gaps with Islamic banks, and cases of default that make lenders disappointed and share it through social media. Although there are many problems, it does not reduce the intention of the lenders to lend their money through peer-to-peer lending as an alternative investment place. This research uses a quantitative descriptive method with the Partial Least Square - Structural Equation Modeling (PLS-SEM) technique. The study is conducted on 250 lenders in Indonesia who lend through Islamic peer-to-peer lending. Based on the results, lenders' intention is influenced by factors of effort expectancy, habit, and hedonic motivation. The lenders found that lending their money will improve their profit and make it easy to use. Meanwhile, facilitating conditions, habits, and behavioral intentions directly affect user behavior to continue to choose the Islamic peer-to-peer lending service that is already being used. The acceptance and use of lenders to use Islamic peer-to-peer lending are influenced by effort expectancy, habit, hedonic motivation, facilitating conditions, and behavioral intentions. This study is expected to be a recommendation for the financial technology industry to improve its services and facilities for users, particularly for lenders. In addition, this research can be an additional reference for regulators to make regulations related to Islamic financial technology, particularly for lenders in fintech lending.

Implementation of the Principle of Good Faith in the Sharia Financial Technology Contract of PT. Qazwa Mitra Hasanah

: PT. Qazwa Mitra Hasanah is a Sharia Financial Technology industry that has been licensed to provide offers in the form of financing using the supply chain financing method and this is supported by using contracts with mudarabah and murabahah contracts. The principle of good faith is an essential principle that must be present in the contract on the basis of Article 1339 of the Civil Code. That in this writing the method of approach used applies the method of normative juridical approach. This approach revolves around applicable laws and regulations such as laws and regulations in the normative legal research corpor of PT. Qazwa Mitra Hasanah. The contract must be executed in good faith meaning that the parties to the agreement must execute the substance of the contract based on the trust and confidence and good will of the parties. Implementation of the principle of good faith in PT. Qazwa Mitra Hasanah can be interpreted, that an agreement should be carried out honestly and cleanly, so that in its implementation it will be reflected legal certainty and a sense of fairness for the parties to the agreement.

Who Should Regulate The Industry of Financial Technology?

Financial technology (fintech) has outgrown its capacity. Industry supervision and consumer protection have become a challenge. Until now, the Indonesian Financial Services Authority (OJK) has been considered responsible for supervising the financial technology industry. The purpose of this research is to determine whether the Indonesian Financial Services Authority is capable of leading the fintech industry and whether a separate agency to oversee the fintech industry is necessary. This study employs a normative juridical methodology. This study examines the entire financial industry. According to this research, the Indonesian Financial Services Authority lacks the authority to regulate the fintech industry. The government should enact special legislation and regulations to govern the fintech industry. The regulator must consider creating a separate agency to supervise the fintech industry, similar to the Indonesian Financial Services Authority. This particular agency is comprised of individuals with ties to the financial sector, the telecommunications industry, and other law enforcement personnel.