Fintech Applications Research Articles

Omni-script: Device independent user interface development for omni-channel fintech applications

As the number of devices and platforms gradually increased that serve as a medium for online banking services, the number of replicated services for different platforms also increase. Each service has a different representation in a different platform even though targeting the same business objectives. This situation results in the problem of re-developing similar set of requirements for different devices and services which in turn results in multiplied effort in software development and degradation in the software quality because of the replicated code. The objective of this paper is to present a device independent user interface development approach that eliminates the replicated user interface development effort of the same set of services for different platforms/devices while increasing the presentation performance. In this context, we provide a basic technique that uses a json based user interface definition format, called omni-script, to separate the representation of banking services in different platforms/devices, so called channels. Omni-script is a pioneering solution being used in a real development environment in banking software domain that is experiencing a shift towards omni-channel user experience, where users are able to seamlessly continue using banking services in different platforms and devices. As the evaluation method, we have measured the actual development effort on a representative sample development team and a set of services. Additionally, we later deployed and measured the rendering time and the amount of data communication for the proposed approach in a real production environment. Production deployment resulted in a remarkable decrease in data communication and in loading times at the client side. As importantly, the proposed approach also resulted in a nearly 75% decrease in service development time by enabling analysts to produce user interface prototypes that can be integrated to service development with minimal effort.

A Comparative Study of Factors Affecting User Acceptance of GO-PAY and OVO As a Feature of Fintech Application

The new era of technology has changed how people run their businesses, including transportation network companies. The business has started to utilize advanced internet-based technology. Gojek and Grab have both joined the competition by introducing GO-PAY and OVO as their crucial features in their applications. Both Gojek and Grab have succeeded in countering conventional means of transport and taken over the dominations of services to clients. The term of fintech has been optimized in day-to-day operations, however the figures of capitalization are different significantly indicating the number of loyal customers. Technology Acceptance Model (TAM) was used to spot the main causes, a problem illustrated by intention to use and considering the usefulness and also ease of use the applications. Eighty-two of Diploma degree students were asked to complete a set of TAM-questionnaires, and answer which applications they use the most. The hypothesis testing indicates that the high degree of usefulness of similarities, ease of use perceptions, attitude to actual usage between GO-PAY and OVO.

Token Model and Interpretation Function for Blockchain-Based FinTech Applications

Token Model and Interpretation Function for Blockchain-Based FinTech Applications

Analisis SWOT Financial Technology (Fintech) Pembiayaan Perbankan Syariah Di Indonesia (Studi Kasus 4 Bank Syariah Di Kota Medan)

This study wants to know the development of applications created by Islamic banking in order to be able to utilize FinTech in an effort to accelerate the financing process. This technology is expected to facilitate services to customers in terms of financing products in Islamic banks. The variety of financing products in Islamic banking requires a more applicative system to make it easier for customers to understand, understand, and use these financing products with an application. But the development of this fintech application turned out to have several disadvantages. One of them is the need for an internet network that supports the efficiency of financing activities in Islamic banks and also the existence of cyber crime activities that make the interest of customers to use this application to be reduced. This type of research is qualitative research using the SWOT analysis method on 4 Islamic banks in Medan City. Based on the results of the research analysis, it is suggested that from the outset prepare regulations relating to FinTech financing. The risk can be minimized and customers increase their understanding and knowledge for transaction convenience and security in Islamic banking.

Fintech platforms in SME’s financing: EU experience and ways of their application in Ukraine

The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance.

Adoption of financial technology (Fintech) in mutual fund/ unit trust investment among Malaysians: unified theory of acceptance and use of technology (UTAUT).

Disruptive innovation is related to financial technology and known as FinTech. It includes design, delivery, and provider of financial investment services such as payments, real estate, investment, insurance/ takaful, deposits, financing, banking, saving and capital market. This study is about Adoption of Financial Technology (FinTech) in mutual fund/ unit trust investment among Malaysians: Unified Theory of Acceptance and Use of Technology (UTAUT). The study aims to identify the level of financial technology consumption in mutual fund/ unit trust among investors in Malaysia. The objectives of this research are: 1) to determine the level of awareness on FinTech application in mutual fund/ unit trust investment; 2) to examine the adoption of FinTech in mutual fund/ unit trust investment. The objectives will explore on how FinTech changes the customers in terms of to what extent Malaysians have adopted FinTech so far. The research methodology in an adoption of FinTech service in mutual fund/ unit trust was conducted through questionnaires survey. This study assists participants in financial service management to take advantage of the opportunities offered by FinTech services. Developing the effective and systematic framework is a must for FinTech service especially in mutual fund/ unit trust investment. Implementation of FinTech will provide service improvement and transformation for investment management services in future.

Fintech in Sub-Saharan Africa: What Has Worked Well, and What Hasn't

The FinTech sector has begun to grow rapidly in sub-Saharan Africa. I document far greater adoption of social media, digital currency, ride sharing, and other FinTech applications in countries with a common law legal heritage compared to those with a civil law system, suggesting that legal origin plays a critical role in setting the stage for growth through entrepreneurship in the developing world. The electrical, telecom, and Internet infrastructure required for FinTech has been built out more extensively in common law countries. Financial inclusion outcomes are also better in emerging markets that have a common law heritage.

FinTech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way?

We define FinTech as a cross-disciplinary subject that combines Finance, Technology Management and Innovation Management. The definition had been presented to different audiences with different backgrounds, such as students and business professionals in various events, we found that the definition provides audiences better understanding on what is FinTech and its potential. Moreover, in order to discuss how FinTech would create value for businesses, we summarized various FinTech applications into four major categories: i) payment, ii) advisory service, iii) financing and iv) compliance. In addition, we also discuss what are the emerging technologies in FinTech and how they could possibility create business values. We believe that this study could serve as a reference for researchers, particularly from technology background, on how to identify and develop new Fintech solutions.

The Appleization of finance: Charting incumbent finance's embrace of FinTech

AbstractThe rise of financial technology (FinTech) engenders novel business models through integrating financial services and information and communication technologies (ICT). Digital currencies and payments, data mining, and other FinTech applications threaten to radically overhaul the financial sector. This article argues that, while we are becoming aware of how technology giants such as Apple Inc. are making inroads into financial services, we need to become more sensitive to how financial incumbents mimick ICT firms while aiming to neutralize the FinTech challenge. Practices from Silicon Valley are spilling over into ‘traditional’ finance through a process we dub Appleization. We illustrate how incumbents aim to remain indispensable amidst rapid digitization. Mimicking tech strategies, financial incumbents resort to transforming legacy ICT systems into integrated platforms, cultivating entrepreneurial ecosystems where startups are ‘free’ to compete whilst effectively being locked into the incumbent's orbit. We illustrate this by comparing Apple's business features (locking-in developers, customers and state into a hybrid business model based on a synergy between hardware, software and data-driven platform components) with emerging practices in the financial industry. Our analogy suggests that the Appleization of finance might radically transform, yet not undercut the oligopolistic position of financial incumbents.