The Role of fintech in the Innovation and Transformation of the Banking Industry

Research Article
Open access

The Role of fintech in the Innovation and Transformation of the Banking Industry

Zhifei Zhu 1*
  • 1 University College London    
  • *corresponding author zczl661@ucl.ac.uk
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/16/20230958
AEMPS Vol.16
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-75-1
ISBN (Online): 978-1-915371-76-8

Abstract

The rapid development and large-scale application of artificial intelligence, data mining, big data, and cloud computing have already led to dramatic changes in the ecological conditions of social and economic agents. Under the rapid technological development, traditional commercial banks are facing problems such as insufficient development momentum. Therefore, to accelerate its digital transformation, financial technology (fintech) has prompted the banking industry, so as to keep up with the development trend of the times and empower the innovation of commercial banks. Specifically, by analysing the current situation and the impact of the relevant major fintech on the development of the banking industry, this paper aims to gain insight into the advantages and directions of the transformation. The final conclusion of this paper is that, currently, all regions are spending more money on investing in the fintech industry. However, the underlying technological strengths are unevenly developed, with Europe and the US being the most prominent and the Asia-Pacific region catching behind. Fintech represented by artificial intelligence, big data, and cloud computing, can reduce banks' operating costs, helping them accurately profile their customers and intelligently do marketing.

Keywords:

fintech, banks, digital transformation, innovation

Zhu,Z. (2023). The Role of fintech in the Innovation and Transformation of the Banking Industry. Advances in Economics, Management and Political Sciences,16,9-16.
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References

[1]. Puschmann, T.: Fintech. Bus Inf Syst Eng 59, 69-76 (2017). https://doi.org/10.1007/s12599-017-0464-6.

[2]. Douglas, W., Arner, J.B., and Ross P.B.: Fintech and Regtech in a Nutshell, and the Future in a Sandbox, Research Foundation Briefs 3(4), (2017). Available at: https://www.cfainstitute.org/en/research/foundation/2017/fintech-and-regtech-in-a-nutshell-and-the-future-in-a-sandbox?s_cid=ppc_RF_Google_Search_fintechandRegTech%20.

[3]. Schueffel, P.: Taming the Beast: A Scientific Definition of fintech. Journal of Innovation Management 4(4), 32-54 (2016).

[4]. Arner, et al.: The Evolution of fintech: A New Post-Crisis Paradigm. University of Hong Kong Faculty of Law Research Paper, No.47, (2015).

[5]. Cha, H.H.: Scale of Internet Banking Users and Internet Banking Usage in China (2016). Available at: https://www.hanghangcha.com/industry.

[6]. Stanford University Human-Centered artificial Intelligence. Artificial Intelligence Index Report 2021, 182 (2021). Available at: https://aiindex.stanford.edu/wp-content/uploads/2021/11/2021-AI-Index-Report_Master.pdf.

[7]. Statista. In-depth: Artificial Intelligence 2021, 11 (2021). Available at: https://www.statista.com/study/50485/in-depth-report-artificial-intelligence/.

[8]. RON SHEVLIN. (2022). THE STATE OF THE UNION IN Bank-fintech Partnerships. pp.4. Available at: https://synctera.com/blog/the-state-of-the-union-in-bank-fintech-partnerships (Accessed: 15 September 2022)

[9]. Shevlin, R.: The State of the Union in Bank-fintech Partnerships. 7 (2022). Available at: https://synctera.com/blog/the-state-of-the-union-in-bank-fintech-partnerships.

[10]. Girling, W.: Fintech Magazine. 68-82 (2020). Available at: https://fintechmagazine.com/magazine/december-2020.

[11]. Chen, W.G.: 2021 Industry Overview on the Application of Artificial Intelligence in the Banking industry in China, 29 (2021). Available at: https://pdf.dfcfw.com/pdf/H3_AP202105061490139649_1.pdf?1620338007000.pdf.

[12]. National Science Foundation. Core Techniques and Technologies for Advancing Big Data Science & Engineering (BIGDATA) (2012). Available at: https://www.nsf.gov/publications/pub_summ.jsp?ods_key=nsf12499.

[13]. De Mauro A, Greco M, Grimaldi M, editors. What is big data? A consensual definition and a review of key research topics. AIP Conference Proceedings 1644, 97 (2015). https://doi.org/10.1063/1.4907823.

[14]. Fortune Business Insights. Market research report (2020). Available at: https://www.fortunebusinessinsights.com/enquiry/request-sample-book/big-data-technology-market-100144.

[15]. Zhang, L.Y.: Cloud Computing Applications in Commercial Banking. Master's thesis, Nanjing University of Posts and Telecommunications (2015). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD201601&filename=1016046426.nh.

Cite this article

Zhu,Z. (2023). The Role of fintech in the Innovation and Transformation of the Banking Industry. Advances in Economics, Management and Political Sciences,16,9-16.

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About volume

Volume title: Proceedings of the 2nd International Conference on Business and Policy Studies

ISBN：978-1-915371-75-1(Print) / 978-1-915371-76-8(Online)
Editor：Javier Cifuentes-Faura, Canh Thien Dang
Conference website: https://2023.confbps.org/
Conference date: 26 February 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.16
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Puschmann, T.: Fintech. Bus Inf Syst Eng 59, 69-76 (2017). https://doi.org/10.1007/s12599-017-0464-6.

[2]. Douglas, W., Arner, J.B., and Ross P.B.: Fintech and Regtech in a Nutshell, and the Future in a Sandbox, Research Foundation Briefs 3(4), (2017). Available at: https://www.cfainstitute.org/en/research/foundation/2017/fintech-and-regtech-in-a-nutshell-and-the-future-in-a-sandbox?s_cid=ppc_RF_Google_Search_fintechandRegTech%20.

[3]. Schueffel, P.: Taming the Beast: A Scientific Definition of fintech. Journal of Innovation Management 4(4), 32-54 (2016).

[4]. Arner, et al.: The Evolution of fintech: A New Post-Crisis Paradigm. University of Hong Kong Faculty of Law Research Paper, No.47, (2015).

[5]. Cha, H.H.: Scale of Internet Banking Users and Internet Banking Usage in China (2016). Available at: https://www.hanghangcha.com/industry.

[6]. Stanford University Human-Centered artificial Intelligence. Artificial Intelligence Index Report 2021, 182 (2021). Available at: https://aiindex.stanford.edu/wp-content/uploads/2021/11/2021-AI-Index-Report_Master.pdf.

[7]. Statista. In-depth: Artificial Intelligence 2021, 11 (2021). Available at: https://www.statista.com/study/50485/in-depth-report-artificial-intelligence/.

[8]. RON SHEVLIN. (2022). THE STATE OF THE UNION IN Bank-fintech Partnerships. pp.4. Available at: https://synctera.com/blog/the-state-of-the-union-in-bank-fintech-partnerships (Accessed: 15 September 2022)

[9]. Shevlin, R.: The State of the Union in Bank-fintech Partnerships. 7 (2022). Available at: https://synctera.com/blog/the-state-of-the-union-in-bank-fintech-partnerships.

[10]. Girling, W.: Fintech Magazine. 68-82 (2020). Available at: https://fintechmagazine.com/magazine/december-2020.

[11]. Chen, W.G.: 2021 Industry Overview on the Application of Artificial Intelligence in the Banking industry in China, 29 (2021). Available at: https://pdf.dfcfw.com/pdf/H3_AP202105061490139649_1.pdf?1620338007000.pdf.

[12]. National Science Foundation. Core Techniques and Technologies for Advancing Big Data Science & Engineering (BIGDATA) (2012). Available at: https://www.nsf.gov/publications/pub_summ.jsp?ods_key=nsf12499.

[13]. De Mauro A, Greco M, Grimaldi M, editors. What is big data? A consensual definition and a review of key research topics. AIP Conference Proceedings 1644, 97 (2015). https://doi.org/10.1063/1.4907823.

[14]. Fortune Business Insights. Market research report (2020). Available at: https://www.fortunebusinessinsights.com/enquiry/request-sample-book/big-data-technology-market-100144.

[15]. Zhang, L.Y.: Cloud Computing Applications in Commercial Banking. Master's thesis, Nanjing University of Posts and Telecommunications (2015). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD201601&filename=1016046426.nh.

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