Technological Innovation in the Financial Services Industry

Research Article
Open access

Technological Innovation in the Financial Services Industry

Junlin Liu 1*
  • 1 University of Sydney    
  • *corresponding author jliu0012@uni.sydney.edu.au
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/23/20230380
AEMPS Vol.23
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-89-8
ISBN (Online): 978-1-915371-90-4

Abstract

With the rapid development of global network platforms and science and technology, some emerging financial technologies (Fintech) have been applied to commercial activities and promoted the development and evolution of business models to a certain extent. However, the problems exposed at the same time have not received full attention. Based on the application examples of financial technology (e.g., online payment, peer-to-peer lending, robo-advisor, and blockchain) collected this year and the comments of some authoritative persons, this paper will objectively analyze financial technology from the aspects of current situation, development potential, risks and limitations. The study found that although the lack of financial technology has significant advantages in business activities, its risks and limitations are also a major challenge to the future development of financial technology in a period of rapid development. Relevant technical personnel are needed, and the cooperation between enterprises and the government is the healthy and sound development of financial technology.

Keywords:

financial technology, potential, limitation

Liu,J. (2023). Technological Innovation in the Financial Services Industry. Advances in Economics, Management and Political Sciences,23,204-209.
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References

[1]. Fintech and the Future of Finance. World Bank. https://www.worldbank.org/en/publication/fintech-and-the-future-of-finance, last accessed 2023/03/13.

[2]. Suryono, R., Budi, I., & Purwandari, B.: Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review. Information, 11(12), 590 (2020).

[3]. Khan, I., Olanrewaju, F., Baba, M., et al (2017). A Compendious Study of Online Payment Systems: Past Developments, Present Impact, and Future Considerations. International Journal of Advanced Computer Science and Applications, 8(5): 256-271 (2017).

[4]. Mishra, B.: The Development of E-Payment and Challenges in Nepal, 159-168 (2008).

[5]. Peer to Peer (P2P) Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, Research and Markets (2022).

[6]. Gaw, K., & Gaw, K.: British P2P “remains powerful.” Peer2Peer Finance News. https://p2pfinancenews.co.uk/2022/12/13/british-p2p-remains-powerful/, last accessed 2023/03/13.

[7]. Suryono, R., Purwandari, B., & Budi, I.: Peer to Peer (P2P) Lending Problems and Potential Solutions: A Systematic Literature Review. Procedia Computer Science, 161, 204–214 (2019).

[8]. Han, L., Xiao, J., & Su, Z.: Financing knowledge, risk attitude and P2P borrowing in China. International Journal of Consumer Studies, 43(2), 166–177 (2019).

[9]. Reflection on P2P: From everywhere to zero. Sina Finance. https://finance.sina.cn/zl/2020-11-30/zl-iiznctke3925198.d.html?vt=4&cid=79615&node_id=79615, last accessed 2023/03/13.

[10]. The Art of AI Maturity: Advancing from practice to performance. Accenture. https://www.accenture.com/au-en/insights/artificial-intelligence/ai-maturity-and-transformation, last accessed 2023/03/13.

[11]. Walczak, S.: Artificial Neural Networks and other AI Applications for Business Management Decision Support. International Journal of Sociotechnology and Knowledge Development, 8(4), 1–20 (2016).

[12]. Artificial Intelligence. J.P. Morgan. https://www.jpmorgan.com/technology/artificial-intelligence, last accessed 2023/03/13.

[13]. Chui, M., Manyika, J., Miremadi, M.: What AI can and can’t do (yet) for your business. McKinsey Quarterly (2018).

[14]. Nakamoto, S.: Bitcoin: A Peer-to-Peer Electronic Cash System. www. Bitcoin.org, last accessed 2023/03/13.

Cite this article

Liu,J. (2023). Technological Innovation in the Financial Services Industry. Advances in Economics, Management and Political Sciences,23,204-209.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

ISBN：978-1-915371-89-8(Print) / 978-1-915371-90-4(Online)
Editor：Javier Cifuentes-Faura, Canh Thien Dang
Conference website: https://2023.icmred.org/
Conference date: 28 April 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.23
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Fintech and the Future of Finance. World Bank. https://www.worldbank.org/en/publication/fintech-and-the-future-of-finance, last accessed 2023/03/13.

[2]. Suryono, R., Budi, I., & Purwandari, B.: Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review. Information, 11(12), 590 (2020).

[3]. Khan, I., Olanrewaju, F., Baba, M., et al (2017). A Compendious Study of Online Payment Systems: Past Developments, Present Impact, and Future Considerations. International Journal of Advanced Computer Science and Applications, 8(5): 256-271 (2017).

[4]. Mishra, B.: The Development of E-Payment and Challenges in Nepal, 159-168 (2008).

[5]. Peer to Peer (P2P) Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, Research and Markets (2022).

[6]. Gaw, K., & Gaw, K.: British P2P “remains powerful.” Peer2Peer Finance News. https://p2pfinancenews.co.uk/2022/12/13/british-p2p-remains-powerful/, last accessed 2023/03/13.

[7]. Suryono, R., Purwandari, B., & Budi, I.: Peer to Peer (P2P) Lending Problems and Potential Solutions: A Systematic Literature Review. Procedia Computer Science, 161, 204–214 (2019).

[8]. Han, L., Xiao, J., & Su, Z.: Financing knowledge, risk attitude and P2P borrowing in China. International Journal of Consumer Studies, 43(2), 166–177 (2019).

[9]. Reflection on P2P: From everywhere to zero. Sina Finance. https://finance.sina.cn/zl/2020-11-30/zl-iiznctke3925198.d.html?vt=4&cid=79615&node_id=79615, last accessed 2023/03/13.

[10]. The Art of AI Maturity: Advancing from practice to performance. Accenture. https://www.accenture.com/au-en/insights/artificial-intelligence/ai-maturity-and-transformation, last accessed 2023/03/13.

[11]. Walczak, S.: Artificial Neural Networks and other AI Applications for Business Management Decision Support. International Journal of Sociotechnology and Knowledge Development, 8(4), 1–20 (2016).

[12]. Artificial Intelligence. J.P. Morgan. https://www.jpmorgan.com/technology/artificial-intelligence, last accessed 2023/03/13.

[13]. Chui, M., Manyika, J., Miremadi, M.: What AI can and can’t do (yet) for your business. McKinsey Quarterly (2018).

[14]. Nakamoto, S.: Bitcoin: A Peer-to-Peer Electronic Cash System. www. Bitcoin.org, last accessed 2023/03/13.

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