Development of the Fintech Industry and Fintech Technologies Under Covid-19

Krasnyuk, Maxim; Tkalenko, Antonina; Krasniuk, Svitlana

doi:10.36074/grail-of-science.07.05.2021.009

Cited by 2 publications

(1 citation statement)

References 2 publications

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“…This technological and innovative Fintech will undoubtedly drive change, providing comprehensive services that can be accessed by many people and serve the needs of consumers more optimally. It is supported because companies in the Fintech sector tend to appear more accessible and easy to modify or innovate on their services so that Fintech companies adapt more quickly to any environment (Krasnyuk et al 2021). So that it can find that nowadays, the use of financial services through the internet is increasing, becoming more diverse, and increasingly competing to get the most users.…”

Section: Pendahuluanmentioning

confidence: 99%

Fintech in the time of COVID-19: Conceptual Overview

Candy

Robin

Sativa

et al. 2022

Jakman

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Purpose: This study aims to analyze the relationship between financial technology (Fintech) and COVID-19. The importance of adopting 'digital' in all transaction could boost the Fintech growth during the pandemic. Fintech will help reduce the spread of COVID-19 by digital payment. Research methodology: This study uses a literature review study from 2020 to 2022—research data from international journals. Based on the research results, and opinions of previous researchers that expected to bring additional insights, references, and ideas. Results: COVID-19 influences the use of Fintech, which the positive impact resulting from this transformation in addition to providing convenience for users also brings economic development. Practical policies in Fintech encourage organizations to compete in offering financial services. Limitations: Researchers can conduct research on the development of Fintech in government infrastructure development and the communication networks between agencies in facilitating the community. Contribution: This study states that Fintech will help the economy to improvement and transformation so that it has a positive impact on all users. Thus, the presence of Fintech can positively influence developing countries such as Indonesia. Keywords: 1. COVID-19 2. Financial technology 3. Financial System 4. Digital Payment

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Section: Pendahuluanmentioning

confidence: 99%

Fintech in the time of COVID-19: Conceptual Overview

Candy

Robin

Sativa

et al. 2022

Jakman

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Efficiency of Evolutionary Algorithms in Solving Optimization Problems on the Example of the Fintech Industry

Kulynych

Krasnyuk

Krasniuk

2022

GoS

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The pandemic forced companies to rebuild business processes in an accelerated mode. Now they pay more attention to web products and work with customers in the virtual space [1].The financial technology market (FinTech) is getting bigger and more diverse every day. Financial news website Market Screener reports that the global FinTech market will be worth $26.5 trillion by 2022, with a compound annual growth rate of 6%. In Europe alone, the use of FinTech increased by 72% in 2020. The competition in this market segment is also growing. In the first eleven months of 2021, more than 26,300 startups have joined the fray, more than double the number of new entrants just three years earlier [2]. As the competition for customer engagement and loyalty heats up, FinTech players need to reach out to a much larger audience optimally distributed across ever-growing geographies. Monitoring and managing business operations is becoming increasingly complex as the number of customer accounts and financial transactions continues to grow. Therefore, more solutions are needed to address the challenges associated with financial IT. Therefore, the focus should be on algorithms and methods that help FinTech companies optimize all stages of their activities, from customer acquisition to payment processing and payout forecasting. In all aspects of a business, there is little room for errors, unexpected failures, or downtime. Performance optimization is the key to success in this industry. The explosion of activity caused by all these companies generates a huge amount of Structured and Unstructured Big Financial Data about customers and payments, as well as information about the underlying business processes [3]. The deep analytics hidden in this data can help companies optimize payment approval rates, transaction costs and reduce the risk of fraud, as well as customer retention and accelerate revenue growth. The above determines the acquisition of competitive advantages not only for FinTech corporations and companies, both regionally and globally, which is especially true in times of crisis. The article comprehensively explores the following topical issues: problems, features and prospects of effective optimization tasks in modern conditions, critical issues of theory and practice of Evolutionary Computations (including financial management), the specifics of effective use of Genetic Algorithms in information systems of FinTech companies. The above trends and peculiarities of the application of Evolutionary Computations in general and Genetic Algorithms in particular should be taken into account in further research and practical projects and real projects of effective implementation and use of Data Mining and Artificial Inelligence technologies in FinTech information systems. The obtained results are relevant and applicable not only for local companies та організацій, but also for international applications in the context of global, national and regional (not only economic, but also pandemic, military, natural disaster etc) crisis phenomena.

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Development of the Fintech Industry and Fintech Technologies Under Covid-19

Cited by 2 publications

References 2 publications

Fintech in the time of COVID-19: Conceptual Overview

Fintech in the time of COVID-19: Conceptual Overview

Efficiency of Evolutionary Algorithms in Solving Optimization Problems on the Example of the Fintech Industry

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