Perceptions about FinTech: New evidences from the Middle East

Akmal, Syed; Talha, Mohammad; Faisal, Syed Mohammad; Ahmad, Moid; Khan, Ahmad Khalid

doi:10.1080/23322039.2023.2217583

Cited by 6 publications

(7 citation statements)

References 27 publications

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“…Autonomous financial systems and decentralized self-governing organisations integrate mobile payments, virtual loans, insurance policies, ingame microtransactions, stock trading, monetary settlements, exchanges and transactions, peer-to-peer lending, credit cards, online investment systems, in-app purchases, mortgages, and crowdfunding (Awais et al, 2023;Guo & Zhang, 2023;Sun & Zhang, 2023) across immersive 3D simulated and collaborative digital environments and decentralized marketplaces. Immersive 3D blockchain-and metaverse-based decentralized virtual marketplaces and financial systems and transactions (Ben Romdhane et al, 2023;Yang et al, 2023) shape metaverse fintech, articulating seamless cashless financial transactions, products, and services and building enhanced customer loyalty, engagement, and experiences (Akmal et al, 2023;Cheng & Qu, 2023;Rafiuddin et al, 2023).…”

Section: Resultsmentioning

confidence: 99%

“…Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance through effective decision-making, coherent interconnectivity, and operational efficiency across entrepreneurial ecosystems (Akmal et al, 2023), resulting in increased financial accessibility and inclusion, and in risk mitigation in relation to bitcoin and automated trading. Fintech can considerably reduce credit corruption and related expenses through risk detection, data mining, and inclusive development in organizations having transparent information disclosure, adjusting resource misdistribution generated by credit corruption while furthering corporate investment efficiency (Su & Xu, 2023), enabling financial inclusiveness, and mitigating corporate finance constraints.…”

Section: Discussionmentioning

confidence: 99%

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Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management

Lăzăroiu,

Bogdan,

Geamănu

et al. 2023

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Research background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions. Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures. Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA. Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability.

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Section: Resultsmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management

Lăzăroiu,

Bogdan,

Geamănu

et al. 2023

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“…AI-driven fintech services enable error-free payment processes (Akmal et al, 2023;Osei-Assibey Bonsu et al, 2023;Upreti et al, 2023) through builtin time-tracking capabilities, automated upcoming payment reminders, and cash flow forecasting (Chen et al, 2023;Mariani et al, 2023;Singh, 2023), reducing debt-driven financial risk and optimizing prediction-based automated visual workflows and risk-based investment operations and decision-making (Gonçalves et al, 2023;Li et al, 2023;Rahmani et al, 2023). AI-built customer profiles and acquisition, facial recognition and cloud computing technologies, and decision support tools (Ben Romdhane et al, 2023;Lai et al, 2023;Yan, 2023) are decisive in payment balance checking, credit risk augmentation, insurance pricing optimization, promotion tailor-ing, and suspicious transaction detection (Khan et al, 2023;Rahmani et al, 2023;Wang et al, 2023).…”

Section: Literature Reviewmentioning

confidence: 99%

“…By using mobile app data and transaction history, fintech banking operations and financial management skills (Sampat et al, 2023) can determine customer credit decisions together with product development and recommendations. Providing services digitally, fintech techniques improve financial institution operational efficiency in terms of transactions and procedures (Akmal et al, 2023), increasing productivity and profitability while cutting down costs on automated trading and cryptocurrency platforms by integrating data analysis tools and corporate decision-making.…”

Section: Big Data Analytics-based Machine and Deep Learning Algorithm...mentioning

confidence: 99%

“…Previous literature has indicated that AI-powered mobile apps, blockchain-based payment services, and financial planning, payment automation, and budgeting tools (Akmal et al, 2023;Osei-Assibey Bonsu et al, 2023;Upreti et al, 2023;Zhao et al, 2023) optimize customized credit products in terms of automated debt payments, refinancing loans, and credit score building (Jareño & Yousaf, 2023;Lai et al, 2023;Mirza et al, 2023b;Su & Xu, 2023), driving operational excellence, providing personalized feedback and targeted coaching (Ben Romdhane et al, 2023;Gonçalves et al, 2023;Li et al, 2023;Rahmani et al, 2023), and delivering increased customer engagement, service, and satisfaction (Edo et al, 2023;He et al, 2023b;Mahmud et al, 2023). We draw systematic comparisons and specify the need to focus on how artificial IoT-based fintech and generative AI algorithms enable banking operations and loan application automatic approval through multi-layer transaction monitoring for instant payments, automation and digitization services, and digital wallets (Caragea et al, 2023;Jareño & Yousaf, 2023;Jiang, 2023;Qiu et al, 2023), leading to hyperpersonalized financial services and products (Awais et al, 2023;Babaei et al, 2023;Ha, 2023) with lowered operational costs and increased sustainable value creation.…”

Section: Introductionmentioning

confidence: 99%

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Big data management algorithms in artificial Internet of Things-based fintech

Andronie,

Iatagan,

Uță

et al. 2023

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Research background: Fintech companies should optimize banking sector performance in assisting enterprise financing as a result of firm digitalization. Artificial IoT-based fintech-based digital transformation can relevantly reverse credit resource misdistribution brought about by corrupt relationship chains. Purpose of the article: We aim to show that fintech can decrease transaction expenses and consolidates firm stock liquidity, enabling excess leverage decrease and cutting down information asymmetry and transaction expenses across capital markets. AI- and IoT-based fintechs enable immersive and collaborative financial transactions, purchases, and investments in relation to payment tokens and metaverse wallets, managing financial data, infrastructure, and value exchange across shared interactive virtual 3D and simulated digital environments. Methods: AMSTAR is a comprehensive critical measurement tool harnessed in systematic review methodological quality evaluation, DistillerSR is harnessed in producing accurate and transparent evidence-based research through literature review stage automation, MMAT appraises and describes study checklist across systematic mixed studies reviews in terms of content validity and methodological quality predictors, Rayyan is a responsive and intuitive knowledge synthesis tool and cloud-based architecture for article inclusion and exclusion suggestions, and ROBIS appraises systematic review bias risk in relation to relevance and concerns. As a reporting quality assessment tool, the PRISMA checklist and flow diagram, generated by a Shiny App, was used. As bibliometric visualization and construction tools for large datasets and networks, Dimensions and VOSviewer were leveraged. Search terms were “fintech” + “artificial intelligence”, “big data management algorithms”, and “Internet of Things”, search period was June 2023, published research inspected was 2023, and selected sources were 35 out of 188. Findings & value added: The growing volume of financial products and optimized operational performance of financial industries generated by fintech can provide firms with multifarious financing options quickly. Big data-driven fintech innovations are pivotal in banking and capital markets in relation to financial institution operational efficiency. Through data-driven technological and process innovation capabilities, AI system-based businesses can further automated services.

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Mapping of FinTech Ecosystem to Sustainable Development Goals (SDGs): Saudi Arabia’s Landscape

Noreen

2024

Sustainability

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Financial technology (FinTech) has become an indispensable part of most of the business infrastructure around the world. The FinTech ecosystem provides this solution by providing a suitable environment for all financial techno services to synergize. This paper explores the relationship between FinTech programs in Saudi Arabia and the Sustainable Development Goals (SDGs). It highlights how these financial technology initiatives contribute to various SDGs by providing innovative solutions that enhance financial inclusion, improve access to essential services, and foster economic growth. Specifically, the study identifies connections between FinTech programs and SDG goals 1 (No Poverty), 2 (Zero Hunger), 5 (Gender Equality), 8 (Decent Work and Economic Growth), and 17 (Partnerships for the Goals). Through these linkages, this paper demonstrates the role of FinTech in promoting sustainable development and supporting national and global efforts to achieve these crucial objectives. Secondary data were collected from published reports, institutional and governmental websites, official portals, and research papers focusing on the companies operating in Saudi Arabia. It was found that FinTech in Saudi Arabia is addressing SDGs goals 1, 2, 5, 8 and 17. This paper further endeavors to map specific SDG indicators to the products and services provided by FinTech companies in Saudi Arabia. By doing so, it seeks to identify the areas where these technological solutions directly support the achievement of sustainable development targets. This comprehensive analysis is intended to be a valuable resource for institutions and policymakers in the FinTech industry. It provides insights into how these companies can align their offerings more closely with the SDG framework, thereby addressing any existing gaps. The findings aim to aid in the global agenda of eradicating poverty and promoting sustainable development opportunities by leveraging FinTech innovations.

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Perceptions about FinTech: New evidences from the Middle East

Cited by 6 publications

References 27 publications

Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management

Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management

Big data management algorithms in artificial Internet of Things-based fintech

Mapping of FinTech Ecosystem to Sustainable Development Goals (SDGs): Saudi Arabia’s Landscape

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