Fintech and the Future of Financial Services: What Are the Research Gaps?

Kavuri, Anil Savio; Milne, Alistair

doi:10.2139/ssrn.3333515

Cited by 33 publications

(24 citation statements)

References 115 publications

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“…Studies which have examined public attitudes or responses have typically focused on customer uptake of FinTech products (e.g 5-7). In doing so they have tended to focus on customers' motivations for using FinTech services, and largely neglected non-customers' reasons for not using FinTech services, or the reasons why some FinTech offerings have been unsuccessful (8). Where studies have considered trust relating to FinTech (e.g.…”

Section: Introductionmentioning

confidence: 99%

Keeping it Human: A Focus Group Study of Public Attitudes Towards AI in Banking

Aitken

Toreini

et al. 2020

Lecture Notes in Computer Science

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While there is substantial interest in ethical practice relating to Artificial Intelligence (AI), to date there has been limited consideration of what this means in the banking sector. This study aimed to address this gap in the literature through a qualitative study of public attitudes and perceptions of current and potential future uses of AI in banking. A series of focus groups were conducted with with diverse members of the public. Focus group participants were largely positive about the role of AI in speeding up financial processes and increasing efficiency. Yet, they also expressed a number of concerns around potential negative impacts on society and consistently emphasized the importance of human judgement or oversight. The findings suggest a potential cognitive dissonance where people use new services due to perceived convenience or immediate benefits, while disliking or distrusting those services or holding concerns about their impacts on society. The findings illustrate that participants' concerns did not typically relate to private or individual interests but more often to wider ethical and social concerns. The focus groups demonstrated the value of qualitative, deliberative methods to explore the nuances of public responses and highlighted the importance of taking account of conditions for public acceptability-rather than just customer uptake-in order to develop ethical practice and establish a social licence for uses of AI in banking.

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Section: Introductionmentioning

confidence: 99%

Keeping it Human: A Focus Group Study of Public Attitudes Towards AI in Banking

Aitken

Toreini

et al. 2020

Lecture Notes in Computer Science

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“…Crowdfunding is an innovative alternative to hold small investments in the form of equity and debt directly without the intermediation of the banks [24]. [2]Investment management is an art which is become easy, convenient as well as competitive in today's scenario due to the advent of technology.…”

Section: 41(a2) Based On Rewardmentioning

confidence: 99%

Fintech: Really a buzzword, at Embryonic Stage or a burgeoning Industry? with special reference to India

Arora¹,

Gurukul²,

Madan³

et al. 2021

JUSST

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With increasing average deal size, funding rounds closing in record time, and half a dozen startups entering unicorn clubs a week, Indian startups are in momentum in India with Fintech occupying a significant space among them. Government schemes, customers’ expectations, cashless economy, digitalization, globalization, innovation, etc. are some of the determinants due to which Fintech has emerged as one of the most investment attractive destinations. Traditional financial institutions are partnering with the Fintech firms in order to survive as well as to compete. The present paper is an attempt to peep into such reasons for the growth of this Fintech sector in various segments along with its future avenues. The figures mentioned are based on searched articles in magazines, newspapers and published reports on websites, etc. It has been concluded that India has a high potential as well as opportunity in the Fintech sector especially in the payment segment as consumers are becoming smarter day by day which in turn forcing and motivating the industries for the innovation in their services to remain in the race.

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“…Chuang et al, 2016;Gulamhuseinwala et al, 2015Gulamhuseinwala et al, , 2017. In doing so they have tended to focus on customers' motivations for using FinTech services, and largely neglected non-customers' reasons for not using FinTech services, or the reasons why some FinTech offerings have been unsuccessful (Kavuri and Milne, 2019). There is a lack of public deliberation or engagement to examine the extent to which FinTech practices align with public values and interests.…”

Section: Fintechmentioning

confidence: 99%

Establishing a social licence for Financial Technology: Reflections on the role of the private sector in pursuing ethical data practices

et al. 2020

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Current attention directed at ethical dimensions of data and Artificial Intelligence have led to increasing recognition of the need to secure and maintain public support for uses (and reuses) of people's data. This is essential to establish a "Social Licence" for current and future practices. The notion of a "Social Licence" recognises that there can be meaningful differences between what is legally permissible and what is socially acceptable. Establishing a Social Licence entails public engagement to build relationships of trust and ensure that practices align with public values. While the concept of the Social Licence is well-established in other sectors-notably in relation to extractive industries-it has only very recently begun to be discussed in relation to digital innovation and data-intensive industries. This article therefore draws on existing literature relating to the Social Licence in extractive industries to explore the potential approaches needed to establish a Social Licence for emerging data-intensive industries. Additionally, it draws on well-established literature relating to trust (from psychology and organisational science) to examine the relevance of trust, and trustworthiness, for emerging practices in data-intensive industries. In doing so the article considers the extent to which pursuing a Social Licence might complement regulation and inform codes of practice to place ethical and social considerations at the heart of industry practice. We focus on one key industry: Financial Technology. We demonstrate the importance of combining technical and social approaches to address ethical challenges in data-intensive innovation (particularly relating to Artificial Intelligence) and to establish relationships of trust to underpin a Social Licence for Financial Technology. Such approaches are needed across all areas and industries of data-intensive innovation to complement regulation and inform the development of ethical codes of practice. This is important to underpin culture change and to move beyond rhetorical commitments to develop best practice putting ethics at the heart of innovation.

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Fintech and the Future of Financial Services: What Are the Research Gaps?

Cited by 33 publications

References 115 publications

Keeping it Human: A Focus Group Study of Public Attitudes Towards AI in Banking

Keeping it Human: A Focus Group Study of Public Attitudes Towards AI in Banking

Fintech: Really a buzzword, at Embryonic Stage or a burgeoning Industry? with special reference to India

Establishing a social licence for Financial Technology: Reflections on the role of the private sector in pursuing ethical data practices

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