FinTech as an innovation challenge: from big data to sustainable development

Abstract

Driving force of human society development is elimination contradiction between unlimited usage of natural resources during economic activity of enterprises, environment pollution as a result of such activity and limited natural, energy and other resources. Research results on economic and environmental issues of green business management showed that there are several basic types of problems at present which arise at enterprises during collecting and processing data on the results of their activities. The authors analyzed how public sector and green business is catching up on global trend towards broader use of the big data analysis to serve public interests and increase efficiency of business activities. In order to detect current approach to big data analysis in public and private sectors authors conduct interviews with stakeholders. The paper concludes with the analysis what changes in approaches to the big data analysis in public and private sectors have to be made in order to comply with the global trends in greening the economy. Application of FinTech, methods of processing large data sets and tools for implementing the principles of greening the economy will enable to increase the investment attractiveness of green business and will simplify the interaction between the state and enterprises.

Is the sustainability profile of FinTech companies a key driver of their value?

“…By paying attention to economic-financial variables, EPS gives a very low result due to the large number of total common shares outstanding, with an average of 187 million. FinTech companies are growing (Ignatyuk et al, 2020), which supports the PER and ROE averages. Although the high average PER value may indicate that these companies are overvalued, both the context and economic situation would indicate that investors estimate that these companies' profits will rise in forthcoming years.…”

The influence of the public sector in promoting digital transformation during the pandemic

“…For example, FinTech needs input from the public and private sectors, even though the private sector can develop technology programs and build infrastructure quickly (Ignatyuk, Liubkina, Murovana, & Magomedova, 2020). The private sector led the way in developing businesses and sharing economy platforms such as Uber, Lyft, and Airbnb, while governments implemented regulatory changes (Koopman, Mitchell, & Thierer, 2014).…”

How big data drives green economic development: Evidence from China

“…As Crawford (2013) mentioned, big data analysis may be biased depending on agendas. Big data analysis is limited by existing way of collecting and storage, existing infrastructure, and the lack of experience in green entrepreneurship, alternative energy, and green production (Ignatyuk et al, 2020). A study by Brynjolfsson et al (2017) also suggested that there are four possible explanations for the AI productivity paradox: false expectations, measurement errors, centralized distribution, and dissipation of rent, and implementation and restructuring delays.…”