On the Educational Curriculum in Finance and Technology

Abstract

Recent technological developments have enabled a wide array of new applications in financial markets, e.g. big data, cloud computing, artificial intelligence, blockchain, cryptocurrencies, peer-to-peer lending, crowdfunding, and robo-advising, inter alia. While traditionally comprising of computer programs and other technology used to support or enable banking and financial services, the new fintech sector is often seen as enabling transformation of the financial industry. A more moderate and critical view suggests that for the full transformative potential of fintech to be enabled, there is a need for an updated educational curriculum that balances knowledge and understanding of finance and technology. A curriculum that provides a skill portfolio in the two core components and complements them with applied knowledge can support the enabling forces which will render fintech as a true opportunity for the financial service industry and for society as a whole. We attempt a scholarship inquiry into the educational curriculum in finance and technology, aiming to inform this modern educational agenda. We review skills shortages, as identified by firms and experts, and examine the state-of-the art by some of the first educational programs in fintech.

Designing the guidelines for FinTech curriculum

“…This intersection of disciplines made financial services more accessible and less costly (Sung, Leong, Sironi, O'Reilly, & McMillan, 2019). The new FinTech sector is often considered disruptive due to its potential to improve the efficiency and profitability of financial institutions (Karkkainen, Panos, Broby, & Bracciali, 2017). Additionally growth in venture capital and credit markets also affected the growth of FinTech entrepreneurship (Kolokas, Vanacker, Veredas, & Zahra, 2020).…”

“…According to industry experts, the lack of skilled professionals has raised concerns about the profitability of FinTech start-ups (Karkkainen, et al, 2017). It is expected that mobile FinTech payment services will develop into more secure services in the future (Kang, 2018) and this area is still facing shortage of trained work force.…”

“…The new skills requirements must be planned and are expected to be delivered through an integrated delivery model. This includes the necessary technical skills in programming, data analysis, and the development of applications (Karkkainen, et al, 2017).…”

Blockchain in FinTech: A Mapping Study

“…The full list of the selected papers can be seen in Table 1. Electrical Engineering in Japan [24] Software Engineering and Algorithms in Intelligent Systems [25] Accounting and Finance [26] Journal of Economics and Business [27] Production and Operations Management [28] Quality-Access to Success [29,30] European Business Organization Law Review [31] NMIMS Management Review [9] Strategic Change-Briefings in Entrepreneurial Finance [32] International Journal of Environmental Research and Public Health [33] Proceedings of The International Conference on Business Excellence [34] Technological Forecasting and Social Change [35] 2018 IEEE International Conference on Intelligence and Security Informatics (ISI) [36] Journal of Investment Management [37] Blockchain Technology: Platforms, Tools and Use Cases [38] Handbook of Blockchain, Digital Finance, and Inclusion, Vol 1: Cryptocurrency, Fintech, Insurtech, and Regulation [39] 2018 9th IFIP International Conference on New Technologies, Mobility, and Security (NTMS) [40] Journal of Money Laundering Control [41] Australian Feminist Studies [42] Internet Science, INSCI 2017 [43] Emerging Markets Finance and Trade [44] Financial and Credit Activity-Problems of Theory and Practice [45] 2018 6th International Symposium on Digital Forensics and Security (ISDFS) [46] Journal of Management Information Systems [47] Journal of Risk Finance [48,49] Review of International Business and Strategy [50] International Journal [51] Financial Innovation [52] Business Horizons [53] Enfoque UTE [54] Computer [55] Symmetry-Basel…”

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

“…To make this a reality requires 1) roadmap and timetable, setting out how the global LEI will move forward, 2) Discussion and agreements between regulators and industry on the use of LEI in all business areas, 3) guidance of LEI use in KYC/AML, 4) guidance of use of LEI in regulation. Karkkainen et al (2017) argue that we must update the school curriculum to address the new set of skills in financial services resulting from the development in FinTech. They suggest skills gaps are mainly technical.…”