Second Round of FinTech - Trends and Challenges

Mehrotra, Anupam; Menon, Satish

doi:10.1109/iccakm50778.2021.9357759

Cited by 20 publications

(8 citation statements)

References 2 publications

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“…It is a cutting-edge platform used to create and offer financial services and goods. Cheap mobile data and the quick uptake of smartphones in India are expected to have an influence not just on internet usage patterns but also on general media tastes [78]. A new business model for the financial system is being introduced by FinTech [23], [25], which is dependent on cutting-edge technology like artificial intelligence and big data [52].…”

Section: Resultsmentioning

confidence: 99%

Utilizing Bio Metric System for Enhancing Cyber Security in Banking Sector: A Systematic Analysis

et al. 2023

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Biometric authentication is gaining the interest of private, public, consumer electronics and corporate security systems. For the protection of cyberspace from hackers and other harmful people, biometric security is growing more and more popular among organizations, individuals and enterprises. The word ''cyber security'' refers to the procedures, techniques, and tools used to safeguard data, network system, computer networks and software from potential attacks online. Online financial service delivery is referred to as ''cyber banking.'' As the trend of exchanging things has changed, internet banking has grown. Despite the benefits, there have been instances of security threat-related issues with Internet banking. To identify persons, biometric security verifies their physical attributes and behavioral traits. For identification verification, it is the most reliable and effective physical security method. According to biometric authentication, people can be recognized precisely based on their innate behavioral or physical traits. Numerous security measures have been implemented throughout the entire Internet banking service to address these issues. Globally, cybercrime has deep roots and poses a significant threat to the occurrence of criminal or terrorist behavior. Without being addressed by a single authority, these risks can compromise security on the inside as well as the outside. If the cybercrime goes unnoticed, both money and personal data are lost. Internet services and information infrastructure have previously been targeted in assaults. Online fraud and hacker attacks are only two examples of the daily computer-related crimes that take place. The Internet of Things (IoT) is the most reliable foundation for facilitating high-quality, comfortable human living. IoT has had a substantial impact across a range of application domains. Smart gadgets are more vulnerable to hackers because of their rapid development and trust in wireless mechanics for data transport. As a result, the rate of cybercrime is rising daily. Artificial Intelligence (AI)-based cybersecurity emerges because of technological advancement and poses a risk to public safety, personal property rights, and privacy protection for people. The study elaborates on the key features of biometrics system in conventional and Islamic banking to counter the risk of cybersecurity and provide high safety and security to the banking industry. For this systematic literature review, the most suitable and most relevant 101 articles from the reputed online libraries are selected. This analysis absorbed four research questions and pertinent keywords from the period of 2009 to 2022 (a part of 2023 was included).

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Section: Resultsmentioning

confidence: 99%

Utilizing Bio Metric System for Enhancing Cyber Security in Banking Sector: A Systematic Analysis

et al. 2023

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“…Such a small share is somewhat surprising considering that AI-based insurance applications are emerging for fraud detection, personalized recommendation of products (incl. cross-selling), underwriting, risk and compliance, cybersecurity, product development, and operational efficiency (Cao, 2020;Cao et al, 2021;Eckert & Osterrieder, 2020;Maier et al, 2020;Mehrotra, 2019;Mehrotra & Menon, 2021;P&SI, 2019). McKinsey predicts that AI will have a "seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims" (Balasubramanian et al, 2018).…”

Section: Resultsmentioning

confidence: 99%

Three and a half decades of artificial intelligence in banking, financial services, and insurance: A systematic evolutionary review

Herrmann

Masawi

2022

Strategic Change

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The banking, financial services, and insurance (BFSI) sector is one of the earliest and most prominent adopters of artificial intelligence (AI). However, academic research substantially lags behind the adoption of AI in practice. At the beginning of this century, AI research has been centered on the sector's credit risk. In the 2010s decade, expert systems were increasingly replaced by data‐driven, “algorithmic” AI. Big data enjoyed much hype in that decade, which diminished later mostly due to unsuccessful implementations. Much published research on big data actually relates to machine and deep learning but not to big data per se. These terms are often found to be conflated in research and practice. The insurance sector is substantially underrepresented in published AI research, and current research is dominated by banking and investments. Governance frameworks for “responsible AI” (RAI) are yet to be incorporated into practice by fintech companies as well as incumbent organizations. RAI is a particular issue for decentralized finance (DeFi). The most successful implementations of AI in BFSI practice, as well as dominant academic research areas, are in investments, securities, market making, customer relationships, lending, risk management, and compliance.

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“…On the other hand, the challenges include enforcing regulatory mechanisms to channelize the Fintech as similar to regular banking practices. In addition, Fintech must adopt agile risk management schemes to demonstrate confidence among its customers (Mehrotra and Menon, 2021). Similarly, Non Fungible Tokens (NFT) which are the certified digital assets will boost the blockchain paradigm of future financial transactions.…”

Section: Literatures On Fintech and Its Enablersmentioning

confidence: 99%