Special Issue on AI and FinTech: The Challenge Ahead

Abstract

& IT IS OUR pleasure to share with you this special issue on AI and Fintech, which includes 17 articles published in the March/April (8 articles) and May/June (9 articles) issues of IEEE Intelligent Systems (IS).After our announcement in early September 2019 for this special issue on AI and Fintech for IS, we received a larger volume of manuscripts than anticipated by the January 2020 deadline. These worldwide submissions included both academic researchers and practitioners in IT and financial industries. After a long round of revisions from independent, anonymous referees that ultimately led to the current, official versions of the articles published in both issues, we would like to first and foremost thank all the contributors and the anonymous referees for their hard work on this project. Second, we give our sincere gratitude to the supportive effort of the IS team led

FinTech enablers, use cases, and role of future internet of things

“…AI in Fintech: Use of AI techniques for various financial applications has been evaluated in (Cao, et al, 2020). The authors investigated insurance, wealth and asset management, and payments.…”

“…Furthermore, in the future, when we design financial strategies for entertainment applications one should consider the demand for multimodal data (AR, VR, Holograms) which decides the revenue (Gai et al, 2017;Cao et al, 2020). Additionally, in this context, there will be technical challenges from the point of device and network functionalities.…”

“…This feature actually brings credibility and fairness while deciding the potential of the customer to pay back the loan. Similarly, AI is useful in the case of peer-peer (P2P) trade, evaluating the borrower from multiple perspectives in an online lending system, and instant detection of fraud and cyber threats (Cao et al, 2020). As per the McKinsey survey, three key AI technologies used in finance are (i) robotics for task automation, (ii) virtual assistants for customer interactions, and (iii) detection of fraud, and cyberattacks through machine learning methods.…”

“…For example, when we expect to acquire the precise location information to authenticate the financial transactions, we need highly precise technologies (beyond GPS) such as mmwave, THz communication for precise indoor localization. Moreover, high-speed networking technologies, extremely reliable security through quantum communication, fast and accurate AI algorithms for risk-prediction, digital twins for data analysis, etc., requires further exploration, and maturity of the existing technologies (Cao et al, 2020).…”

Insights into financial technology (FinTech): a bibliometric and visual study

“…It is a series of new business models, new technology applications, and new products and services that have a significant impact on the financial market and supply of financial services. It has attracted wide attention because of the following advantages: improving the efficiency of operations, reducing operating costs effectively, disrupting the existing industry structures, blurring industry boundaries, facilitating strategic disintermediation, providing new gateways for entrepreneurship, and democratizing access to financial services (Agarwal and Zhang 2020 ; Cao et al 2020 ; Admati and Hellwig 2013 ; Loubere 2017 ; Pinochet et al 2019 ; Philippon 2016 ; Yang et al 2020 ; Suryono et al 2020 ). The key technologies of FinTech include internet technology (including Internet and Web of Things) (Ruan et al 2019 ), big data (Chen et al 2017 ; Gai et al 2018a ), artificial intelligence (Belanche et al 2019 ), distributed technology (blockchain and cloud computing) (Belanche et al 2019 ; Gomber et al 2018 ; Chen et al 2019 ; Wamba et al 2020 ; Miau and Yang 2018 ), and security technology (biometric technology) (Gai et al 2018a , b ; Wamba et al 2020 ).…”