Fintech and Cryptocurrency E-Book
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- Herausgeber: John Wiley & Sons
- Kategorie: Wissenschaft und neue Technologien
- Sprache: Englisch
FINTECH and CRYPTOCURRENCY Dive into the world of fintech and cryptocurrency through the engaging perspectives of this diverse group of authors and uncover the intricate connections between technology, finance, and cryptocurrency that make this a must-have for anyone intrigued by the future of digital society. Digital currencies, decentralization of money, and the growth of new technologies like blockchain, the Internet of Things, and machine learning have produced new opportunities and difficulties for banking and finance, as well as users of these services in electronic commerce. New banking and finance technologies may improve operational efficiency, risk management, compliance, and client pleasure, but they can decrease barriers and introduce new concerns, such as cybersecurity risk. Cryptocurrencies with smart contracts for payments and trading, as well as AI systems with adaptive algorithms that allow picture and speech recognition, expert judgement, group categorization, and forecasting in a variety of fields, are instances of increased automation. Simultaneously, the potentials pose risks and raise regulatory concerns. The rise of blockchain technology and its widespread use have had a significant impact on the operation and management of digital systems. At the same time, researchers and practitioners have paid close attention to digital finance. Blockchain's first applications were limited to the production of digital currency, but it has now been expanded to include financial and commercial applications. Innovative digital finance has had a huge impact on business and society since it has been extensively adopted by businesses and consumers. As a result, the goal of this edited book is to expand and deepen our knowledge of the business possibilities of novel blockchain and digital financial applications.
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Table of Contents
Cover
Series Page
Title Page
Copyright Page
Preface
1 Evolution of Fintech in Financial Era
1.1 Introduction
1.2 Review of Literature
1.3 Objectives and Research Methodology
1.4 Working of FinTech
1.5 Tools and Techniques used in FinTech
1.6 Future Framework of FinTech
1.7 Evolution of FinTech in Financial World
1.8 Discussion and Conclusion
References
Webliography
2 Digital Transformation of Financial Services in the Era of Fintech 13
2.1 Introduction
2.2 Review of Literature
2.3 Digital Transformation: A Conceptual Overview
2.4 FinTech Ecosystem
2.5 Role of Fintech and Digital Transformation with Respect to Financial Services
2.6 Conclusion
References
3 Reshaping Banking with Digital Technologies
3.1 Banking and Artificial Intelligence (AI)
3.2 Fintech Evolution
3.3 AI Opportunities in Fintech
3.4 Reshaping the Banking
3.5 Insurance
3.6 Challenges Faced by Fintech in Banking
3.7 Conclusion
References
4 Adoption of Fintech: A Paradigm Shift Among Millennials as a Next Normal Behaviour
4.1 Introduction
4.2 Statement of the Problem and Research Questions
4.3 Research Questions and Objectives
4.4 Conceptual Framework and Proposed Model
4.5 Conclusion
Acknowledgement
References
5 A Comprehensive Study of Cryptocurrencies as a Financial Asset: Major Topics and Market Trends
5.1 Introduction
5.2 Literature Review
5.3 Methodology
5.4 Findings
5.5 Cryptocurrencies as a Major Financial Asset
5.6 What is the Value of Cryptocurrencies? Current Market Trends
5.7 Conclusion
References
6 Customers’ Satisfaction and Continuance Intention to Adopt Fintech Services: Developing Countries’ Perspective
6.1 Introduction
6.2 Understanding the Fintech Phenomenon in Developing Countries
6.3 Literature Review
6.4 Research Methodology
6.5 Results
6.6 Discussion
6.7 Theoretical and Practical Implications
6.8 Conclusion
References
7 Fintech Apps: An Integral Tool in Titivating Banking Operations
7.1 Introduction
7.2 Objectives
7.3 Statement of the Problem
7.4 Need for the Study
7.5 Review of Literature
7.6 Proposed Model
7.7 Lending APPS
7.8 Investment Apps
7.9 Payment Apps
7.10 Insurance Apps
7.11 Persuading Factors that Increase the Usage of Fin-Tech Apps
7.12 Methodology
7.13 Results and Discussions
7.14 Multiple Linear Regression
7.15 Structural Equation Modelling
7.16 Conclusion
References
8 Analytical Study of Fin-Tech in Banking: A Utility Model
8.1 Introduction
8.2 Literature Analysis and Development of Hypothesis
8.3 Research Design
8.4 Empirical Results
8.5 Conclusion
References
9 Is Digital Currency a Payment Disruption Mechanism?
9.1 Introduction
9.2 Review of Literature
9.3 Methodology and Sampling
9.4 Results and Discussion
9.5 Acceptance of CBDC
9.6 Conclusion
References
10 Investor Sentiment Driving Crypto-Trade in India
10.1 Introduction
10.2 Review of Literature
10.3 Research Methodology
10.4 Data Analysis & Interpretation
10.5 Conclusions, Suggestions & Recommendations
References
11 Applications of Digital Technologies and Artificial Intelligence in Cryptocurrency - A Multi-Dimensional Perspective
11.1 Introduction
11.2 State-of-the-Art Review
11.3 Application Areas of Cryptocurrencies
11.4 Financial Transaction Using Blockchain Technology
11.5 An Analysis of Cryptocurrency Mining Using a Hybrid Approach
11.6 Forecasting Cryptocurrency Price Using Convolutional Neural Networks
11.7 Blockchain Technology and Cryptocurrencies for the Collaborative Economy
11.8 Conclusions
References
12 A Study on the Influence of Personality on Savings and Investment in Cryptos
12.1 Introduction
12.2 Literature Review
12.3 Objectives of the Research
12.4 Methodolgy
12.5 Discussion
References
13 Deep Neural Network in Security: A Novel Robust CAPTCHA Model
13.1 Introduction
13.2 Literature Review
13.3 Proposed Approach
13.4 Results and Discussions
13.5 Conclusion
References
14 Customer's Perception of Voice Bot Assistance in the Banking Industry in Malaysia
14.1 Introduction
14.2 Problem Statement
14.3 What is a Voice Bot?
14.4 Call to Action
14.5 Literature Review
14.6 Research Methodology
14.7 Descriptive Analysis
14.8 Discussion and Conclusion
References
15 Application of Technology Acceptance Model (TAM) in Fintech Mobile Applications for Banking
15.1 Introduction
15.2 Methods and Measures
15.3 Results
15.4 Discussion
15.5 Conclusion
References
16 Upsurge of Robo Advisors: Integrating Customer Acceptance
16.1 Introduction
16.2 Chatbots
16.3 Robo-Advisor
16.4 Acceptance of Robo-Advisor
16.5 Conclusion
References
17 Super Apps: The Natural Progression in Fin-Tech
17.1 Introduction
17.2 Journey from an App to a Super App
17.3 Super App vs. A Vertically Integrated App
17.4 Architecture and Design of Super Apps
17.5 Business Models of Super Apps
17.6 The Super App Market Space and the Business Models
17.7 Factors Contributing to the Success of Super Apps
17.8 Super Apps in Fin-Tech and their Role in the Financial Services Segment
17.9 Role of Super Apps in Financial Inclusion
17.10 Benefits of Super Apps in the Financial Services Sector
17.11 Risks due to Super Apps in the Financial System
17.12 Regulatory Measures to Mitigate the Risks
17.13 The Future of Super Apps
17.14 Conclusion
References
Index
Also of Interest
End User License Agreement
List of Illustrations
Chapter 1
Figure 1.1 Framework of FinTech. Source: https://www.researchgate.net/figure/Theoretical-approaches-to-Fintech-platform https://www.researchgate.net/figure/Theoretical-approaches-to-Fintech-platform-basics_fig6_326468708basics_fig6_326468708.
Figure 1.2 Evolution of FinTech. Source: https://financesonline.com/uploads/2019/10/Evolution-of-Modern-Fintech-1.jpg.
Chapter 4
Figure 4.1 Top 10 global fintech deals in 2021(in U.S bn dollars). Source: statista.com.
Figure 4.2 Total value of Investments in fintech companies worldwide (U.S bn dollars). Source: statista.com.
Figure 4.3 Total value of finTech funding and rounds. (Source: Blinc Insights).
Figure 4.4 Dimensions of Fintech business models. (Source: Author compilation).
Figure 4.5 Players of Fintech ecosystem. (Source: Authors compilation).
Figure 4.6 Consumer adoption rate. (Source: EY insights).
Figure 4.7 Proposed framework. (Source: Author compilation).
Chapter 6
Figure 6.1 Conceptual model.
Figure 6.2 Structural model.
Chapter 7
Figure 7.1 International operations involved in international lending.
Figure 7.2 Steps in loan processing.
Figure 7.3 Technologies serving Fintech and their challenges and opportunities.
Figure 7.4 Asia Pacific - Fintech transactions quarter-wise based on technologies.
Figure 7.5 Model showing the usage of Fintech apps, persuading factors and revenue streams of banking verticals.
Figure 7.6 Lending APPS.
Figure 7.7 Investment apps.
Figure 7.8 Payment apps.
Figure 7.9 Insurance apps.
Figure 7.10 Persuading factors that increase the usage of fin-tech apps.
Figure 7.11 Structured equation modelling on the proposed model.
Chapter 8
Figure 8.1 Proposed model for research.
Figure 8.2 Estimation of outcomes of the regression coefficients.
Chapter 11
Figure 11.1 Cryptocurrencies in practice [9].
Figure 11.2 The Bitcoin market capitalization over the next five years (2013–2020) [9].
Chapter 12
Figure 12.1 Objectives of savings.
Figure 12.2 Options for savings.
Figure 12.3 Personality and preference to invest.
Chapter 13
Figure 13.1 Proposed workflow.
Figure 13.2 Images in the dataset.
Figure 13.3 Images after applying adaptive thresholding.
Figure 13.4 Images after dilation.
Figure 13.5 Performing segmentation and relabeling.
Figure 13.6 Distribution of characters in CAPTCHA images.
Figure 13.7 Augmented images.
Figure 13.8 (a) CNN loss function curve. (b) CNN model accuracy curve.
Figure 13.9 (a) DenseNet loss function curve. (b) DenseNet model accuracy curve.
Figure 13.10 (a) MobileNet loss function curve. (b). MobileNet model accuracy curve.
Figure 13.11 (a) VGG16 loss function curve. (b) VGG16 accuracy function curve.
Figure 13.12 Decoded CAPTCHAs.
Figure 13.13 Accuracy and loss comparison.
Chapter 14
Figure 14.1 Voice bot Architecture. *Natural language refers to the way humans communicate with each other, which is complex, with an infinite number of phrasing possibilities. As voice bots evolve from defined to free communication, natural language processing makes all the difference.
Figure 14.2 Components of a voice bot.
Figure 14.3 Voice bot usage of the respondents.
Figure 14.4 Reasons for using voice bots in banking transactions.
Figure 14.5 Reasons not to use voice bot in banking transactions.
Chapter 16
Figure 16.1 Working process of robo advisor.
Figure 16.2 Conceptual framework & hypotheses.
Chapter 17
Figure 17.1 The journey from an App to a Super App.
Figure 17.2 Layers in an App.
Figure 17.3 Monolithic architecture.
Figure 17.4 Modular architecture.
Figure 17.5 Microservices architecture.
Figure 17.6 Leading super apps and their offering.
Figure 17.7 Potential of super apps in financial service offerings.
Figure 17.8 Benefits and risks.
List of Tables
Chapter 4
Table 4.1 Conceptualisation of evolution of Fintech.
Table 4.2 Drivers of fintech growth.
Chapter 6
Table 6.1 Construct and measurement items.
Table 6.2 Hypothesis testing.
Chapter 7
Table 7.1 List of Fintech apps considered in the research.
Table 7.2 Table showing number of transactions quarter-wise based on technologies.
Table 7.3 Reliability statistics.
Table 7.4 Regression statistics.
Table 7.5 Multiple linear regression.
Chapter 8
Table 8.1 Fin-tech trends in India.
Table 8.2 Variables depiction in the exploration model.
Table 8.3 Outcome of EFA.
Table 8.4 Estimation of regression coefficients.
Chapter 9
Table 9.1 Sample framework and sample covered.
Chapter 10
Table 10.1 Independent samples t-test for retail investors vs. investment advisors.
Table 10.2 Independent samples t-test for gender.
Table 10.3 Independent samples t-test for education levels.
Chapter 12
Table 12.1 Awareness level on the various factors studied related to crypto currencies.
Table 12.2 Attitude, transactions security and control, decentralization and perceived ease of use of crypto currencies.
Table 12.3 Future of crypto currencies in India through the attitude to use of crypto currencies.
Chapter 13
Table 13.1 Frequency of characters.
Table 13.2 Hyperparameters specifications.
Table 13.3 CNN training process.
Table 13.4 CNN classification report.
Table 13.5 DenseNet training process.
Table 13.6 MobileNet training process.
Table 13.7 VGG16 training process.
Table 13.8 Accuracy and loss comparison.
Chapter 14
Table 14.1 Respondents’ profile.
Chapter 15
Table 15.1 Measurement instruments relating to factors of Fintech.
Table 15.2 Demographic profile of the respondents.
Table 15.3 Descriptive statistics for factors influencing Fintech under Technology Acceptance Model (TAM).
Table 15.4 One sample statistics for prominent factors under Technology Acceptance Model (TAM) that influence the usage of Fintech.
Table 15.5 ANOVA results for usage of fintech and perceived usefulness factor.
Table 15.6 ANOVA results for usage of fintech and brand image factor.
Table 15.7 ANOVA results for usage of fintech and perceived risks factor.
Chapter 16
Table 16.1 Robo advisors vs financial advisors.
Table 16.2 Specialized top robo advisors.
Table 16.3 Testing results - regression weights.
Chapter 17
Table 17.1 Financial services by super apps.
Table 17.2 Key regulatory initiatives.
Guide
Cover Page
Series Page
Title Page
Copyright Page
Preface
Table of Contents
Begin Reading
Index
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Scrivener Publishing100 Cummings Center, Suite 541JBeverly, MA 01915-6106
Publishers at ScrivenerMartin Scrivener ([email protected])Phillip Carmical ([email protected])
Fintech and Cryptocurrency
Edited by
Mohd NavedV. Ajantha Devi
and
Aditya Kumar Gupta
This edition first published 2023 by John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, USA and Scrivener Publishing LLC, 100 Cummings Center, Suite 541J, Beverly, MA 01915, USA© 2023 Scrivener Publishing LLCFor more information about Scrivener publications please visit www.scrivenerpublishing.com.
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Library of Congress Cataloging-in-Publication Data
ISBN 978-1-119-90481-6
Front cover images supplied by Pixabay.comCover design by Russell Richardson
Preface
The rise of cryptocurrency and financial technology (fintech) has drastically changed the way people think and use money. This new type of innovation involves the use of software and other technologies to improve and automate the financial services industry. Some of these include online lending platforms and financial software.
Unlike traditional financial transactions, which are usually controlled by a central bank or government, cryptocurrencies use cryptography to ensure that all transactions are secure. This type of digital currency is decentralized. The rise of cryptocurrency and fintech has been attributed to the technological advancements that have occurred in the financial industry over the past decade. These changes have led to the emergence of numerous startups that have disrupted the traditional financial sector. The rise of cryptocurrencies has raised various questions about the role of central bank and the traditional currency.
Despite the various advantages of cryptocurrencies and fintech, they still have a number of risks that they can potentially affect. For instance, due to the lack of regulation, the lack of proper supervision has led to the emergence and manipulation of market prices and fraud. In addition, the rapid pace of innovation in the financial industry has raised concerns that these technologies could potentially displace thousands of jobs. Due to the rapid emergence and evolution of cryptocurrencies and fintech, policy-makers and the public have become more aware of the potential impact of these innovations on the financial industry. This book explores the history and development of these technologies. It also aims to provide an overview of the multiple potential uses of these innovations.
In this book, we have investigated the various players in the financial industry and examine the potential impacts of these innovations on the economy and consumers. We will also talk about the challenges and risks that have emerged in the space. This book aims to provide a comprehensive understanding of the various aspects of cryptocurrency and financial technology. It will also help financial professionals and technology enthusiasts understand the potential of these innovations. Digital currencies, decentralization of money, and the growth of new technologies like blockchain, the Internet of Things, and machine learning have produced new opportunities and difficulties for banking and finance, as well as users of these services in electronic commerce. New banking and finance technologies may improve operational efficiency, risk management, compliance, and client pleasure, but they can decrease barriers and introduce new concerns, such as cybersecurity risk.
Cryptocurrencies with smart contracts for payments and trading, as well as AI systems with adaptive algorithms that allow picture and speech recognition, expert judgement, group categorization, and forecasting in a variety of fields, are instances of increased automation. Simultaneously, the potentials pose risks and raise regulatory concerns. The rise of blockchain technology and its widespread use have had a significant impact on the operation and management of digital systems. At the same time, researchers and practitioners have paid close attention to digital finance. Blockchain’s first applications were limited to the production of digital currency, but it has now been expanded to include financial and commercial applications. Innovative digital finance has had a huge impact on business and society since it has been extensively adopted by businesses and consumers (e.g., digital payment, crowdfunding, digital lending, supply chain finance, and robotic consulting).
The Chapter 1 “Evolution of Fintech in Financial Era” discuss FinTech enables the individual to take appropriate decisions regarding financial services during a reasonable period of time and can be used by individuals as well as businesses for tracking and managing the financial needs. The aim of the paper is to study the various related concepts of FinTech as well as how it works in financial era. The focus is also given to analyze various tools and techniques which can be used in this innovative financial technique. The estimation of future framework regarding FinTech is also incorporated in the study along with its evolution in financial era. The study will provide deep insight into FinTech as it is a U-Turn for the banking mechanism and will play a major role transforming the financial world digitally.
The evolution of financial technology, or fintech, has had a significant impact on the financial industry in recent years. From mobile banking to cryptocurrency, fintech has revolutionized the way we access and use financial services. In this chapter, we will explore the history and development of fintech, as well as its current and future role in the financial industry.
We will also delve into the potential challenges and opportunities that fintech presents for traditional financial institutions, as well as for consumers and businesses. This chapter aims to provide a comprehensive overview of the evolution of fintech in the financial era, and to shed light on its potential to shape the future of finance.
Chapter 2 “Digital Transformation of Financial Services in the Era of Fintech” discuss a conceptual framework highlighting the growth of the financial technology sector. It starts with the concept of digital transformation and how it has impacted the various stakeholders. Our conceptual framework allows us to define FinTech- financial technology and then construct a taxonomy of the various FinTech domains. We apply the notion of digital transformation to the financial sector to better understand where the FinTech concept began and, where it is headed, how Digital transformation has acted as a significant change agent in the fintech sector. Fintech is one of the most critical developments in the financial sector with fast expansion, fueled mainly by favorable legislation, sharing economy and information technology which has created innovative value creation and appropriation pathways for the financial industry. In most countries worldwide, Fintech is rapidly becoming the go-to financial system.
Chapter 3 “Reshaping Banking with Digital Technologies” The banking sector has gone a long way to come into its present form. It is still undergoing changes due to the introduction of various technologies. The digitization in the year 2000 was a step hard to move but now the people are more open to changes and willing to adopt technologies for the sake of convenience. This chapter discusses the banking sector’s adoption of Artificial Intelligence (AI), the evolution of fintech, the changes brought by fintech in banking industry and the challenges which the fintech is facing nowadays. The chapter discusses in-depth, the deployment of AI tools like automation RPA, iSaaS and bots. It focuses the areas in banking where AI applications are used and how. Though the changes have made traditional banking look more beautiful ad user friendly, the constant changes in the technology will ultimately define the future.
Chapter 4 “Adoption of Fintech: A Paradigm Shift Among Millennials as a Next Normal Behaviour” The pandemic has put the world into a global health crisis tipping to a paradigm shift in consumer’s behaviour towards financial activities. People have adapted themselves to a new pattern in financial transactions like contactless payments, cashless transactions, online transactions and many more. There are greater chances for the end users to continue usage of fintech services during the next normal life (post Covid-19) as they have become familiar with the usage and convenience of fintech services. There is a need for examining the characteristics that control the user’s adoption intention of fintech payments apps during and post covid-19. Review of literature indicates that earlier experiments did not measured influence of Covid-19 (pandemic) on the behaviour of the clients. Past studies indicate lack of literature in this topic of study. The study implies to provide insightful hindsight to the existing literature and business community to tap the rural markets that accounts to only 22-28% of India population having access to internet and frame strategies to improve financial infrastructure with financial literacy.
Chapter 5 “A Comprehensive Study of Cryptocurrencies as a Financial Asset: Major Topics and Market Trends” The article comprises a set of theoretical and methodological approaches to studying the concept of “cryptocurrencies as a financial asset and market trends.” and identifies some trends of development of the real sector in the project financing market. This paper provides a systematic review of the empirical literature based on the major topics that have been associated with the market for cryptocurrencies since their development as a financial asset. It also presents an overview of the advantages of current trends in the market. Each influences the perception of the role of cryptocurrencies as a credible investment asset class and legitimate value. We posit that cryptocurrencies may perform some useful functions and add economic value, but there are reasons to favor the regulation of the market. While this would go against the original libertarian rationale behind cryptocurrencies, it appears a necessary step to improve social welfare.
Chapter 6 “Customers’ Satisfaction and Continuance Intention to Adopt Fintech Services: Developing Countries’ Perspective” Finance Technology (Fintech) has emerged as the current trend in the financial world. Fintech services gain popularity from the increasing adoption by organizations and consumers. By applying empirical research, this chapter aims to explore the important factors influencing consumer satisfaction and continuance intention to adopt Fintech services. As previous studies on customers’ behavioral intention to adopt Fintech were mostly conducted in the context of developed countries, there is a paucity of research in the developing countries’ perspective. To address the research gap, this study focused on five selected developing countries, namely Malaysia, Indonesia, India, Nigeria and Philippines. Drawing on the extended Technology Acceptance Model (TAM) for the proposed research model, customer innovativeness, hedonic motivation, perceived usefulness, perceived ease of use, system quality and technology selfefficacy have positive effect on customer satisfaction and subsequently, continuance intention to adopt Fintech. The findings recommend that Fintech service providers to develop effective strategic frameworks to build consumer satisfaction and encourage their continuance intention to adopt Fintech.
Chapter 7 “Fintech Apps: An Integral Tool in Titivating Banking Operations” Inception of fin-tech companies like Google pay, Paytm, Phone pe, Bharat pe, BHIM, amazon pay, mobikwik, paytm money, upstox, grow and payment banks like Airtel, Vodafone idea, Jio. The services offered by these fin-tech companies are endless. It has become essential for everyone who’s carrying out online transactions like buying and selling financial products, investing in IPO, starting SIP in mutual funds, exchanging currency, opening new international bank accounts, and receiving financial advice are forced to use the possible apps of fin tech companies. The study examines the influence of fin-tech apps on the revenue system of the Indian banks through the expansion of the customer base and the frequency of usage. Every transaction done through the fin tech apps generates revenue to the bank indirectly. This study tries to identify key high influenced fin tech app that contributes to the operational revenue of the bank. The frequently and most widely used fin-tech app by the customers are considered to conduct the study. The primary data is used for the study and sample considered for the study is around 390 respondents. In addition we also identify the factors that makes the customer to use the app frequently which is taken from the previous studies like network speed, security factors, ease of handling, additional freebies and services, support system, etc. Here we also measure the usage of non-banking services through these apps. The tools used here are basic statistical analysis like correlation between the factors and the frequency of usage and Multiple Linear regression and SEM to identify the high impact factors on the increased frequency of usage. The result of the study would deliver which of the Indian banks has used the fin-tech companies to the maximum extent
Chapter 8 “Analytical Study of Fin-Tech in Banking: A Utility Model” India is the 5th largest growing developing country among the globe, and undoubtedly it is fastest growing itself into the Fin-tech market in recent years too. Paperless loaning, portable banking, secure installment passages, versatile wallets, and different ideas are now being taken on in India. The ongoing paper is focusing on understanding the purpose of Fin-tech for the banking sector in India. The author analyses the developments of Fintech trends, especially in Indian banking sectors. The authors additionally attempted to figure out the quantity of variables influencing clients’ aims to utilize these services with the goal that the Indian financial area will further develop its Fin-tech framework. To realize this, the information gathered through an overview of clients of banks in Chandigarh,, which ranks first or top performer in SDG Index among union territories. The Index for Sustainable Development Goals (SDGs) evaluates the progress on three key parameters viz social, economic and environmental. The information is gathered from the time period of January 2022 to February 2022 through survey questionnaire. The Sample size is 400 customers of banks located in Tricity-a good economic sector of India. To analyze the information, the author utilized multivariate regression to appraise the model which is used in this research. The outcomes show that Fin-tech service is vital for the Indian financial area specially banking sectors. The study has found the success factors that positively and significantly impact the Willingness of clients to use Fin-tech services through banks with the help of multivariate regression. The study has found the success factors that positively and significantly impact the Willingness of clients to use Fin-tech services with the help of multivariate regression. The factors which identified are Perceived Utility (PU), Sensible Usability (SU), Customer Belief (CU), and social implications (SOI). With the help offactors identified banks need to pay attention to these elements more so that they can work on the convenience of Fin-tech benefits more. Based on discoveries, banks might have a premise to revise the nature of Fin-tech services. Moreover, the outcomes are additionally significant for policymakers and researchers.
Chapter 9 “Is Digital Currency a Payment Disruption Mechanism?” Digital economies are omnipresent, evident, and inhabit every sphere of human existence. Blockchain technology has changed how private currencies such as bitcoin and Ethereum are traded in open markets. To strengthen and protect the economic & financial system against such private currencies, the central banks around the world have leaped to introduce their own Central Bank Digital Currency (CBDC) for phasing out with high technology transformations. The present paper will be a first of its kind attempt to capture the perceptions and real-time issues of common people in the implementation of CBDC in a large country like India. As CBDC is still in its pilot phase of implementation, researchers have used the bottom-up approach to capture the requisite information from the common man view and the thematic analysis method was used to finalize the variables - financial literacy & inclusion, infrastructure, technical know-how, trust & belief in the system, and acceptance level for further discussion. The result analysis highlights, that government and implementing agencies of CBDC should ensure to reach the unreached population, especially in Tier-2 & 3 cities with proper technology infrastructure, and frequently hold awareness/orientation campaigns to realize the benefits of financial inclusion and easy adaptation of digital currency.
Chapter 10 “Investor Sentiment Driving Crypto-Trade in India” describe the key factors driving the investor sentiments towards trading in the highly volatile cryptocurrencies. It attempts to gain insight into the reasoning behind the investor decision to trade in them. Extensive review of literature sheds light on the factors driving investment in cryptocurrencies. It is evident that the awareness levels for crypto, the future of crypto investments and the potential returns that they are offering have created a huge interest among the general public. The reasoning behind trading and investing in cryptocurrencies are also unique in their nature. The adoption of taxation policies by the government although may seem like a deterrent however, the ‘Fear-of-Missing-Out’ or ‘FOMO’ seems to have caught hold of the investors in pushing such investment decisions. The sample consists of the retail investor and the investment advisors in India using the structured questionnaire. Stratified Sampling Technique was utilized for the purposes of this study. The Independent Samples t-test was used to analyse the data and final results were interpreted from them. The results showcase certain parameters such as awareness, promotion, global acceptance, future of investment, ‘Fear-of-Missing-Out’ or ‘FOMO’ etc. as some of the factors driving trade and investment in cryptocurrencies. There are significant differences in sentiments of Retail Investors and Investment Advisors. Gender also plays a role in sentiments driving these investment decisions and finally education levels of individuals are also critical as well.
Chapter 11 “Applications of Digital Technologies and Artificial Intelligence in Cryptocurrency - A Multi-Dimensional Perspective” enlighten the basic idea behind cryptocurrency is that it is a network-based, totally virtual exchange medium that utilizes cryptographic algorithms such as Secure Hash Algorithm 2 (SHA-2) and Message Digest 5 (MD5) to secure the data. Transactions within the blockchain era are secure, transparent, traceable, and irreversible. Cryptocurrencies have gained a reputation in practically all sectors, including the monetary sector, due to these properties. The uncertainty and dynamism of their expenses, however, hazard investments substantially despite cryptocurrencies’ growing popularity amongst approval bodies. Studying cryptocurrency charge prediction is fast becoming a trending subject matter in the global research community. Several device mastering and deep mastering algorithms, like Gated Recurrence Units (GRUs), Neural nets (NNs), and nearly shortterm memory, were employed by the scientists to analyze and forecast cryptocurrency prices. As a part of this chapter, we discuss numerous aspects of cryptographic protection and their related issues. Specifically, the research addresses the state-of-the-art by examining the underlying consensus mechanism, cryptocurrency, attack style, and applications of cryptocurrencies from a unique perspective. Secondly, we investigate the usability of blockchain generation by examining the behavioral factors that influence customers’ decision to use blockchain-based technology. To identify the best crypto mining strategy, the research employs an Analytic Hierarchy Process (AHP) and Fuzzy-TOPSIS hybrid analytics framework. Furthermore, it identifies the top-quality mining methods by evaluating providers’ overall performance during cryptocurrency mining.
Chapter 12 “A Study on the Influence of Personality on Savings and Investment in Cryptos” explains the paradigm shift requires spreading the light of decentralized ledger technology, extraordinarily implementing cryptocurrencies, and being visible as a game-changer. Blockchain technology, along with cryptocurrencies like Bitcoin, Ethereum, and Litecoin, is a tool for global economic transformation that is rapidly gaining traction in the finance industry. However, these technologies have had low popularity in the consumer market. Many platforms have been misunderstood and ignored when there is an obvious hole in among them.
Within the past few years, international stakeholders, governments, and regulators have been diversifying options for investing in cryptocurrencies. No matter what cryptocurrency device shape is used, the device can be viewed as a component of a specific Blockchain class and the functions it can perform within an economic ecosystem can be customized. The perception of cryptocurrencies has been influenced by the prominent technology underlying them. This has led to many challenges, such as security threats, economic instability, and a lack of standardized practices. Additionally, consumers do not seem to be familiar with those technologies. On many platforms, there is a clean hole in among that is no longer being considered and is being misunderstood.
The basic idea behind cryptocurrency is that it is a network-based, totally virtual exchange medium that utilizes cryptographic algorithms such as Secure Hash Algorithm 2 (SHA-2) and Message Digest 5 (MD5) to secure the data. Transactions within the blockchain era are secure, transparent, traceable, and irreversible. Cryptocurrencies have gained a reputation in practically all sectors, including the monetary sector, due to these properties. The uncertainty and dynamism of their expenses, however, hazard investments substantially despite cryptocurrencies’ growing popularity amongst approval bodies. Studying cryptocurrency charge prediction is fast becoming a trending subject matter in the global research community. Several device mastering and deep mastering algorithms, like Gated Recurrence Units (GRUs), Neural nets (NNs), and nearly shortterm memory, were employed by the scientists to analyze and forecast cryptocurrency prices. As a part of this chapter, we discuss numerous aspects of cryptographic protection and their related issues. Specifically, the research addresses the state-of-the-art by examining the underlying consensus mechanism, cryptocurrency, attack style, and applications of cryptocurrencies from a unique perspective. Secondly, we investigate the usability of blockchain generation by examining the behavioral factors that influence customers’ decision to use blockchain-based technology. To identify the best crypto mining strategy, the research employs an Analytic Hierarchy Process (AHP) and Fuzzy-TOPSIS hybrid analytics framework. Furthermore, it identifies the top-quality mining methods by evaluating providers’ overall performance during cryptocurrency mining.
Crypto currency is a digital currency that can be usedin the same waylike traditional currencyas a second hand. It uses encryption to secure its transactions, control the growth of a single form of coin, and track every transaction across the whole network. A survey of 434 Indian investors was conducted. In addition to socio-demographic characteristics study related to the human populations gender, income, age, and education, financial behavior (savings, investment) were collected and analyzed. The purpose to invest in crypto currencies is impervious by socio-demographic characteristics or financial literacy. This study looks into the impact of behavioral and socio-demographic characteristics on investors’ intentions to invest in crypto currencies. This article creates an attempt to scan the impact of investors’ personalities on their investment behaviour. Financial advisors would benefit from studying the elements that control the behaviour of investors belonging to an assortment of personality groups in order to edify individual investors found on their personality type and create investor programs for them.
Chapter 13 “Deep Neural Network in Security: A Novel Robust CAPTCHA Model’’ The CAPTCHA verifies that the user is a human by using a password to strengthen personal identification security on the web services. Web services can be made vulnerable by automated attacks on websites. CAPTCHA is a well-known security method for protecting websites from being attacked by automated attack tools. When a CAPTCHA is given a high level of distortion to make it resistant to automated attacks, it becomes difficult for humans to recognise it. The problem can be addressed in a variety of ways using a neural network. Deep learning models Dense net, Mobile Net, and VGG were used to test the security in the presented research work. To assess the model’s fitness, the models performed batch normalisation using the required additional layer. With loss and accuracy, the best model is visualised. The experimental findings confirmed the neural network’s superiority over the current state-of-the-art technique for captcha recognition.
Chapter 14 “Customer’s Perception of Voice Bot Assistance in the Banking Industry in Malaysia” the purpose of the chapter is to investigate customer’s perception of implementing voice bot technology in the banking industry. The ongoing pandemic environment has led to limited face-to-face interaction with customers and reduced instances of going to ATMs for withdrawals. Some of the challenges that customers face is the unavailability of bank officers to attend to them, the long waiting time for services or banks are not open when they need it the most. Customer perception of the banking industry is reliant on the customer satisfaction provided. The banks should ensure to cater personalized and 24/7 multilingual service to their customers to retain their customers. To meet these demands, many banks in Malaysia, are now on the verge of introducing voice bots to engage their customers 24/7. The study has adopted a mixed method. The study revealed that convenience, time-saving, and perceived enjoyment are factors that drive the adoption of voice bot’s assistance in the banking industry. The study also adds value to academic literature for future researchers. The study contributes insights into customer perception of voice bot assistance, and it provides practical recommendations to implement voice bots smoothly and efficiently in the banking industry.
Chapter 15 “Application of Technology Acceptance Model (TAM) in Fintech Mobile Applications for Banking” The rising prominence of Fintech payment services has a great impact on banking. It is increasingly becoming a global trend. Mobile payment applications and gateways are a well-liked use of Fintech services for banking. Of course, contactless payments are much more appreciated in today’s world. This research paper aims to study the factors that influence customers’ usage of Fintech services for banking. A descriptive and analytical study was conducted through a structured Questionnaire. The Technology Acceptance Model is used to examine the extent to the perceived usefulness, brand image, and perceived risk influence the usage of Fintech. The data have been analyzed and hypotheses have been tested by using statistical measures and quantitative methods. This study identified three factors Perceived usefulness, Brand image, and Perceived risk which influence the usage of Fintech services for banking. Perceived usefulness is the most enabling influencing factor on the usage of Fintech services. The results show that perceived usefulness and brand image have a significant positive influence on the usage of Fintech services, while perceived risks do not significantly affect the usage of Fintech services. It is expected that the findings of this empirical study would have enabled adding to the present contributions on the subject.
Chapter 16 “Upsurge of Robo Advisors: Integrating Customer Acceptance” discuss the rise of fintech in the digital community opens the door for companies to introduce robo advisors. Robo Advisors have emerged as a result of technological advances, and it is important to use Robo Advisors to manage and direct projects in the financial industry. Robo Advisors are automated online investment services available to both private and institutional investors. The portfolio management service is critical for the efficient distribution and use of the surplus of economic activity in large markets. These robots are programmed to eliminate the dangers of prejudice and human error. This research article is about exploring the strengths and weaknesses of robo advisers, and as opportunities and threats, especially when compared to traditional financial advisors. The current research provides a research framework to understand the acceptance of robo-advisors by investors. To evaluate the intention of customers to use the equation model of the technical structure was used to test ideas. The effects of ease of use and perceived usability are therefore important aspects of the purpose of using the service of robo advisors. The marketing strategies used should take into account the client’s level of familiarity with the robots. It contributes to a better understanding of customer attitudes towards robo advisor use in FinTech. The findings of this study provide relevant research on financial institutions, banks, policy makers, asset managers, FinTech developers and financial staff/advisors to increase the acquisition of Robo Advisors through the adoption of sustainable services.
Chapter 17 “Super Apps: The Natural Progression in Fin-Tech” provides insights into the evolution of the concept of Super Apps, the market, key players, their business models, and their role in financial inclusion. The chapter also details the risks inherent to Super Apps and the measures to mitigate the same. Super Apps refer to an ecosystem that includes within itself a full suite of solutions such as banking, marketplace, and lifestyle services to satisfy various needs of a user. They provide a seamless and integrated experience and save them from switching between multiple individual apps. The market space for Super Apps is highly competitive, with fin-tech giants, banking companies, and big tech rivalling each other to acquire and retain consumers. The concept of a “Super App” seems to be a natural progression from the various offerings of the fin-tech sector.
1Evolution of Fintech in Financial Era
Tanya Kumar and Satveer Kaur*
PCJ School of Management, Maharaja Agrasen University, Baddi (HP), India
Abstract
FinTech is one of the automated and innovative approaches which play a major role in digitalization of financial services through advancement in financial world. FinTech has wider access and can be used in various spheres of life. FinTech will also affect the financial decisions of the people which require financial as well as digital literary. FinTech enables the individual to take appropriate decisions regarding financial services during a reasonable period of time and can be used by individuals as well as businesses for tracking and managing the financial needs. The aim of the paper is to study the various related concepts of FinTech as well as how it works in financial era. The focus is also given to analyze various tools and techniques which can be used in this innovative financial technique. The estimation of future framework regarding FinTech is also incorporated in the study along with its evolution in financial era. The study will provide deep insight into FinTech as it is a u-turn for the banking mechanism and will play a major role transforming the financial world digitally.
Keywords: Artificial intelligence, blockchain technology, digitalization, financial era, financial world, FinTech
1.1 Introduction
Innovative technology which is the merger of finance and information technology is commonly known as ‘FinTech.’ The concept is gaining its relevance since the past five years. There is a regulated financial framework which leads to financial innovation in terms of technological advancements and tracking of needs and requirements of the individuals over a period of time [1]. FinTech is one of the automated and innovative approaches which play a major role in digitalization of financial services through advancement in financial world. It provides the win-win situation to the early adopters as it is gaining its important in modern world which is providing various opportunities to the new comers in the market. It provides the opportunities to optimize the portfolios of financial securities along with mitigation of risks over a period of time [2].
FinTech has wider access and can be used in various spheres of life. FinTech will also affect the financial decisions of the people which require financial as well as digital literary. FinTech enables the individual to take appropriate decisions regarding financial services during a reasonable period of time and can be used by individuals as well as businesses for tracking and managing the financial needs. There are numerous platforms which regulate the working of financial services and with FinTech, it would be appropriate to track them effectively. FinTech is reshaping the landscape of financial services. It offers better outcomes to the customers using the mechanism of tailoring the services using advice of the investors on the basis of customized needs of the customers at better returns in minimum inputs in terms of money as well as efforts [3].
1.2 Review of Literature
Gnanmote (2018) [4] carried an analytical study to evaluate the FinTech in Indian economy in pre as well as post Covid-19 pandemic. The study was empirical in nature and adopted quantitative method to achieve the objective. Both primary as well as secondary data was used for collection of data. Interview method using semi-structured questionnaire was the method adopted for collection of primary data from experts to have the insight towards their knowledge towards financial services using Fintech approach. It was determined that the systematic approach has gaining wider reach among the customers post-Covid which is forcing them to move towards the adoption of new technology which managing their financial mechanisms.
Kavuri & Milne (2019) [5] discussed about the related concepts of FinTech by identification of future working and growth of FinTech. Authors also tried to identify the related gaps in previous literatures as which could further help the policy makers as well as government regulators to manage the working of financial services in the economy. There were total six gaps identified by the authors in their research paper such as, dynamic organisational structure of financial services, different variants in financial intermediation, encouragement of cashless mechanism of making payments, reach of vulnerable customers in both developing as well as developed countries, introduction of artificial intelligence in data processing, emerging new financial regulations as well as technologies.
Legowo et al. (2020) [6] described the role and importance of FinTech mechanism in enhancing the technological framework. The study adopted descriptive as well as qualitative approach to achieve the objectives. The study employed primary as well as secondary data which provides deep-insight to the authors about the detailed scenario of FinTech and its technological framework. The primary data was collected using questionnaires which were filled by 154 respondents which were selected using convenience sampling method. The data was analysed using descriptive statistics. The theoretical framework was developed by considering three types of theory such as grand theory, middle theory and applied theory.
Philippon (2017) [7] highlighted in her research paper about issues as well as challenges faced by FinTech in India with the objective to fill the research gap among the present literatures in the area along with studying the conceptual overview of the FinTech along with its adoption among customers using digital mechanisms. The stress was also given to identify various motivators in adoption of financial technologies along with the barriers in adoption of this technological advancement in the country. It was analysed that FinTech are required to be groomed using acceptable means of regulating them using systematic approach which provides them the reasonable opportunity to grow and expand in the future horizons.
Subanidja et al. (2020) [8] studied the impact of FinTech on the performance of banking and financial institutions. The research study was empirical in nature which implied convenience sampling technique to draw the sample out of target population of the study. The questionnaires were used for collection of primary data. The sample size of the study was 100 respondents and the results were derived on the basis of responses gathered from them. SEM was the tool used for testing the model fit for the study using Smart PLS software. It was determined that there must be collaboration between banking system as well as financial sector to regulate the FinTech in desired manner and through which the economic growth can be initiated in the economy leading to the sustainable growth of the economy as a whole.
Zavolokina et al. (2016) [9] reviewed related literatures on FinTech as how it leads to financial innovation with the perspective of press media. The study was conceptual in nature. The study implied exploratory as well as descriptive research design. The study used 829 articles which were collected from 46 different newspapers to achieve the objectives of the research study which provided the insight to the authors to gain the familiarity with the concept of FinTech and to derive the conclusions accordingly. The study was one of the first study which was being conducted to find the impact of FinTech on press media as it is one of the concepts which can be considered by using the technological aspects as well as various other practical applications of the technology in managing the financial services
1.3 Objectives and Research Methodology
The study is being conducted to achieve the following objectives such as:
To study the concepts and working of FinTech.
To analyze the tools and techniques used in FinTech.
To estimate the future framework of FinTech.
To study the evolution of FinTech in financial world.
The study is conceptual in nature and the analytical research design is followed in the study with the aim to achieve the predetermined objectives and deriving the conclusion on that basis. Secondary data is used in the study which is derived from secondary sources such as websites, blogs, journal articles, research papers and so on.
1.4 Working of FinTech
Financial markets play a major role in stabilising the Indian economy as well as regulating the economic growth by offering wide number of financial services to the people using value authentication as well as providing them the opportunity to invest their money using fair and transparent approach of FinTech as it is enabled by Artificial Intelligence. One of the commonly known adoptions of FinTech is Blockchain technology which is providing abundant services to the individuals in terms of financial innovation. There are various patents which are taking place these days in financial innovation due to new as well as existing players in the financial world [10].
There are various regulatory changes which are taking place day-by day as per the provisions of financial services. These technologies run on algorithms of automatic programs. There are various financial solutions which are the reasons behind the stability and encouragement of FinTech in modern world [11]. The collaborative practice among public as well as private stakeholders made it possible to manage the market at reasonable costs with desired level of efficiency as well as effectiveness. It is the process of managing the financial operations as well as for enabling the new financial ventures by exploring the context of FinTech in the digital world [12].
1.5 Tools and Techniques used in FinTech
FinTech can be used in making payments from one person to another or may be by one business to the next which make use of data transmission technologies, handling the user experiences and employment of data analytical techniques as well as handling the security issues among the people to make them rely on the financial services provided using FinTech. FinTech also offers advisory services using Internet of Things, advanced algorithms, automations using advanced sensors as well as artificial intelligence [13]. These are virtual trading platforms which regulate the exchange of payments in order to handle the financial aid of the individuals. There are wide number of apps which are developing day-by-day such as wealthtech and investtech which are the sub-divisions of FinTech which not require any geographical existence but are virtually registered and listed which offers the regulatory medium of exchange among the people [14].
The financing opportunities of the FinTech can be enabled using smart phones, artificial intelligence, big data, CSCW (Computer-supported cooperative work) and machine learning etc. The compliance mechanism of FinTech can be handled using robotics, drones, artificial intelligence, algorithms and so on. FinTech make use of crow funding which is one of the sources of raising the funds and management of the financial needs. There are various factoring services which can be handled using FinTech operations offering credit facilities to its clients when the need occurs. The assets can also be managed using FinTech such as social trading, roboadvice, personal financial management, investment and banking etc. These days search engine comparison can also be regulated using FinTech due to management of technological architecture using information technology is another regulator of FinTech [15].
The framework of Fintech and Cryptocurrency is presented in Figure 1.1. It has been clearly highlighted that there are different participants of Fintech platforms as well as different types of Fintech platforms. The Figure 1.1 also provides insight towards the factors that can influence the development of Fintech platforms in long run. The participants of Fintech platforms are inclusive of Fintech startups, regulators, banks, international payment system, associations of bankers as well as financiers, incubators, accelerators, vendors and so on. The types of platforms related to Fintech include mobile phone services, social media and other informational sources contributing towards financial services, cryptography, market place lending, startups and new business models, artificial intelligence, digital identification, biometrics, application programming interface, applications and other different sources. The factors on which this framework is dependent consists of ICT infrastructure, regulatory framework related to licensing and transparency, capital access as well as investment, expertise and so on.
Figure 1.1 Framework of FinTech.
Source: https://www.researchgate.net/figure/Theoretical-approaches-to-Fintech-platformhttps://www.researchgate.net/figure/Theoretical-approaches-to-Fintech-platform-basics_fig6_326468708basics_fig6_326468708.
1.6 Future Framework of FinTech
FinTech is one of the deep-rooted deliberate actions which are changing the structure of financial services as how they are developed, perceived, promoted as well as delivered in the market and along with it how it is consumed in the market [16]. The consumers must be aware about all these practices which could help to reap the effective returns from the same. It manages the business models related to financial services which aim to deliver better as well as innovative services to their clients and making their efforts to attract the new customers in the market. It has the global reach which is emerging not only in India but in the whole world. It is the approach which is modernising the financial architecture by reorganising it as per the dynamic trends in digital era [17].
The banking functions can be regulated which handle the monetary system of the economy and the policies are regulated and managed as per the needs of the technological improvement in the field [18
