FinTech Innovations: A Review of the Recent Developments and Prospects

Benamraoui, A. and Aljandali, A. 2020. FinTech Innovations: A Review of the Recent Developments and Prospects. Bancaria. 12, pp. 85-95.

TitleFinTech Innovations: A Review of the Recent Developments and Prospects
TypeJournal article
AuthorsBenamraoui, A. and Aljandali, A.
Abstract

The dramatic surge of interest in FinTech over the past few years has highlighted the need for a better understanding of the value of technological innovations. In line with this reasoning FinTech has emerged as a mechanism that enables banking and nonbanking institutions to cut their costs, to enhance the quality of their services and to create a much more resilient and diverse financial environment. This FinTech development, which is supported by Artificial intelligence (Ai) and automation allows FinTech adopters to enter different segments of the financial services industry. However,despite the broad application of FinTech, little academic research has explored the development of this new wave of technological innovations. Therefore, our study aims to fill this gap in the literature and examines the recent developments in selected Fintech technologies including peer-to-peer financing, digital-only banks, machine learning and Ai, Blockchain, Robo-advice, InsurTech and RegTech. The paper also reviews the FinTech ecosystem including the impact of FinTech business models and their related, regulatory and non-regulatory, challenges.

KeywordsFinTech
FinTech Innovations
FinTech Ecosystem
Fintech Regulations
JournalBancaria
Journal citation12, pp. 85-95
ISSN0005-4623
2499-4472
Year2020
PublisherItalian Banking Association
Web address (URL)https://bancaria.it/en/livello-2/archive-2/last-summary/december-2020/fintech-innovations-a-review-of-the-recent-developments-and-prospects/
Publication dates
Published29 Dec 2020

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