An artificial Intelligence System Promoting Financial Institutions
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
FinTech: An artificial Intelligence System Promoting Financial Institutions
FinTech: An artificial Intelligence System Promoting Financial Institutions
The interaction between the internet and business has opened new opportunities for efficiency in business operations. Other sections of business operation, like sales and marketing, have embraced the use of technology. For example, most sales are currently carried out online; however, most financial services fail to acknowledge the potential of financial technologies in their development and evolution. According to a statement by the governor of the Bank of England, the FinTech revolution will bring democracy to financial services (Carney, 2017). The governor went on to say that the new technology will give consumers variety and allow small and medium-sized enterprises to access credit. The current inquiry is interested in the growth of FinTech and the opportunities and challenges it presents to the market. According to Shim and Shin (2016), China has been greatly impacted by the growth of FinTech and has seen its implication first-hand in the market. As such, a focus on China will play a significant role in shedding light on the implications of FinTech to financial services.
1. How do FinTech intermediaries help bring additional liquidity to the market?
2. How does FinTech promote democracy in financial services?
3. Is there a development of new regulations to support FinTech?
FinTech has gained attraction in fast markets like China. However, the development and adaptation of FinTech solutions have been slow and rigid due to challenging regulations (Philippon, 2016). Despite the regulations, FinTech has managed to improve democracy in the market by allowing small businesses to access loans easily. According to a recent study that sought to discuss the FinTech ecosystem, it was found that there was an increase of 62% in FinTech ventures across the globe between 2016 and 2017 (Lee & Shin, 2018). The data indicates that there is a widespread adaptation of FinTech technologies to aid in the growth of financial service in China. According to a study that sought to examine the implications of FinTech in the case of a Chinese Youth Microloan startup, it was found that FinTech solutions played a significant role in allowing small companies to find a niche in the highly regulated financial market (Leong, Tan, Xiao, Tan, & Sun, 2017). The high adaptation of FinTech solutions in China indicates that the technology presents a wider range of opportunities for the financial market to develop.
FinTech is also associated with increasing liquidity in the market. For example, Chinese startups have been advantaged with the opportunity to access small loans from online financial institutions, allowing these young companies to grab a niche for themselves in the otherwise restricted financial market. FinTech is playing a significant role in increasing liquidity in the Chinese market because online technologies share huge amounts of information in the form of big data that improves transparency in business. The interconnectedness of FinTech solutions increases transparency and promotes security to both clients and vendors.
The study will employ a mixed-method technique. The qualitative part will make use of empirical literature review to draw information relevant to the current line of inquiry. It will focus on sources that have been published within the last five years to maintain the relevance of the study regarding current trends, considering technology is dynamic and changes daily. The quantitative part will employ the analytical survey, where questionnaires will be used to collect data from relevant stakeholders in the financial sector. The two approaches will provide a holistic investigation in finding answers to the given research questions.
From an evaluation of the current data on FinTech solutions, it is expected that most studies will point to a positive contribution of financial technologies to the market. It is projected that the autonomy of FinTech systems will promote democracy and increase liquidity in the market.
Carney, M. (2017, January). The promise of Fintechsomething new under the sun. In?Speech at Deutsche Bundesbank G20 Conference, by Bank of England Governor Mark Carney, January 25th.
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges.?Business Horizons,?61(1), 35-46.
Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y. (2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China.?International Journal of Information Management,?37(2), 92-97.
Philippon, T. (2016).?The fintech opportunity?(No. w22476). National Bureau of Economic Research.
Shim, Y., & Shin, D. H. (2016). Analyzing Chinas fintech industry from the perspective of actor-network theory.?Telecommunications Policy,?40(2-3), 168-181. http://dx.doi.org/10.1016/j.telpol.2015.11.005
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