Determinants of FinTech and Internet of Things for Technological Disruption: A New-Age Sustainable and Comprehensive Outlook
DOI:
https://doi.org/10.31305/rrijm.2023.v08.n03.016Keywords:
Financial technology (FinTech), IoT, AI, Big-data, Digitalization, Technological DisruptionAbstract
Financial institutions work very diligently to make finance smarter in the present global trend to reap the rewards of digitization. Financial technology (FinTech) uses various modern disruptive technologies to improve client services, including AI-ML-DL, 5G, Big Data, Cloud, Blockchain, Metaverse, and IoT. Many critical financial assistance and procedures, including lending, verification, fraud finding, and credit scoring, will be streamlined and improved by the advent of technology. Yet, there is a need to develop innovative financial products and a supportive technological environment. To introduce new-age ICT solutions, various tech giants have emphasized FinTech. Financial institutions, including insurance, brokers, online traders, banks, etc., must now shift concerning data-driven expertise because FinTech services primarily rely on data. Also, to provide financial stability, FinTech can be used for ubiquitousness, safety, and rigorous regulations. The paper aims to enunciate emerging trends and key FinTech applications that would disrupt the near future. For some use cases, we also try to present a high-level framework of the FinTech determinants and IoT. The paper is the first attempt to outline future ways for FinTech to investigate while looking upfront at potential difficulties.
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