Top

Published in:

2021 | OriginalPaper | Chapter

Financial Innovations, Financial Engineering and Financial Technologies: Risks or New Opportunities? Innovations and New Financial Technologies in the Practice of Banking

Authors : Aleksei Bolonin, Igor Turuev, Vladimir Balykin

Published in: Financial Markets Evolution

Publisher: Springer International Publishing

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

Information technology (IT) and artificial intelligence (AI) currently penetrate all areas of life as a result of the Fourth Industrial Revolution. Banking is one of the most successful examples of using IT and AI. This chapter discusses the contemporary achievements of the financial sector and the threats associated with the use of new technologies. The authors use the method of comparative analysis. The study focuses on credit institutions, with its broader subject matter being the activities of credit institutions in a virtual cyberspace, which creates not only new opportunities, but also new threats and risks. The development of digital ecosystems capable of satisfying the entire range of customers’ vital needs, including non-financial ones, is supposed to be the next stage in the evolution of credit institutions.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

previous chapter Monetary Policy: Global Trends and the Development of Bank of Russia’s Approaches

next chapter Banks and Banking: New Trends and Challenges

Arner, D., Barberis, J., & Buckley, R. (2017). FinTech and RegTech in a Nutshell, and the future in a Sandbox. Available at: https://www.cfainstitute.org/en/research/foundation/2017/fintech-and-regtech-in-a-nutshell-and-the-future-in-a-sandbox?s_cid=ppc_RF_Google_Search_FinTechandRegTech.

Bank of Russia. (2018). The main directions of development of financial technologies for the period 2018–2020. Available at: https://cbr.ru/Content/Document/File/84852/ON_FinTex_2017.pdf.

BIS. (2017). Statistics on payment, clearing and settlement systems in the CPMI countries. Committee on Payments and Market Infrastructures. Bank for International Settlements 2017. Available at: https://www.bis.org/cpmi/publ/d172.pdf.

Deloitte. (2020). RegTech Universe 2020. Take a closer look at who is orbiting in the RegTech space. Available at: https://www2.deloitte.com/lu/en/pages/technology/articles/regtech-companies-compliance.html.

Digital Commerce 360. (2016). China 500 Report (2016). Available at: https://www.digitalcommerce360.com/product/china-500-report/.

Finextra. (2019). ATM malware and logical attacks fall in Europe. Available at: https://www.finextra.com/pressarticle/80191/atm-malware-and-logical-attacks-fall-in-europe.

Gara, A. (2019). The Forbes investigation: Inside the secret bank behind the Fintech Boom. Available at: https://www.forbes.com/sites/antoinegara/2019/12/17/the-forbes-investigation-inside-the-secret-bank-behind-the-fintech-boom/#352fcdbc3c10. Accessed 17 December 2019.

iResearch. (2016). China’s third-party mobile payment market shot up 69.7% in 2015 iResearch. Available at: http://www.iresearchchina.com/content/details7_21238.html.

Kakao. (2018). Kakao ecosystem. Available at: https://t1.kakaocdn.net/kakaocorp/operating/ir/results-announcement/3246.pdf.

King, B. (2020). Bank 4.0: Banking everywhere, never at a bank. Wiley.

Kiniakina, E. (2019). There is no TON ecosystem: Why did the SEC stop Telegram ICO and what does this mean for the Durov project? Available at: https://www.forbes.ru/tehnologii/385351-nikakoy-ekosistemy-ton-ne-sushchestvuet-pochemu-sec-ostanovila-ico-telegram-i-chto. Accessed 13 November 2019.

KPMG. (2019). KPMG the pulse of Fintech 2019 Biannual global analysis of investment in fintech. Available at: https://home.kpmg/xx/en/home/campaigns/2019/07/pulse-of-fintech-h1-2019.html.

Martin, J. A. (2016). 7 reasons mobile payments still aren’t mainstream. CIO Magazine. Available at https://www.cio.com/article/3080045/7-reasons-mobile-payments-still-arent-mainstream.html. Accessed 7 June 2016.

PwC. (2015). Disrupting cash, accelerating electronic payments in India. Available at: https://www.pwc.in/assets/pdfs/publications/2015/disrupting-cash-accelerating-electronic-payments-in-india.pdf.

Qian, Z. (2014). Analysis of business model innovation in “Rong e Gou” of industrial and commercial Bank of China. Available at: https://core.ac.uk/display/41431661.

Regtech. (n.d.). Solutions for regulatory reporting, risk & asset liability management and tax reporting. Available at: https://www.reg.tech/en/our-solutions/banks-other-financial-institutions/.

Skinner, C. (2014), Digital bank: Strategies to launch or become a digital bank. Marshall Cavendish Business.

Wintermeyer, L., Bedford, D., & Gulamhuseinwala, I. (2016). Capital Markets: Innovation and the FinTech landscape How collaboration with FinTech can transform investment banking. Available at: https://www.ey.com/Publication/vwLUAssets/EY-capital-markets-innovation-and-the-finTech-landscape/$FILE/EY-capital-markets-innovation-and-the-fintech-landscape.pdf.

Title: Financial Innovations, Financial Engineering and Financial Technologies: Risks or New Opportunities? Innovations and New Financial Technologies in the Practice of Banking
Authors: Aleksei Bolonin
Igor Turuev
Vladimir Balykin
Publisher: Springer International Publishing
Book: Financial Markets Evolution
Print ISBN: 978-3-030-71336-2

Electronic ISBN: 978-3-030-71337-9

Copyright Year: 2021
DOI: https://doi.org/10.1007/978-3-030-71337-9_10