2021 International Conference on Innovative Practices in Technology and Management (ICIPTM)

A Systematic Analysis on FinTech and Its

Applications
Livea Rose Paul Lipsa Sadath
School of Management and Commerce Software Engineering
2021 International Conference on Innovative Practices in Technology and Management (ICIPTM) | 978-1-6654-2530-8/21/$31.00 ©2021 IEEE | DOI: 10.1109/ICIPTM52218.2021.9388371

Amity University Amity University

Dubai, UAE Dubai, UAE
liveaP1@amitydubai.ae lsadath@amityuniversity.ae

Abstract— Today, FinTech is integrating with IoT and development of mainframe computers, SWIFTS, ATMs etc.
Artificial Intelligence to challenge banks at a very speedy pace. is considered as a part of FinTech 1.0. The next era of
Fast support and better convenience are major characteristics FinTech, comprised of Internet and Internet of Things, and
of FinTech that makes it desirable to customers. This article it was called FinTech 2.0. Now, we are in a transitional
covers some of the most active and prominent areas classified
phase from FinTech 2.0 to FinTech 3.0, in which more and
under the term FinTech they are: Cryptocurrency and digital
cash, Smart contracts, Open banking, Blockchain technology, more technologies are expected to be developed. Finance
RegTech, Insurtech, Unbanked services, Robo-advisors, Crowd combines Finance, Technology Management and Innovation
funding. This paper offers coherent research themes built on a Management. When explained, we can say that, we use
critical assessment of the literature. This paper provides a technological solutions in innovative ways to make financial
review of the history of FinTech and the various areas under processes more effective. Hence, FinTech is a cross-
FinTech. Know-hows like Machine Learning, AI, and disciplinary subject [1].
predictive analytics in financial services can directly affect
overall business policy, revenue generation, and resource A. FinTech 1.0 (1866-1967):
optimization.
Technologies like the steamship, telegraph, railroads
Keywords- FinTech, History, Blockchain, Robo-Advisors, Crowd allowed better financial relationships between different
funding, IoT, AI. countries. FinTech is often considered new, although it has a
history that can be traced back to 1866, when the first Trans-
I. INTRODUCTION Atlantic cable was laid successfully. The cable would
The younger age groups at present have matured in the decrease the communication time between North America
epoch of enhanced growth of technology. From shopping to and Europe to 17 hours, which would otherwise take upto
banking, anticipations of consumers have touched a 10 days. This development was the foundation which led to
highpoint which the old-style banking has not been able to the rise of several insurance, banking and joint-stock
deal with. Prompt introduction and acceptance of companies, highly significant to the Industrial Revolution I.
technology in life of this generation has generated a altered This would provide an infrastructure for financial
level of anticipation from them. The upsurge of FinTech and globalization. World War II also brought about several
related start-ups with it is actually somewhere hidden and technological developments. The development of global
wrapped in the customer’s anticipations on service level and telex network provided the communication foundations to
efficiency. FinTech is now incorporating itself quickly with FinTech 2.0 [2].
IoT and bringing significant alterations to current business
practices, making it necessary that we understand the areas B. FinTech 2.0 (1967–2008)
under FinTech and their implications. In UK, 1968, the Interbank computer Bureau set the
foundation for modern automated payments systems and
Section II of this paper reviews the extant literature on the electronic clearing services. Later, US Clearing House
history and evolution of FinTech, while Section III briefly Interbank system was opened and soon after that Fedwire
discusses some of the most active areas of FinTech, such as opened. By 1974, Herstatt Bank had collapsed, showing the
cryptocurrency, blockchain, mobile payments etc. Section increasing financial links, before which the Society of
IV focuses on a comparative analysis between traditional Worldwide Interbank Financial Telecommunications
finance and FinTech;this section also compares and (SWIFT) was established. All these events led to the first
contrasts FinTech with traditional finance as well as regulatory initiative for financial institutions. This was the
TechFin. Section V discusses the major security concerns Basel Committee of 1975, the formation of which led to a
related to Fintech and why it is extremely important for number of soft-law agreements. The global crash of stock
FinTech firms to address such issues appropriately. Section markets in 1987 indicated the technological interlinking of
VI addresses the major gaps in FinTech research and details global markets. Circuit breakers were developed and these
the scope of future research. were used to control speed of price fluctuations. The
interconnection between EU financial markets came to
II. FINTECH – HISTORY AND EVOLUTION being after the Single European Act of 1986 and the
FinTech, although commonly referred to as a new industry, Maastricht Treaty of 1992. Online consumer banking was
has a long history that can be divided into three phases. The developed in 1995 by Wells Fargo and the emergence of
internet paved way for FinTech 3.0. E-Banking obviously
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2021 International Conference on Innovative Practices in Technology and Management (ICIPTM)
brought forth new risks, especially for regulators and it was they try to collaborate with them. When the various banking
expected that the providers of these e-banking services regulations are favourable they tend to be more competitive
would be authorized financial institutions such as banks. But and less collaborative [7]. The FinTech industry itself is
FinTech 3.0 demanded a rethinking. evolving at a quick pace and those recent start-ups in this
field are demonstrating higher failure rates as a consequence
C. FinTech 3.0 (2008–PRESENT) of the already greater level of competition [8]. FinTech
Between 2007-08, the brand image and trust of customers services are seen as a key enabler of financial inclusion,
over banks had suffered a shake. Surveys of 2015 showed meaning provision of financial services to the unbanked.
that most Americans believed in technology firms more than Cloud computing, blockchain, big data analytics are
traditional banks to manage their cash. Presently, in China, enabling more and more people access these services,
more than 2000 P2P (Peer to Peer) lending platforms have wherever and whenever. With this large scale integration of
been founded outside any regulatory framework. The fact technology in finance, it is important to have regular and
that these are outside the regulatory framework does not efficient check on the data security [9] in financial
seem to bother lenders and borrowers as they are more institutions and other factors that support institution’s
concerned with low cost and greater convenience, as well as security [10]. Customer centric business model is very
higher returns. The competitiveness and profitability of desirable for FinTech start-ups aiming at financial inclusion.
banks were severely damaged, and regulations and Quantitative and qualitative researches are very significant
requirements related to ring-fencing and stress testing in enabling financial inclusion by FinTech start-ups and the
performances etc. just increased the already rising bank solutions created by such FinTech companies are definitely
expenses. FinTech 3.0 involved great levels of smartphone in the right direction [11].
penetration and sophistication in the case of APIs or
Application Programming Interfaces. The rapid rate at III. APPLICATION AREA UNDER FINTECH
which the technology developed and the change in the
identity of financial service providers were the key features Below explained is few of the most active and prominent
of the third and most significant phase of FinTech. areas classified under FinTech:

Computational advantages of recent times have allowed the A. Cryptocurrency and digital cash
collection of fundamental firm data, like real time Cryptocurrency, or digital currency, uses block chain
transactions and customer data, are if interest to finance technology to record transactions. It is secured by
professionals who may be able to apply it in stock pricing cryptography, and this ensures that there is no chance for
analysis [3]. Some definitions claim FinTech to be an double spending. This follows a decentralized system that is
industry, while others define it as a technology. Then again, not controlled by any central authority. So they remain free
few other literatures, define it as a type of action, such as a from government interference. Crypto means the various
business or service. All the sources identify FinTech as encryption techniques that are used to secure the blockchain
something that is novel, emerging, disrupting and innovative. network. There are several cryptocurrencies available in the
In short, FinTech is a novel financial industry that makes use virtual market today, the most prominent one being Bitcoin,
of technology to make financial activities more efficient [4]. and as of recent surveys, there are 18 million
The rapid increase in interest in FinTech (which is evident cryptocurrencies available today and their total market value
through Google searches over the years) point to a need of is calculated around 165 million dollars. Other commonly
better understanding of it. FinTech innovations are very known cryptocurrencies include Namecoin, Peercoin,
valuable to innovators and finance industry altogether. But Litecoin and also Ethereum.
some FinTech innovations can have adverse effect on certain
financial industries. When such innovations come from B. Blockchain technology
relatively new, non-financial firms, it can have a more Blockchain is a digital ledger. It consists of transactions and
negative impact [5]. The primary objective of financial sector they are completely public. It is regularly updated by users
is to enable transactions. For example, cash and payment all over the world and it is regarded by many as anti-corrupt.
solutions, diffusion of smart device models etc. These Block chain can be said as the rails on which
innovations often blur the distinction between finance sector cryptocurrencies like Bitcoin and Litecoin travel on. It’s a
and other industries. There is a strong integration between list of continuous records in blocks. Each block holds time-
Fintech solutions with the primary as well as the secondary stamps of transactions, they are linked to the previous block
sectors. New business models propel the FinTech movement and the records cannot be changed retroactively. Blockchain
on the network level [6]. FinTech redefines the manner is often associated only with cryptocurrency transactions,
through which customers save, store, borrow, spend, invest but infact, it can be used to record data of all types.
and protect money. There are several FinTech business “Blockchain is a part of the iceberg beneath the Bitcoin”
models such as wealth management models, lending that is what John Callahan said. If deployed effectively
models, payment models, insurance service models, capital blockchain can profoundly impact the way in which
market models etc. which are implemented by the increasing transactions are recorded and documents are kept [12].
number of FinTech start-ups. FinTech start-ups often try to
compete with the existing traditional financial institutions or
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2021 International Conference on Innovative Practices in Technology and Management (ICIPTM)
C. Smart contracts to use activity trackers which prompt them to exercise and
Smart contracts are another application of the blockchain, then provide them with reduced premiums once they reach
they are computer protocols that simplify the execution of their target health goals. In addition there are also driving
contracts between sellers and buyers without the trackers. This enables customers to get insurance cover,
involvement of third parties like e-commerce sites, courts or immediately and on-demand with the help of information
credit card companies [13]. This allows us to avoid the high recorded by these trackers [19].
costs of contract drafting, judicial intervention, opportunistic
behaviour, and the inherent ambiguities of written language. F. RegTech
Electronic data interchange is another system that was RegTech refers to technology that would allow the
developed for the same purpose. But it failed and infact it implementation of regulatory requirements more effectively
empowered decision makes with the inefficient way of and efficiently. Moreover, it is highly regarded as the next
making agreements. Smart contracts were developed to logical evolution of financial sector that can bring about a
achieve what EDIs failed to achieve. Their scripting paradigm shift in regulation. Using technology to monitor
languages allow wider range of functionalities and larger and ensure compliance allows large amounts of cost-
scalability. They have the ability to faultlessly integrate with reductions to companies. Although RegTech is commonly
operational and financial systems at the core of present-day known as a subset of FinTech, as both were developed by
enterprises. EDIs require human interference and had the GFC, it is argued that it should be considered a connected
support of only very primitive and under-developed digital but more distinct phenomenon [20]. RegTechneeds a precise
environments [14]. Automation, decentralization and design of technology along with the collaborative effort of
anonymity are the basic features of smart contracts, which private sectors and regulators. Financial regulations
have their advantages and disadvantages. It is extremely generally include financial stability, fairness, prudential
expensive to form smart contracts in uncertain or volatile regulations and competitive market development. RegTech
environments. At the same time, they are flexible and allow promotes good corporate practices and helps organizations
the involved parties to include commercial customs into the to reduce operational risks, it can be an extremely valuable
contract in a responsive manner. domain in terms of corporate governance, identity
management etc. by tackling challenges to compliance [21].
D. Open banking
Open banking, is also an application of blockchain which G. Robo-advisors
refers to the usage of APIs (Application programming According to Fein, “the term “robo-advisor” refers to any of
interfaces) which enables 3rd parties to develop applications a growing number of Internet-based investment advisory
or services centering the financial institution. ‘Mint’ is one services aimed at retail investors that have emerged in the
example of this; it is an all-in-one money management tool financial marketplace in recent months.” Most small
[15]. Financial inclusion is the primary objective of open investors are quite comfortable with technology but they
banking, this allows consumers of all types to have a bank would like an adviser to guide and reassure them about their
account that allows access to innovative financial products investments and other finance related requirements. These
and services at affordable prices [16]. This idea has also robo-advisors make guidance free from human advisor, by
been termed as ‘Banking as a Platform’ and it refers to making use of asset allocation models, logarithms etc. Asset
banks adopting the platform strategy model. Banks will allocation models are commonly regarded as being tailored
have to prepare themselves to provide technologically to an individual’s investment needs. The investor is asked to
advances services and tools that equip participants on fill out a questionnaire online; the system is able to analyze
various sides of the platform and also will have to consider basic risk parameters and the preferences of
the degree of openness which they plan to operate on investorseliminating the personal advisory relationship with
[17].Open banking brings several improved benefits such as the client.Some regulatory authorities like SEC ad FINRA
sustainability of the business model, new streams of have warned that robo-advisors may depend on assumptions
revenue, improved customer service etc. [18]. that are not quite applicable to an investor’s financial
condition and this can lead to investment recommendations
E. Insurtech which may not be suitable for an investor [22].
InsurTech is a condensed and technical name for Insurance
technology. It offers individuals customized solutions to H. Unbanked services
risks of life by making efficient use of sensors, data Under banked or unbanked services are provide to that
analytics etc. It is considered as a threat to agent-like market segment for the financially undeserved, or those who
insurance brokers, which may gradually vanish from the are financially unsecure or unhealthy. They get access to
insurance market, as the case of China where an insurance services like borrowing, investing, saving and insurance at a
disruption is said to have happened. Insurance industry faces reasonable price brought forth to them by sound financial
multiple problems today, such as complexity and the strict institutions. New mobile payment systems and increased
regulations imposed on it. InsurTech allows insurance access to bank accounts which came about as a part of
providers to rise above these limitations. It provides FinTech, allow the inclusion of these financially undeserved
constant interaction between insurers and consumers. This customers [23].FinTech allows moneylenders to reach out to
allows consumers to reduce their risk. IoT allows customers the unbanked and provide credit to such individuals who are
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2021 International Conference on Innovative Practices in Technology and Management (ICIPTM)
empowered to exchange money and carry out transactions a culture of operational design that most companies and
via mobile phones without a financial balance [24]. startup do not possess. FinTech initiatives generally show
how technology can provide low-leverage solutions. And
I. Crowdfunding they are also funded with more equity that existing
This means raising many small quantities of funds from a companies [30]. The development of FinTech was due to
crowd or from a large no. of people, generally through globalization and it gave an opportunity for several small
Internet. The period of raising funds is fixed prior, and if the enterprises [31] to extend financial services without the help
gathered money does not reach the required level, it is of banks. By combining Finance and IT they could offer the
cancelled. It was initially started in England in 2005 as a public speedy execution of typical banking processes [32].
private loaning service named as Zopa. It was then referred Technological advancements enable finance to be more
to as social funding, P2P funding etc. In US, Indiegogo, a inclusive, egalitarian and decentralized. But adopting such
sponsor platform was established after which innovation also means having a proper regulatory balance.
‘crowdfunding’ was used. Investing crowdfunding and Governments should enable FinTech companies to pioneer
donation crowdfunding are the two major types of novel services and products that would meet market
crowdfunding. Donation crowdfunding includes donation- demands by employing a comparatively more lenient
based and reward-based crowdfunding. The Investing regulatory approach in the initial stages [33]. Financial
crowdfunding includes equity-based, lending-based, and engineers gather data from social networking sites, mobile
royalty-based crowdfunding [25]. Investment based phones etc. to give rise to new industries. By the time
crowdfunding has developed as an alternate method of analysts just take a look at income statements, AI
funding that does not require registrations or intermediaries, technologies are able to produce high quality interpretations
thus reducing the fundraiser’s transaction costs [26]. and results. The present sentiment of general public on a
stock can be figured out in just seconds by sentiment
J. Mobile payments analysis firms. The merge of FinTech with IoT and AI is
Mobile FinTech service providers include Apple pay, currently challenging the very existence of banks. The risks
Starbucks app, Samsung pay, Alipay, Palpay, Wechatpay of making blunders in the progression of technological
etc. and they are presently used by millions of users.They change is much lesser that the risk of not moving with the
must satisfy the requirements of convenience, compatibility, change. Data is no longer trivial, rather it is now referred to
mobility, security, simplicity etc. The security challenges as the “new currency”, that means, data is center to any
that are pertaining to provision of mobile payment services organization.Firms must get familiar with data as it is going
include integrity, mutual authentication, availability, privacy to become commonplace faster and earlier than we expect
etc. [27]. The adoption of mobile payments have been [34]. ‘FinTech’ and ‘IoT’ have obtained wide spread
increasing over the years, and there are much literatures recognition today as the prime agents of novel technology
available on the nature and characteristics of consumers and it has led to the formation of new and improved
relying on mobile payment systems, so that FinTech products and services, making possible more convenient and
companies can obtain better insights to provide improved inexpensive versions of present financial systems. FinTech
services [28]. China has developed as the leading nation in collaboration with IoT and AI presents a platform for
when it comes to FinTech innovation and the best example providing society with sustainable methods of supporting
is Alipay, which showed an exponential growth as majority these causes [35]. Financial Technology has definitely come
of transactions of Taobao were settled by means of Alipay. a long way overcoming many hurdles, but it still faces some
Today several other FinTech firms also exist in China, such challenges. However it continues to grow, even though
as Wechat Pay, thus building a cashless society.The macro events and firm specific events like security
convenient and highly streamlined manner in which concerns, data breaches and such necessitate a steady and
transactions can be carried out via these systems are making constant pace of innovation [36].
them very desirable to consumers. [29]. Islamic FinTech is an area that is aimed at improving the
Shar’iah compliant nature of finance. It pertains to the
IV. FINANCE VS FINTECH demand of technologically advanced products and services
Finance is a domain that is extremely significant for growth. among the Muslim consumer base, which is expected to
But most financial services are consistently expensive and increase significantly in near future. The growth of this area
there are not many innovations in the financial sector that will require appropriate regulations and formulating
are practically delivered to customers with vital benefits.The Shar’iah standards. Several central banks are taking
high cost, slower pace, strict regulations and uneasiness of initiatives to ensure the efficiency of Islamic FinTech firms
procedures of financial industry can be highlighted as major [37].
reasons why FinTech emerged. Similar to many other
industries, FinTech companies initiate disruptive As opposed to FinTech which is finance firms making use
innovations for certain services. FinTech start-ups have the of technology, TechFin is another domain which refers to a
opportunity to build right systems from start, but in contrast, technological firm that that delivers financial services and
banks and other financial institutions which have gone products. The potential of such large techno firms to
through multiple successive mergers have ended up with dominate financial services delivery is already a reality in
layers of legacy technologies. FinTech startups often project many Asian markets such as China. For example, Facebook
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2021 International Conference on Innovative Practices in Technology and Management (ICIPTM)
allowing to make payments through Messenger app, is a Security algorithms that provide confidentiality to data are
service that widely available in US and UK and is also categorized as public, private keys and signature algorithms.
expanding to other parts of the world [38]. TechFin is a less Fully Homomorphic Encryption is a technique that allows
disruptive, but more incremental approach as compared to encrypting data such that operations can be performed to
Fintech [39]. data in the cloud [45]. Studies have been conducted on using
graphical passwords as opposed to textual passwords in an
attempt to develop better authentication systems for users.
Intrusion detection Systems are a highly researched area to
capture any unforeseen incidents in organizations such as
DDOS attacks [46]. A map and route based graphical
password scheme called Route-Map has been employed for
this purpose and it was found that it was able to achieve
better long term memory as well as memory of multiple
passwords as compared to other graphical schemes [47].

VI. ANALYSING GAPS IN LITERATURE

Most existing studies focus on the short run changes in the
industry and analytical studies that focus on the long and
medium term changes in the structure of various financial
services that arise as a result of FinTech are not found.In
addition, there are also not much detailed and elaborate
research works on the applications of Artificial Intelligence
Fig. 1. Analytical comparison: Finance vs. FinTech vs. TechFin
and large scale processing in finance with the exception of
few papers. The gap between financial technologies and the
In addition, the case of 007fenqi, as considered in previous significantly increasing regulatory systems are also not
literatures indicates that many emerging platforms operate studied much and it lacks the study of many related relevant
in the grey area. This is where much regulations or areas [48]. RegTech and InsurTech are comparatively new
legislations are not in place and such unregulated or technological developments that stemmed out of FinTech,
unmonitored environments allow for more innovations and and hence their potential is yet to be explored fully.
opportunities in the financial service sector [40]. At the time Although there are literatures available that explain their
of this research work, in the UAE, we note that all features and evolutions as well as impact, analytical works
regulators keep a watchful eye on FinTech activities in the that elaborate their potential are scarce [49]. Researches
respective jurisdictions and it is expected that in near future dedicated solely to the purpose of reviewing the existing
additional regulations will be put in place after assessing the literature on FinTech is comparatively less, and future
legal implications of emerging technologies. Meanwhile, studies can be undertaken employing the analytical
India does not have a unified code of laws for Fintech firms; techniques such as semantic analysis to identify and locate
RBI has issued two regulations under PSS Act of 2017, and new concepts definitions and terminologies in the FinTech
along with SEBI, it has set up the Working Group on domain [50].
FinTech and Digital banking for assessing such
technological opportunities and regulating them. VII. CONCLUSION
To summarize, FinTech is often considered as a new
V. SECURITY CONCERNS industry, but it has a long history that dates back to 1860s.
Security is a requirement for FinTech services as sensitive An overview of technologies such as Cryptocurrency,
information of users are associated with FinTech services, Blockchain, InsurTech, Open banking etc. throws light on
especially those such as mobile payment services, open some of the most active areas under FinTech today. Mobile
banking etc. [41]. Different kinds of attacks on computer payments are considered to be one of the strongest areas of
networks and IT systems like account extortion, session FinTech. The paper has also summarized why FinTech is
hijacking, DDOS attacks etc. have put huge amounts of swiftly emerging by comparing it with the financial services
private data in danger. Although many financial institutions industry. The comparatively greater expense associated with
are making an effort to lead the FinTech market, security is traditional financial services and their lesser reach as well as
the top priority and organizations are required to establish the stricter regulations means that not all customers are able
security principles to ensure service stability [42]. Data to access it with ease. FinTech incorporates the usage of
security, added value and trust are few of the key aspects huge amount of data, even more than what traditional
which are essential to FinTech adoption [43].FinTech plays financial institutions make use of, and hence data and
a significant role in value generation for current finance information of users need to be protected from breaches and
firms, which also need to make sure that data is used in the various attacks. The final section analyses the gaps in
right way, thus addressing privacy and security concerns current literature, indicating that areas such as RegTech and
while integrating technology in finance [44]. The major InsurTech, often classified as subsets of FinTech are yet to
solutions for data storage involve cryptography techniques be explored to their full potential.
and processes to make sure security and protection of data.
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2021 International Conference on Innovative Practices in Technology and Management (ICIPTM)
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