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Fintech In Modern Banking Industry

Author

Listed:
  • ALEKSANDRA STANKOVSKA

    (European University-Republic of Macedonia, Faculty of Economics)

  • SAVICA DIMITRIESKA

    (European University-Republic of Macedonia, Faculty of Economics)

  • ELIZABETA STAMEVSKA

    (European University-Republic of Macedonia, Faculty of Economics)

Abstract

In this research paper we will explore the current wave of Artificial Intelligence and FinTech in modern banking industry. FinTech is the new gold rush for investors, growing from 10% in 2016, to a staggering $23.2 billion, with China and USA leading the market. This boost is powered by the growing capabilities of machine learning and artificial intelligence. It is an idea whose time has come, as the computational and storing capabilities available today can record and process the impressive quantities of big data necessary to fuel the algorithms. The future of banking industry will be heavily influenced by emerging FinTech companies and artificial intelligence technology applications setting the stage for increasing competitiveness among the industry’s leading giants. In the next decade, artificial intelligence will help financial services companies maximize resources, decrease risk, and generate more revenue, in the trading, investing, banking, lending, and FinTech verticals. In the news, financial technology is described as “disruptive†, “revolutionary†, and armed with “digital weapons†that will “tear down†barriers and traditional financial institutions (World Economic Forum 2017).

Suggested Citation

  • Aleksandra Stankovska & Savica Dimitrieska & Elizabeta Stamevska, 2018. "Fintech In Modern Banking Industry," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 14(2), pages 20-26.
    • Handle: RePEc:neo:journl:v:14:y:2018:i:2:p:20-26
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    Citations

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    Cited by:

    1. Miroslav Nedelchev, 2020. "Origin And Definition Of Regtech," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 17(1), pages 1-9.

    More about this item

    Keywords

    FinTech; Artificial Intelligence; banking industry; financial institutions;
    All these keywords.

    JEL classification:

    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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