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FinTech and AI as Opportunities for a Sustainable Economy

Author

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  • Valentina Vasile

    (Romanian Academy, Institute of National Economy, 050711 Bucharest, Romania)

  • Otilia Manta

    (Romanian Academy, Centre for Financial and Monetary Research “Victor Slăvescu”, 050711 Bucharest, Romania
    Research Department, Romanian-American University, 012101 Bucharest, Romania)

Abstract

The need for a sustainable economy has grown as technological advancements increasingly influence economic and social structures. This study investigates the role of FinTech and artificial intelligence (AI) in fostering sustainable development by facilitating green initiatives and promoting social responsibility. The research hypothesis posits that FinTech enables better access to financing for economic and social development projects, while AI enhances decision-making processes critical to the implementation of these initiatives. Through a qualitative approach, this study analyzes the interactions between FinTech, AI, and the Sustainable Development Goals (SDGs), exploring whether their relationship is bilateral or unidirectional. Using a quantitative approach, this study employs Principal Component Analysis (PCA) and Analysis of Variance (ANOVA) to examine the key factors influencing bank account ownership across different demographic groups and time periods. PCA is utilized to reduce data dimensionality while preserving the most significant variance, enabling the identification of underlying patterns in financial inclusion determinants. Meanwhile, ANOVA is applied to assess statistical differences in bank account ownership across demographic categories and the pre-pandemic, during-pandemic, and post-pandemic periods, highlighting the impact of digital financial services on financial inclusion trends in Europe. The findings suggest that both technologies play a significant role in supporting sustainability, with FinTech providing the necessary financial tools and AI optimizing decision-making. Furthermore, this study identifies barriers, such as regulatory challenges and technological gaps, that hinder the full integration of these technologies into sustainable development practices. It also highlights facilitators, such as policy support and technological innovation, that accelerate their adoption. The conclusions emphasize the transformative potential of FinTech and AI in achieving robust economic growth, reducing inequalities, and fostering a new cultural approach to resource management and societal responsibility.

Suggested Citation

  • Valentina Vasile & Otilia Manta, 2025. "FinTech and AI as Opportunities for a Sustainable Economy," FinTech, MDPI, vol. 4(2), pages 1-28, March.
    • Handle: RePEc:gam:jfinte:v:4:y:2025:i:2:p:10-:d:1619615
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    References listed on IDEAS

    as
    1. Allen, Franklin & Demirguc-Kunt, Asli & Klapper, Leora & Martinez Peria, Maria Soledad, 2016. "The foundations of financial inclusion: Understanding ownership and use of formal accounts," Journal of Financial Intermediation, Elsevier, vol. 27(C), pages 1-30.
    2. Valentina Vasile & Mirela Panait & Simona-Andreea Apostu, 2021. "Financial Inclusion Paradigm Shift in the Postpandemic Period. Digital-Divide and Gender Gap," IJERPH, MDPI, vol. 18(20), pages 1-28, October.
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