IDEAS home Printed from https://ideas.repec.org/a/gam/jijfss/v11y2023i3p90-d1190429.html
   My bibliography  Save this article

Building Trust in Fintech: An Analysis of Ethical and Privacy Considerations in the Intersection of Big Data, AI, and Customer Trust

Author

Listed:
  • Hassan H. H. Aldboush

    (Department of Finance & Banking, Faculty of Business, Philadelphia University, Amman 19392, Jordan)

  • Marah Ferdous

    (Financial Technology and Accounting Analytics, School of Business Technology, Princess Sumaya University, P.O. Box 1438, Amman 11941, Jordan)

Abstract

This research paper explores the ethical considerations in using financial technology (fintech), focusing on big data, artificial intelligence (AI), and privacy. Using a systematic literature-review methodology, the study identifies ethical and privacy issues related to fintech, including bias, discrimination, privacy, transparency, justice, ownership, and control. The findings emphasize the importance of safeguarding customer data, complying with data protection laws, and promoting corporate digital responsibility. The study provides practical suggestions for companies, including the use of encryption techniques, transparency regarding data collection and usage, the provision of customer opt-out options, and the training of staff on data-protection policies. However, the study is limited by its exclusion of non-English-language studies and the need for additional resources to deepen the findings. To overcome these limitations, future research could expand existing knowledge and collect more comprehensive data to better understand the complex issues examined.

Suggested Citation

  • Hassan H. H. Aldboush & Marah Ferdous, 2023. "Building Trust in Fintech: An Analysis of Ethical and Privacy Considerations in the Intersection of Big Data, AI, and Customer Trust," IJFS, MDPI, vol. 11(3), pages 1-18, July.
    • Handle: RePEc:gam:jijfss:v:11:y:2023:i:3:p:90-:d:1190429
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7072/11/3/90/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7072/11/3/90/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Malaquias, Rodrigo F. & Hwang, Yujong, 2019. "Mobile banking use: A comparative study with Brazilian and U.S. participants," International Journal of Information Management, Elsevier, vol. 44(C), pages 132-140.
    2. Itay Goldstein & Wei Jiang & G Andrew Karolyi, 2019. "To FinTech and Beyond," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1647-1661.
    3. Daníelsson, Jón & Macrae, Robert & Uthemann, Andreas, 2022. "Artificial intelligence and systemic risk," Journal of Banking & Finance, Elsevier, vol. 140(C).
    4. Kim T. Baumgartner & Carolin A. Ernst & Thomas M. Fischer, 2022. "How Corporate Reputation Disclosures Affect Stakeholders’ Behavioral Intentions: Mediating Mechanisms of Perceived Organizational Performance and Corporate Reputation," Journal of Business Ethics, Springer, vol. 175(2), pages 361-389, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hong, Claire Yurong & Lu, Xiaomeng & Pan, Jun, 2021. "FinTech adoption and household risk-taking," BOFIT Discussion Papers 14/2021, Bank of Finland Institute for Emerging Economies (BOFIT).
    2. Liu, Jiangtao & Zhang, Yi & Kuang, Jia, 2023. "Fintech development and green innovation: Evidence from China," Energy Policy, Elsevier, vol. 183(C).
    3. Ana Abras & Guilherme G. C. Mattos, 2021. "Get Them While They Are Young," Journal of Financial Services Research, Springer;Western Finance Association, vol. 59(1), pages 97-113, April.
    4. repec:zbw:bofitp:2021_014 is not listed on IDEAS
    5. Wang, Xiaoting & Hou, Siyuan & Kyaw, Khine & Xue, Xupeng & Liu, Xueqin, 2023. "Exploring the determinants of Fintech Credit: A comprehensive analysis," Economic Modelling, Elsevier, vol. 126(C).
    6. Itay Goldstein, 2023. "Information in Financial Markets and Its Real Effects," Review of Finance, European Finance Association, vol. 27(1), pages 1-32.
    7. Hasan, Iftekhar & Kwak, Boreum & Li, Xiang, 2023. "Financial technologies and the effectiveness of monetary policy transmission," IWH Discussion Papers 26/2020, Halle Institute for Economic Research (IWH), revised 2023.
    8. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2020. "Blockchain-Enabled Corporate Governance and Regulation," IJFS, MDPI, vol. 8(2), pages 1-41, June.
    9. Daniel Kandie & Khan Jahirul Islam, 2022. "A new era of microfinance: The digital microcredit and its impact on poverty," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(3), pages 469-492, April.
    10. Kakhkharov, Jakhongir & Bianchi, Robert J., 2022. "COVID-19 and policy responses: Early evidence in banks and FinTech stocks," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    11. Han, Hongdan & Shiwakoti, Radha K. & Jarvis, Robin & Mordi, Chima & Botchie, David, 2023. "Accounting and auditing with blockchain technology and artificial Intelligence: A literature review," International Journal of Accounting Information Systems, Elsevier, vol. 48(C).
    12. Lei Xu & Qian Liu & Bin Li & Chen Ma, 2022. "Fintech business and firm access to bank loans," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(4), pages 4381-4421, December.
    13. Wang, Yichen & Hu, Jun & Chen, Jia, 2023. "Does Fintech facilitate cross-border M&As? Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 85(C).
    14. Ji, Yu & Shi, Lina & Zhang, Shunming, 2022. "Digital finance and corporate bankruptcy risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 72(C).
    15. Levy, Daniel & Mayer, Tamir & Raviv, Alon, 2022. "Economists in the 2008 Financial Crisis: Slow to See, Fast to Act," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Forthcomi.
    16. Caporale, Guglielmo Maria & Kang, Woo-Young & Spagnolo, Fabio & Spagnolo, Nicola, 2021. "Cyber-attacks, spillovers and contagion in the cryptocurrency markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    17. Angelo D'Andrea & Nicola Limodio, 2019. "High-Speed Internet, Financial Technology and Banking in Africa," BAFFI CAREFIN Working Papers 19124, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    18. Lv, Panpan & Xiong, Hu, 2022. "Can FinTech improve corporate investment efficiency? Evidence from China," Research in International Business and Finance, Elsevier, vol. 60(C).
    19. Zhou, Xi & Chen, Shou, 2021. "FinTech innovation regulation based on reputation theory with the participation of new media," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    20. Boou Chen & Chunkai Zhao, 2021. "Poverty reduction in rural China: Does the digital finance matter?," PLOS ONE, Public Library of Science, vol. 16(12), pages 1-27, December.
    21. Park, JungKun & Hong, EunPyo & Ahn, Jiseon & Hyun, Hyowon, 2023. "Role of multidimensional customer brand engagement on customer behavior for online grocery shopping," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijfss:v:11:y:2023:i:3:p:90-:d:1190429. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.