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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
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    References listed on IDEAS

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    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.
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    Cited by:

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    2. Bellary, Sreevatsa & Bala, Pradip Kumar & Chakraborty, Shibashish, 2024. "Exploring cognitive-behavioral drivers impacting consumer continuance intention of fitness apps using a hybrid approach of text mining, SEM, and ANN," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    3. Pradeep Kumar Dadabada, 2025. "Analyzing the Impact of ESG Integration and FinTech Innovations on Green Finance: A Comparative Case Studies Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 7959-7978, June.
    4. Anusha Rajan & Bharadhwaj Sivakumaran & Lalita Mohan Mohapatra, 2026. "Exploring the Role of FinTech in Sustainable Financial Services: Literature Review and Future Research Agenda," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(2), pages 3293-3336, April.
    5. Md Mohan Uddin & Khandker Md Nahin Mamun & Abdul Hannan Chowdhury, 2025. "Understanding pragmatic meanings of fintech among vulnerable consumers in Bangladesh for enhanced customer experience management," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(4), pages 1-17, December.
    6. Huizheng Liu & Muhammad Afaq Haider Jafri & Shuo Xu & Muhammad Farrukh Shahzad, 2025. "The impact of artificial intelligence on consumers’ willingness to use CBDCs: evidence from the Chinese banking sector," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-16, December.
    7. AbdelKarim F. AlBataineh, 2026. "Financial technology as a tool to enhance financial consumer protection and reduce defaults on personal loans: to achieve financial inclusion and sustainable development in Jordan," Journal of Innovation and Entrepreneurship, Springer, vol. 15(1), pages 1-28, December.

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