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Fintech Trends: Industry 4.0, Islamic Fintech, and Its Digital Transformation

In: FinTech in Islamic Financial Institutions

Author

Listed:
  • M. Kabir Hassan

    (University of New)

  • Zehra Zulfikar

    (Delhi Skill and Entrepreneurship University)

  • Mustafa Raza Rabbani

    (University of Bahrain)

  • Mohd. Atif

    (Department of Commerce and Business Studies)

Abstract

Fintech is the latest development in the financial and banking industry and is focused on information technology, automation, policy, and decision-making. Fintech applications work on payment and loan services, personal financial consulting services, crowdfunding, virtual currencies, and cyber security. Fintech industry can be encouraged with the help of two important factors, i.e., firstly, public should be aware and have an accurate knowledge about financial literacy and secondly, backing of the stakeholders who can enjoy certain benefits after joining hands with Fintech. The Fintech needs to maintain a healthy and good relationship between fellow financial service sector and regulators; the former includes banks, and the latter allows and helps Fintech’s to run business without interruption. It is significant for regulators to learn how the innovation can be dealt effectively along with following the rules and protocols. There is a lack of properly laid down framework and guidelines and the absence of an umbrella organization for global Islamic Fintech’s. Also, the wide recognition of Islamic Fintech services is dependent on its apparent user-friendly nature, increase in perceived benefits to all the stakeholders and consumer innovativeness. Industry 4.0 is an aid to flourish Fintech’s because it helps in catering to the dynamic needs of the technology savvy customers.

Suggested Citation

  • M. Kabir Hassan & Zehra Zulfikar & Mustafa Raza Rabbani & Mohd. Atif, 2022. "Fintech Trends: Industry 4.0, Islamic Fintech, and Its Digital Transformation," Springer Books, in: M. Kabir Hassan & Mustafa Raza Rabbani & Mamunur Rashid (ed.), FinTech in Islamic Financial Institutions, pages 113-130, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14941-2_6
    DOI: 10.1007/978-3-031-14941-2_6
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