The Adoption of Fintech

The term Fintech is a combination of the words “financial” and “technology,”

which is now a real business need. However, there are limited books cover-
ing holistic aspects from adoption to the future of Fintech. This book directs
readers on how to adopt Fintech, develop regulation and risk frameworks,
implement it in financial services, address ethical dilemmas, and sustain
improvements. The anticipated challenges are developing trust, security,
privacy, and a regulated environment without compromising profitability and
financial stability. The anticipated solution is strengthening the governance,
use of unbreachable technologies, risk management, consumer data protec-
tion, and sustainable practices.
This book is recommended for stakeholders, especially Fintech scholars,
practitioners, and policymakers. It provides holistic insight and opportuni-
ties to support Fintech developments for the betterment of the economy and
society. Fintech is defined as injecting technology into the area of finance for
better security, speed, and customer experience. This book provides read-
ers with direct case studies for better understanding. In addition, it explains
regulation and usage of Fintech in daily transactions. Readers are shown
how Fintech has an imperative role in financial analysis, Insurtech, and the
share market.
The Adoption of Fintech
Using Technology for Better Security,
Speed, and Customer Experience
in Finance

Edited by

Syed Hasan Jafar, Hemachandran K,

Shakeb Akhtar, Parvez Alam Khan
and Hani El-Chaarani

A PRODUC TIVIT Y PRESS BOOK

First published 2024
by Routledge
605 Third Avenue, New York, NY 10158

and by Routledge
4 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN

Routledge is an imprint of the Taylor & Francis Group, an informa business

© 2024 selection and editorial matter, Syed Hasan Jafar, Hemachandran K, Shakeb Akhtar, Parvez Alam Khan and Hani
El-Chaarani; individual chapters, the contributors

The right of Syed Hasan Jafar, Hemachandran K, Shakeb Akhtar, Parvez Alam Khan and Hani El-Chaarani to be identi-
fied as the authors of the editorial material, and of the authors for their individual chapters, has been asserted in accor-
dance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic,
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mation storage or retrieval system, without permission in writing from the publishers.

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for
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ISBN: 9781032644158 (hbk)

ISBN: 9781032644141 (pbk)
ISBN: 9781032644165 (ebk)

DOI: 10.4324/9781032644165

Typeset in Garamond
by Deanta Global Publishing Services, Chennai, India
Contents

Preface....................................................................................................... viii
Editors.......................................................................................................... x
Contributors............................................................................................. xiv
1 Introduction to Fintech in Industry 5.0: Companion or
Antagonist....................................................................................1
MAHFOOZ ALAM, SHAKEB AKHTAR, AND ALBERTO BETTENCOURT

2 Evolution of Fintech in the Financial Sector: Recent Trends

and Future Perspectives............................................................. 17
ASIF KHAN, SYED HASAN JAFAR, AND HANI EL-CHAARANI

3 Corporate Reputation and Reaction in Developing Risk

Frameworks................................................................................34
SINDHUKAVI SENTHILKUMAR AND PADMAJA BHUJABAL

4 India’s Fintech and AI-Related Regulation Framework..............51

G NITHYA, GEETHA MANOHARAN, AND SUNITHA PURUSHOTTAM
ASHTIKAR

5 Ethical and Sustainability Considerations for Fintech...............73

FARHAN MUSTAFA, MUSHAHID ALI SHAMSI, AND ANIL
AUDUMBAR PISE

6 Robo-Advisory and Investor Trust: The Essential Role of

Ethical Practices and Fiduciary Responsibility..........................84
RANGAPRIYA SAIVASAN

7 The Intersection of Fintech and Sustainability: A Catalyst

for Positive Change.....................................................................98
PRANJAL KUMAR PHUKAN AND POKALA PRANAY KUMAR

 v
vi ◾ Contents

8 Fintech Services and Corporate Sustainability in

Commercial Banks in Kenya.................................................... 114
JAMES M. GATAUWA, MOSES O. ALUOCH, AND DAVID C. ADHING’A

9 Ethical Implications and Sustainable Practices in Digital

Payment Systems......................................................................127
AKSHAY G KHANZODE, MEGHNA GOEL, HEMACHANDRAN K,
AND RANDALL CAROLISSEN

10 Banking 4.0 and its Role in Fintech.........................................144

NISHA KHAN, SOURAV BISWAS, AND NEELAM KUMARI

11 Banking in the Future: An Exploration of Underlying

Challenges................................................................................160
PRASHANT SUBHASH CHOUGULE AND CHINNA SWAMY DUDEKULA

12 Role of Cryptocurrency in Fintech: Hope and Hype................ 192

SOMNATH ROY AND CHANDAN DASGUPTA

13 Machine Learning in Fintech....................................................206

DAVID CAMPBELL, ALEEM ANSARI, AND VIKRANT VIKRAM SINGH

14 Navigating Fintech’s Mechanism toward Trading and

Hedging.................................................................................... 218
HUMAIRA FATIMA, MOHSIN KHAN, AND NOMANI ABUZAR

15 Insurtech: Powering Fintech’s Evolution..................................232

MUNEER SHAIK AND MEDHANSH BAIRARIA

16 Insurtech Disruption: Reshaping the Future of Insurance in

the Fintech Era.........................................................................247
K BALAJI AND EZENDU ARIWA

17 Future of Fintech......................................................................267
HARENDRA SINGH, ALEEM ANSARI, AND VIKRANT VIKRAM SINGH

18 Relation between Fintech Trends and Digital Finance: A

Bibliometric Analysis................................................................277
SANA FATIMA, VARTIKA KAPOOOR, AND ALEEM ANSARI

19 UPI: Transforming the Way Indians Pay..................................294

HRITVIK POLUMAHANTI, MONIKA VERMA,
RACHIT GARG, AND BALA KRISHNAMOORTHY
 Contents  ◾ vii

20 Fintech’s Digital Surge: Crafting a Financially Inclusive

Future.......................................................................................309
MOHD AFJAL, CHITRA DEVI NAGARAJAN, PAYAL SANAN, AND
RAMONA BIRAU

21 A Case Study on Regulatory Compliance and the

Repositioning of KFin Technologies of India...........................328
MUSARRAT SHAHEEN AND FARRAH ZEBA

Index...............................................................................................341
Preface

In the ever-evolving landscape of financial services, the emergence and

rapid evolution of financial technology, or Fintech, have ushered in a trans-
formative era that challenges traditional norms and reshapes the way we
interact with money. The Adoption of Fintech: Using Technology for Better
Security, Speed, and Customer Experience in Finance delves into the intri-
cate dynamics of this technological revolution, exploring the nuanced rela-
tionship between Fintech and the established financial ecosystem.
As we stand at the crossroads of tradition and innovation, this book
serves as a comprehensive guide to understanding the multifaceted impact
of Fintech adoption. It is not merely a narrative of technological disruption
but a thoughtful exploration of the symbiotic and, at times, antagonistic rela-
tionship between Fintech and traditional financial institutions. We navigate
through the disruptive waves of digital currencies, decentralized finance,
artificial intelligence, and blockchain, evaluating how these innovations chal-
lenge the status quo while presenting unprecedented opportunities.
The journey begins with an insightful examination of the historical con-
text that birthed Fintech, tracing its roots from the early days of online
banking to the present landscape dominated by mobile payments and
robo-advisors. Through a blend of historical analysis and forward-looking
perspectives, we aim to provide readers with a holistic understanding of the
evolutionary trajectory of Fintech and its profound implications for the finan-
cial industry.
In the subsequent chapters, we scrutinize the key pillars of Fintech adop-
tion, scrutinizing the regulatory frameworks that seek to balance innovation
with consumer protection and financial stability. We explore the intricate
dance between incumbents and disruptors, shedding light on the strategic
collaborations and fierce competitions that define this new era of financial
services.

viii
 Preface  ◾ ix

Furthermore, Adoption of Fintech does not shy away from addressing

the societal implications of this financial revolution. We probe the impact
of Fintech on financial inclusion, assessing its potential to bridge the gaps
that traditional banking systems have struggled to close. Additionally, we
consider the ethical dimensions surrounding data privacy, security, and the
responsible use of emerging technologies in finance.
As technology continues to weave itself into the fabric of our financial
lives, this book serves as a compass, guiding readers through the complex
terrain of Fintech adoption. It is a testament to the inevitability of change,
the resilience of traditional finance, and the transformative power of innova-
tion. Whether you are a seasoned financial professional, a curious observer,
or an entrepreneur shaping the Fintech landscape, The Adoption of Fintech:
Using Technology for Better Security, Speed, and Customer Experience in
Finance invites you to embark on a thought-provoking exploration of the
present and future of finance.
As editors, we sought to assemble a collection that would resonate with
both seasoned professionals and newcomers to the field. Each chapter in
this book delves into its respective area with rigour and depth, offering prac-
tical insights, theoretical underpinnings, and hands-on experiences that will
inspire readers to explore the myriad of Fintech.
The handbook The Adoption of Fintech: Using Technology for Better
Security, Speed, and Customer Experience in Finance is more than just a
compilation of knowledge; it is a testament to the spirit of innovation that
drives our society forward.
We extend our heartfelt gratitude to the contributors whose expertise and
passion shine through in their work. Their dedication to pushing the bound-
aries of Fintech has made this book an invaluable resource for researchers,
practitioners, and students alike.
We hope that this book provides a comprehensive overview of Fintech
in diverse fields and how it is transforming different sectors. We believe that
this book will be a valuable resource for academics, researchers, profession-
als, and policymakers who are interested in understanding the potential of
Fintech.
We would like to thank all the contributors who have made this
book possible, and we hope that readers will find it informative and
thought-provoking.
Editors

Syed Hasan Jafar is an area chair of Finance

at Woxsen University. He has around 13 years
of experience in the field of finance and has
worked as a research analyst, deputy research
head, and corporate trainer. He appears on
several national media channels as a finan-
cial expert, sharing his view on the financial
market. His areas of expertise are security
analysis, corporate finance, equity and deriva-
tive research, and valuation. He has taken
several sessions at top universities in India
and abroad. He was awarded Best Faculty Member of the year 2020–2021
at Woxsen School of Business, Woxsen University. He has conducted more
than 50 investor awareness programs across the country and was awarded
Best Research Analyst several times during his corporate experience.

Hemachandran K has been a passionate

teacher with 14 years of teaching experi-
ence and five years of research experience.
He is a strong educational professional with
a scientific mind, highly skilled in artificial
intelligence (AI) and machine learning. After
receiving his PhD in embedded system at Dr
MGR Educational & Research Institute, India,
he started doing interdisciplinary research
in AI. He has been published in more than
more than 20 peer-reviewed journals and

x
 Editors  ◾ xi

international conference publications. He served as an effective resource

person at various national and international scientific conferences. He has
a rich experience in mentoring undergraduate and postgraduate student
research projects. He owns two patents and has lifetime memberships with
estimable professional bodies. He was a pioneer in establishing the Single
Board Computer lab at Ashoka Institutions, Hyderabad, India. His self-paced
learning schedule and thirst for learning skills has earned him 15 online cer-
tificate courses conferred by COURSERA and other online platforms. He is
an editorial board member to numerous reputed SCOPUS/SCI journals.

Shakeb Akhtar is an assistant professor and

program director of the Master of Business
Administration (Financial Services) at the
School of Business, Woxsen University. He
has been a passionate teacher with three
years of teaching experience and five years of
research experience He completed his PhD
in Banking and Finance from Aligarh Muslim
University, Aligarh, Uttar Pradesh, India. His
PhD thesis concentrates on the comparison
of performance of private and foreign sector
banks in India. He was declared university
topper in postgraduate and PhD course work
examinations. His research has been featured in leading journals, includ-
ing Benchmarking: An International Journal, Quality and Quantity, Journal
of Risk and Financial Management, International Journal of Sustainable
Development and World Ecology, and one case study in his area is published
in Emerging Economics Case Journal. His research interests include banking,
sustainability, Environmental, Social, and Governance (ESG), corporate gov-
ernance, and green innovation practices. He teaches courses on corporate
finance, accounting for managers, cost accounting, and banking and insur-
ance practices.
xii ◾ Editors

Parvez Alam Khan is a lecturer at

University Technology PETRONAS with
four years of industry and five years of
research experience He completed his
PhD in Management from University
Technology PETRONAS, Malaysia. His
research has been featured in leading jour-
nals, including Business Strategy and the
Environment, Cogent Business & Management,
Environmental Science and Pollution
Research, and Journal of Risk and Financial
Management. His research interests include
sustainable innovation, green innovation,
social innovation, sustainable development
goals (SDGs), and corporate governance. He
teaches courses on accounting, sustainability, sustainable finance, corporate
governance, and strategic management.

Hani El-Chaarani is a full professor of

Finance. He is a financial consultant in many
public and private institutions. He is a board
member and financial advisor for many
family firms in the Middle East and North
Africa (MENA) region. He holds a PhD in
Business Administration from the University
of Bordeaux-IV (France), a Master of Science
in Business Administration from the IAE-
Bordeaux (France), and a Master of Science in
Finance and Accounting from the Lebanese
University. In addition, he holds a Rural and Economic Development
diploma from Illinois University, USA, Excellence in Teaching diploma from
Illinois University, USA, and Crisis Economic Leadership Diploma from
London Business School-UK. He is a chartered accountant and visiting
professor at various universities, research centres, and international orga-
nizations. He is the head of the Business School at Beirut Arab University,
Lebanon. He acted as the keynote speaker and delivered professional talks
 Editors  ◾ xiii

on various international forums. He is head of the International Business

and Economic Research Academy (IBERA). He has published close to 50
scientific works in high-ranked journals and international conferences. He is
a reviewer in several ranked journals. His research interests include finan-
cial behaviour, corporate governance, Small and Medium Enterprises (SMEs)
performance, blockchain, and big data management.
Contributors

Nomani Abuzar Aleem Ansari

CV Raman Global University Symbiosis Centre for Management
Bhubaneswar, India Studies
Symbiosis International (Deemed
David C. Adhing’a University)
Kenyatta University Noida, India
Ruiru, Kenya
Ezendu Ariwa
Mohd Afzal University of Wales Trinity Saint
VIT Business School David
Vellore Institute of Technology Lampeter, United Kingdom
Vellore, India
Sunitha Purushottam Ashtikar
Shakeb Akhtar SR University
School of Business Hasanparthy, Warangal, Telangana,
Woxsen University India
Hyderabad, India
Medhansh Bairaria
Mahfooz Alam Mahindra University
University of the People Hyderabad, India
Pasadena, CA, United States
K Balaji
Moses O. Aluoch Presidency University
Kenyatta University Bangalore, India
Ruiru, Kenya

xiv
 Contributors  ◾ xv

Alberto Bettencourt Chinna Swamy Dudekula

Chan Logistics Limited Northumbria University
Macao, SAR, China Newcastle, United Kingdom

Padmaja Bhujabal Humaira Fatima

School of Business VIT Bhopal University
Woxsen University Kothri Kalan, India
Hyderabad, India
Sana Fatima
Ramona Birau Symbiosis Centre for Management
University Constantin Brancusi Studies
Tg-Jiu, Romania Symbiosis International (Deemed
University)
Sourav Biswas Noida, India
School of Business
Woxsen University Rachit Garg
Hyderabad, India School of Business Management
Narsee Monjee Institute of
David Campbell Management Studies
Manipal University Mumbai, India
Jaipur, India
James M. Gatauwa
Randall Carolissen Kenyatta University
Johannesburg Business School (JBS) Ruiru, Kenya
Johannesburg, South Africa
Meghna Goel
Hani El-Chaarani KJ Somaiya Institute of
School of Management Management
Beirut Arab University Somaiya Vidyavihar University
Beirut, Lebanon Mumbai, India

Prashant Subhash Chougule Syed Hasan Jafar

School of Business School of Business
Woxsen University Woxsen University
Hyderabad, India Hyderabad, India

Chandan Dasgupta Hemachandran K

School of Business Management School of Business
Narsee Monjee Institute of Woxsen University
Management Studies Hyderabad, India
Mumbai, India
xvi ◾ Contributors

Vartika Kapooor Farhan Mustafa

Symbiosis International (Deemed Al Fayha College of Business
University) Saudi Arabia
Noida, India
Chitra Devi Nagarajan
Asif Khan VIT Business School
Institute of Management Technology Vellore Institute of Technology
(IMT) Chennai, India
Nagpur, India
G Nithya
Mohsin Khan N.G.P. Institute of Technology
Vellore Institute of Technology Tamil Naidu, India
Katpadi, India
Pranjal Kumar Phukan
Nisha Khan School of Business
Mangalayatan University Woxsen University
Beswan, India Hyderabad, India

Akshay G Khanzode Anil Audumbar Pise

School of Business Management University of the Witwatersrand
Narsee Monjee Institute of Johannesburg, South Africa
Management Studies
Mumbai, India Hritvik Polumahanti
School of Business Management
Bala Krishnamoorthy Narsee Monjee Institute of
School of Business Management Management Studies
Narsee Monjee Institute of Mumbai, India
Management Studies
Mumbai, India Somnath Roy
School of Business Management
Pokala Pranay Kumar Narsee Monjee Institute of
University of Maryland Management Studies
College Park, Maryland, USA Mumbai, India

Neelam Kumari Rangapriya Saivasan

Dublin Business School University of Mysore
Dublin, Ireland Bangalore, India
Geetha Manoharan Payal Sanan
SR University ITM Business School
Hasanparthy, Warangal, Telangana, Navi Mumbai, India
India
 Contributors  ◾ xvii

Sindhukavi Senthilkumar Vikrant Vikram Singh

Woxsen University Symbiosis Centre for Management
Hyderabad, India Studies
Symbiosis International (Deemed
Musarrat Shaheen University)
School of Business Noida, India
Woxsen University
Hyderabad, India Monika Verma
School of Business Management
Muneer Shaik Narsee Monjee Institute of
Mahindra University Management Studies
Hyderabad, India Mumbai, India

Mushahid Ali Shamsi Farrah Zeba

Department of Commerce ICFAI Business School
Aligarh Muslim University Hyderabad, India
Aligarh, India

Harendra Singh
Manipal University
Jaipur, India
Chapter 1

Introduction to Fintech in
Industry 5.0: Companion
or Antagonist
Mahfooz Alam, Shakeb Akhtar, and Alberto Bettencourt

The purpose of this introductory chapter is to sail through the financial

technology (Fintech) that will be discussed in the rest of the book. The pri-
mary objective is to provide a glimpse of the overall global disruption that
the advancement of Fintech companies is causing. Think back for a moment
to the twentieth century, and you will be amazed by the innovations wit-
nessed in the past few decades. The advancements in technology, global-
ization, and digitalization are all unsung heroes behind our lifestyle today.
When was the last time you visited a bank to deposit or borrow funds?
Maybe a month, quarter, or year ago?
All hail Fintech companies that we may avail ourselves of almost every
bank service without even stepping foot inside the bank. We can transfer
funds using mobile phone apps and even use a hassle-free “digital wallet”
for payments. However, we all must agree that the world is transitioning fast,
and we are all a part of it.
As with many emerging technology sectors, Fintech can be an ambiguous
concept due to the sheer breadth of tools, platforms, and services that fall
under its yawning umbrella. If you’re still asking yourself, “Exactly what is
Fintech?”, then let’s find out.

DOI: 10.4324/9781032644165-1 1
2 ◾ The Adoption of Fintech

1.1 What Is Fintech?

Fintech is a portmanteau, a made-up word coined from the combination
of the words financial and technology. Fintech is a relatively new term that
refers to software, algorithms, and applications or any other technologies
created to improve and automate traditional forms of finance for businesses
and consumers alike. For example, a decade ago, we had to walk into the
bank to request an account balance. Contrastingly, today, almost all banking
services are at our fingertips in real time. Moreover, there exist several appli-
cations that help investors choose their portfolios as per their risk appetite.
Notably, the era of physical currency is at stake, as coins and paper notes
are now on the cusp of a transformation amid rising digital currency due to
Fintech in action [1]. Lately, we have witnessed a paradigm shift in the finan-
cial sector landscape with key innovations driving the Fintech industry, such
as blockchains, digital currency, robo-advisory, artificial intelligence (AI) and
machine learning, mobile payments, crowdfunding, etc.

1.2 Background
The Fintech industry has undergone rapid technological transformations to
meet evolving business needs and changing consumer habits, with COVID-
19 accelerating digital disruption. Due to various restrictions to curb the pan-
demic, digital adoption has taken a quantum leap at both the organization
and industry levels. With the sudden surge in digital adoption at work, edu-
cation, business, healthcare, and other sectors, Fintech companies are posed
with new challenges and have successfully triumphed over the COVID-19
pressure. For example, with rising cases and stricter measures to curb the
spread of the pandemic, Zoom saw very high demand for its service, as peo-
ple were working remotely but still needed to conduct business. Zoom was
able to accommodate this huge spike in demand because it scaled up with
its cloud provider.
While Fintech is now a buzzword, that doesn’t mean that it’s a brand new
thing. The Fintech concept dates back to the 1860s when banks introduced
signature-verifying technologies. However, credit cards, adopted in the early
1950s, are considered to be the first Fintech product that curtailed the need
for physical currency. Similarly, the installation of automated teller machines
(ATM) in the 1960s led to the evolution of Fintech services to the general
public. The foundation of PayPal in 1998 pioneered the Fintech company
 Fintech in Industry 5.0 ◾ 3

that revolutionized banking operations. Since then, Fintech has come a long
way, from mobile payment applications to digital banking and blockchains
to cryptocurrencies, etc.
In a nutshell, Fintech’s dramatic transformation can be categorized
under five distinct “phases.” The first phase of Fintech development can be
attributed to the era of computers. Financial institutions replaced manual
processes with machines, such as computers and mainframes, thereby
improving the core financial industry. The digitization process helps the
financial world to efficiently handle a higher volume of transactions. The
advent of the internet marked the second phase of Fintech companies. With
increasing outreach, internet banking facilities are now provided by almost
every commercial bank. The third phase is associated with the introduc-
tion of mobile banking, allowing customers to use banking services from
anywhere. In the fourth phase, Fintech companies used AI and the Internet
of Things (IoT), such as robo-advisors, chatbots, and virtual assistants, to
improve customer experience. The fourth wave has also led to an increase
in financial literacy among individuals. Recently, we embarked on the fifth
phase of Fintech with cloud computing and the cloud marketplace, which
is driving digital change to enhance Fintech solutions for big data manage-
ment, machine learning, blockchain, AI, cryptocurrency mining, and many
other services being provided by prominent players such as Amazon Web
Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), IBM Cloud,
and Alibaba Cloud.
The modern phase of Fintech is usually recognized as beginning after the
financial crisis of 2008. The 2008 financial crisis triggered new regulatory
initiatives, exposing the lack of more reliable and secured financial products
to safeguard the interest of the investors. The emergence of new businesses
and technologies, decentralized digital markets, and concern for financial lit-
eracy have paved the way for Fintech companies to take control of the steer-
ing wheel, creating an ideal environment for growth. Recently, the COVID-19
pandemic further accelerated the adoption of Fintech, and the world has wit-
nessed a surge in Fintech payment concentration. Owing to social distancing
and lockdown of economies to curb the spread of the pandemic, contactless
payments and mobile banking became the norm. For example, online shop-
ping and mobile payments were readily adopted by a majority of the people
in India during the pandemic, making India the fastest growing market for
Fintech products at an acceptance rate of 87% compared to 64% worldwide,
post-COVID-19 period (Economic Survey 2022–23).1 The sudden surge in the
financial demands of Fintech demonstrates Fintech’s significance.
4 ◾ The Adoption of Fintech

1.3 Drivers of Fintech

In recent years, Fintech has been booming, and its ubiquitous status in the
financial world is driven by a combination of factors (Figure 1.1) . Fintech is con-
sidered a significant facet of established and legacy financial institutions (FIs).
Fintech is the epitome of financial development leading to the amalgamation of
financial industries with Fintech firms. Global ventures and start-ups, in particu-
lar, are backing more Fintech companies by making large investments in Fintech
products. According to the report published by Statista Research Department
(2023), Fintech companies’ total investment value has surged drastically in the
past decade, totalling a whopping 216.8 billion US dollars.2 The reasons for the
upward trend in Fintech firms operating in the financial sector are manifold,
including increased usage of smartphones, affordable and faster internet connec-
tivity, improved infrastructural developments, and advancements in disruptive
technologies such as blockchain, machine learning, AI, etc. We enlisted some of
the key technologies driving Fintech developments and shaping the competitive
landscape of the financial world [2].​

1.3.1 Artificial Intelligence (AI)

AI is the simulation of human intelligence processed by machines. In a
broader sense, the application of AI in Fintech companies improves overall
efficiency by accomplishing routine tasks through machine learning. The
development of AI has an enormous impact on Fintech companies, such as
in the following areas:

AI

RPA Blockchain

FinTech

SaaS Cloud

IoT

Figure 1.1 Drivers of Fintech

 Fintech in Industry 5.0 ◾ 5

◾ Data Automation: The application of AI has enormously improved the

operational efficiency of the finance industry through data automation
resulting in cost-effective and accurate results, such as robotic process
automation (RPA) or software robots, and natural language processing
(NLP).
◾ Credit Risk Assessment: AI-based credit scores are considered to be
the most reliable. The AI-generated credit scores enhance the overall risk
management system by adhering to regulatory compliance based on real-
time factors, thereby strengthening fraud detection, cybersecurity, etc.
◾ Automated Customer Services: FIs are readily adopting AI chatbots
and virtual assistance that simulate human interactions using machine
learning to provide 24/7 customer support, answer queries, and assist
with basic financial tasks. This not only improves efficiency but also
enhances the overall customer experience.
◾ User Behaviour Analytics: Fintech firms use AI and machine learn-
ing to analyze user behaviour, allowing them to identify patterns and
gain insights into their data. Oftentimes referred to as AI application
programming interfaces (AI-APIs), these user behaviour analytics can be
used to create highly personalized and customized products and ser-
vices that cater to individual needs.
◾ Financial Forecasts: The use of AI is increasingly utilized to gather
valuable insights into exchange rates, investments, and short- or long-
term trend predictions. AI's ability to purge the data has successfully
generated new models and processes, such as robo-advisory services,
exchange rate prediction, claim processing, investment decisions, etc.

With its wider acceptance and enormous benefits, such as reduced costs,
improved customer experience, increased operational efficiency, etc.,
Fintech is adopted by every FI to have a competitive edge. The use of AI
has unfolded the productivity of Fintech companies, and it will unlock the
hitherto untapped potential of ecosystem-based financing. The similarities
between AI and Fintech are enormous [3].

1.3.2 Blockchain/Distributed Ledger Technology (DLT)

Blockchain creates a shared database, referred to as distributed ledger technol-
ogy (DLT), that allows user data to be recorded and shared simultaneously
across a synchronized distributed network. For storage and transmission of
data, these DLTs use blockchains, which are generally immutable. However,
a few blockchains, such as Bitcoin, can be mutated with control of more than
6 ◾ The Adoption of Fintech

51% of nodes at a time. Blockchain enables the storage of financial transac-

tions at multiple locations simultaneously, supporting ecosystem funding. A
few of the DLTs are worth mentioning and are key to existing innovations,
such as digital wallets, digital assets (cryptocurrencies), decentralized finance
(DeFi), and non-fungible tokens (NFT), that have gained momentum and
play a vital role in the Fintech industry. In addition, the authentication system
based on zero-knowledge proof is also gaining significant attention for its
ability to simplify authentication procedures. With the advent of blockchain
technology, DeFi is ushering in a new era of modern finance, disrupting
established traditional value chains and structures. As financial policies and
regulations adapt, the expansion of DeFi will be inevitable [4].

1.3.3 Cloud Computing

Cloud computing offers an on-demand service to businesses that rely on
remote servers rather than physical or local servers. It allows users to access
resources and applications, such as analytics, databases, networking, storage,
and many more, over the internet. Usually, consumers use cloud services
to access their accounts from any device at any time. Cloud computing has
revolutionized the Fintech industry and has significantly impacted user expe-
rience. Table 1.1 lists the key cloud characteristics.

Table 1.1 Key Characteristics of Cloud Computing

Item Descriptions
Characteristics • On-demand service
• Easy availability and scalability
• Broad network access
• Improved security
• Cloud-based solutions
Advantages • Cost-effective and agile solutions
• Easy deployment and time-efficient
• Data loss prevention
• Better collaboration and mobility
• Unlimited resources
Disadvantages • Heavy reliance on internet bandwidth
• Less control over underlying cloud infrastructure
• Security-risk concerns, such as data privacy and online threats
• Integration complexity with existing systems
• Risk of vendor lock-in
 Fintech in Industry 5.0 ◾ 7

In general, there are three main types of cloud services, namely, public
cloud, private cloud, and hybrid cloud. As the name suggests, public cloud
refers to the infrastructure owned by cloud computing service providers
who sell their cloud services to the general public or a wide array of busi-
nesses. Private cloud refers an exclusive infrastructure built and customized
as per an organization’s needs that is set up at data centres or via other
hosting facilities. Lastly, a hybrid cloud is composed of both public and
private clouds that is maintained separately but connected by proprietary
technology.
Several key cloud computing trends for the near future include the
following:

◾ Edge Computing: As 5G communication fosters new interactions and

synergies across the IoT, cloud computing, AI, and other technologies
in areas such as new retail, healthcare, industrial parks, smart cities,
and industrial IoT, the development of edge computing is growing.
Moreover, the interaction between data centres, edge computing, and
cloud computing is significantly recognized.
◾ Cloud Containers: Cloud service providers are advocating for cloud
container technology, enabling multiple workloads on a single operating
system (OS). For example, platform as a service (PaaS) in cloud delivery
is driven by a cloud container that has significantly reduced overhead
costs and improves efficiency. Cloud developers are expected to empha-
size building platforms that utilize container as a service (CaaS).
◾ AI and Cloud Integration: The integration of AI and cloud services
is proliferating in the audio-visual industry, especially in the health-
care sector. Through cloud platforms, deep learning will continue to
enhance services comprehensively.

Cloud service providers are the cornerstone in liberating FIs from non-core
businesses. With its immense capacity and new formats being spawned,
Fintech companies will continue to rely on cloud computing. In addition, the
growing importance of big data stimulates cloud-based elastic computing
with flexible scalability [5].

1.3.4 Internet of Things (IoT)

IoT is a term used to denote a collective network of interconnected devices
or technologies. The IoT devices act as a catalyst to enable communication
8 ◾ The Adoption of Fintech

between linked devices and cloud services, such as wireless communica-

tion networks, sensor applications, and operations support. On the sensor
front, radio-frequency identification (RFID) technology is widely used in
the banking industry, FIs, and Fintech firms for identification, theft pro-
tection, user authentication, etc. The RFID technology has boosted the
productivity and security of FIs and still has broad, untapped potential in
the identification automation process. Among all other technologies, the
IoT is at a maturing stage with significant ramifications for Fintech compa-
nies. Apart from identification, the IoT’s communication solutions are also
expanding immensely.
Meanwhile, FIs, such as the banking and insurance industry, are relying
heavily on the IoT to determine and manage the risks as well as maintain
records, etc. On a similar note, embedding banking services into wearables,
such as digital payments, is an example of the IoT connecting banking ser-
vices at the customer’s ease. Overall, the IoT will be beneficial in customer
relationship management (CRM), allowing FIs to provide niche products to
targeted consumers. The scope of the IoT is limitless.

1.3.5 Open-Source Software/Software as a Service (SaaS)

In a fast-paced digital economy, scalability and speed are vital for the suc-
cess of new-world businesses to gain a competitive edge. Technological
advancements have committed FIs and other Fintech firms to adapt open-
source software, known as software as a service (SaaS). It is a community-
based intellectual property (software) created for the general public and
made available via open collaborations. Open-source software emerges as
a foundation technology of the internet, or personal or professional com-
puting, such as Linux OS, Mozilla Firefox, VLC Media Player, etc. The avail-
ability of SaaS allows Fintech firms to rely on this type of software with
serverless architecture. This helps companies to gain efficiency and reduce
operating costs as well as provide the flexibility to customize the source
code.
Nonetheless, open-source software may be cost-effective, but it can incur
additional costs associated with network integration, end-user support, etc.
However, a majority of companies consider open-source software as a trust-
worthy and reliable source. Traditional financial organizations need to scruti-
nize their information technology (IT) strategies and accentuate their Fintech
innovation and development.
 Fintech in Industry 5.0 ◾ 9

1.3.6 Robotic Process Automation (RPA)

RPA is the process of building, deploying, and managing software robots
that boost work automation and decision-making capabilities. These robots
can emulate human actions by relying on built-in software and machine-
learning tools. RPA is a vital ingredient in digital transformation, extensively
unravelling software robots, such as chatbots and virtual assistance services.
RPAs core competency lies in handling big data for software robots, thereby
automating complex processes and eliminating human error. The viability of
RPA technology is found in its robust stability and high repeatability. In the
future, the integration of RPA with AI will enhance its ability to deal with
complex business decisions. RPAs are considered antecedents of Fintech
operating at back-end offices, such as processing account payables or receiv-
ables, financial recording, work hour adjustments, etc. As a result, the auto-
mation of repetitive and time-consuming tasks increases the productivity
and efficiency of FIs and eliminates errors. This helps businesses to focus
on strategic formulation and better customer satisfaction. Though RPA is well
established among market leaders, it is expected to profoundly penetrate
various industries.

1.4 Role of Fintech in Industry 5.0

1.4.1 Background
The fifth industrial revolution, referred to as Industry 5.0, is an emerging
phase of industrialization that builds upon Industry 4.0, emphasizing the
integration of automation, data exchange, and advanced manufacturing
technologies. Industry 5.0 puts forward a collaboration between humans and
machines working alongside advanced technologies for more sustainable and
socially responsible production. In the modern era, Industry 5.0 is a broader
term than just manufacturing or processes, with the penetration of tech-
nological advancements such as AI, the IoT, machine learning, blockchain,
robotics, etc. The advancement of technologies and constant evolvement of
Fintech companies provide the foundation for growing digitization in busi-
nesses and economies across the globe. With the advent of automation
technologies, the IoT, and the smart factory, Industry 4.0 emerged. Industry
5.0 advances by utilizing the synergy between ever-more precise, powerful,
and intelligent machines and the distinctive creative capacity of the human
10 ◾ The Adoption of Fintech

being. However, the idea of Industry 5.0 goes beyond industry to encompass
all organizations and business strategies to create a broader perspective than
seen with Industry 4.0. Although we have not yet fully transitioned from
Industry 4.0 to Industry 5.0, we still find a number of studies critically evalu-
ating the role of Industry 5.0 in driving innovation and sustainability in the
Fintech industry. Some major aspects of Industry 5.0 include the following:

◾ Human–Machine Collaboration: Industry 5.0 promotes the integra-

tion of human creativity and decision-making with advanced tech-
nologies. Development of Fintech products and services could lead to
more efficient design processes, improved customer engagement, value
co-creation, and enhanced safety features through human expertise
combined with AI and robotics. The new paradigm change in this part-
nership promises to alter the realm of the Fintech industry.
◾ Sustainable Production: Industry 5.0 encourages the use of environ-
mentally friendly materials and energy-efficient production processes.
In the context of Fintech, this may lead to the adoption of sustainable
manufacturing and the use of renewable energy sources for Fintech
companies. Companies are embracing sustainable business practices
aiming to reduce their carbon footprint. For example, Apple Inc. com-
mits to be 100 per cent carbon neutral by 2030. At the heart of this sus-
tainable development is the Fintech industry. To promote sustainability,
FIs are creating financial products and services that incentivize compa-
nies to invest in energy-efficient technologies or sustainable develop-
ment products.
◾ Customization and Personalization: As Industry 4.0 failed to accept
the increasing demand for personalization, Industry 5.0 aims to amend
this through greater customization and personalization of products.
With a focus on personalized solutions, the Fintech industry engages in
a customer-centric strategy, prioritizing customized financial products
and services, such as robo-advisors, virtual chatbots, etc., potentially
increasing their adoption. Industry 5.0 aims to offer niche solu-
tions through mass customization with minimum cost and maximum
accuracy.
◾ Connectivity and Smart Infrastructure: Industry 5.0 promotes the
use of interconnected devices and smart infrastructure. In the case of
Fintech, this could facilitate better financial viability, real-time future
market performance, and improved overall efficiency.
 Fintech in Industry 5.0 ◾ 11

1.4.2 Financial Innovation and Industry 5.0

In the era of Industry 5.0, Fintech companies develop new products and
services allowing greater customization and adherence to sustainabil-
ity. These financial innovations will cover a wide array of benefits to the
business-to-business (B2B), business-to-consumer (B2C), and peer-to-peer
(P2P) markets.
Some of the major Fintech innovations include PayTech, LendTech, digital
banking, digital currency, WealthTech, and InsureTech.

1.4.2.1 Digital Payments/PayTech

In the past decade, the payment landscape has changed drastically from
online payment (e.g., PayPal, Venmo) and mobile payment (e.g., ApplePay,
GPay, WhatsApp Pay) to crypto-based payments (e.g., coinbase, Ripple).
Cashless payments are the new norm and are expected to grow signifi-
cantly with Industry 5.0. Since the onset of the pandemic, cashless pay-
ments have witnessed a sudden jump. In tandem, payment apps and
services are widely accepted by individuals and businesses, as it is sig-
nificantly less expensive than other payment methods. In the US, Plaid
emerges as a major player in carrying out digital payments, while GPay
and Paytm share a major portion of Paytech services in India. Digital
payments are expected to be more secure, reliable, and convenient in
Industry 5.0.

1.4.2.2 Fintech Lenders/Lendtech

Digital lending technology effectively provides accurate and faster deci-
sions on loan approvals. Fintech lending companies provide loan services
to applicants by collecting the required data and processing the information
accurately with reliable decisions. The services include personal loans, auto
loans, education loans, mortgage loans, and P2P lending. The digital lending
app services are provided by banks and non-banking FIs. The prominent
Fintech lenders are SoFi, Prosper, and SoLo, offering a range of lending and
wealth management services. These Fintech companies use big data and the
IoT in the lending process, stimulating consumer-friendly, personalized loan
choices. For businesses, Lendtech firms provide fixed-term finance and trade
finance.
12 ◾ The Adoption of Fintech

1.4.2.3 Digital Banking

With the rise in digital banking, such as neobanks, the Fintech industry
has changed the perspective on the most vital component of the financial
system. Neobanks’ services include, though are not limited to, application
programming interfaces (API) providers and aggregators, conversational
platforms, banking as a service (BaaS), and core banking. Digital banking
simplifies banking services such as account opening and fund transfers with
24/7 availability. In turn, neobanks such as Varo offer traditional banking
services, including personal accounts, saving accounts, and even secured
credit cards; all these services are exempted from any surcharge that can
hinder people from achieving their financial goals [6].

1.4.2.4 Digital Currency

Digital currency, also known as digital money, e-money, or e-currency, is
exclusively available in electronic form, intangible in nature, but has the
potential to serve as a medium of exchange or transaction. The electronic
versions of currency are dominating the financial systems of a majority
of developed economies, as they assist in fund flow simply and transpar-
ently. Digital currency can be categorized into three types: cryptocurrency,
stablecoins, and central bank digital currency (CBDCs). The upsurge in the
demand for Bitcoin (BTC), Ethereum (ETH), and thousands of other cryp-
tocurrencies emerged as a new concept and was embraced by research-
ers, policymakers, and regulators alike. Unlike traditional paper notes and
coins, digital currency is at the nascent stage and is still evolving. With
a limited user base, vague regulatory framework, and incompetent infra-
structure to support digital currency, its wider acceptance is dwindling.
However, questions still abound. Moreover, volatility and regulatory com-
pliance of digital currency limit the wider acceptance of digital money
across the globe.
However, due to growing needs and tech-savvy consumers, digital cur-
rency is a debatable topic, and a majority of countries are exploring CBDCs.
As of 2022, a few countries have made available CBDCs, namely, the Central
Bank of Nigeria (e-Naira), the Central Bank of The Bahamas (Sand Dollar),
the Eastern Caribbean Central Bank (DCash), and the Bank of Jamaica
(JamDex). Interestingly, India has also launched its own CBDC, known as
e-rupee, in response to the increase of digital payment systems based on
blockchain technology. This e-rupee is a digital token and is considered a
 Fintech in Industry 5.0 ◾ 13

legal tender within Indian territory. Similarly, the US Federal Reserve and the
People’s Bank of China, along with other developed nations, are also explor-
ing the possibilities of CBDCs.

1.4.2.5 Wealth and Investment Management/WealthTech

Robo-advisors and generative AI have dramatically altered the entire process
of financial advisory. Robo-advisors are considered bias-free and emotion-
less wealth advisors based on AI and machine learning in delivering finan-
cial pieces of advice. In the Wealthtech segment, the robo-advisors’ services
include wealth and expense management such as income tax advice, retire-
ment plans, and other holistic financial advice. For example, Stash provides
easy and affordable access to financial advice products to users related to
investment, education, etc.
While the robo-advisors may be just as safe as your human advisor, there
are still a few precautions. The robo-advisors are generally recommended
for basic investment decisions and may not be the best fit in complex sce-
narios that require human intelligence. Further, these robo-advisors rely
on historical data in investment decision-making, there exists a possibility
for errors, biases, or overfitting that could lead to suboptimal performance.
Therefore, robo-advisors are susceptible to market declines and may incur
losses in uncertain economic times.

1.4.2.6 Insurance/Insuretech
Insurance is one of the most conservative financial sectors, but Fintech
companies are causing havoc in the global insurance market. A new
term, Insuretech, was coined for the insurance industry employing
Fintech. The Insuretech industry uses advanced technology to pro-
vide services such as digital insurance, virtual comparative analysis of
investment schemes, e-insurance, P2P insurance, etc., with more preci-
sion and efficiency. These digitalized insurers such as Acko, Lemonade,
PolicyBazaar, etc., are well-positioned to deliver customized policies,
on-demand insurance solutions, automated claim processing, and real-
time risk assessment that cater to evolving individual needs with better
customer experience. The Insuretech industry is on the rise due to the
support of innovative technologies such as AI, machine learning, the
IoT, and blockchain that enable them to offer real-time surveillance and
monitoring.
14 ◾ The Adoption of Fintech

According to Future Market Insights, the Insuretech market is projected

to be valued at 20.66 billion US dollars by the end of 2023 and further
expected to rise to 210.6 billion US dollars by 2033, expanding at a signifi-
cant compound annual growth rate (CAGR) of 26.1%.3

1.5 Risks and Challenges

The Fintech industry is considered one of the fastest-growing sectors in the
world economy. With the growing competition and nascent financial inno-
vations, the industry, nevertheless, faces various issues and challenges. The
major challenges or risks faced by Fintech firms include the following:

◾ Regulatory Compliance: FIs are one of the most regulated sectors.

While government regulations and compliance vary from country
to country, starting a Fintech firm is still challenging. Compliance
and regulatory frameworks are implemented to safeguard the stake-
holders from fraud and forgery. Fintech firms experienced various
fraud alerts and data thefts, which lead to stricter regulations. These
restrictions serve as a roadblock and make operations complex for
Fintech firms.
◾ Data Security: Data security and privacy leaks pose a major chal-
lenge for Fintech companies. As per the nature of business, Fintech
firms store personal and financial data of users, such as social secu-
rity numbers, credit card details, etc., and, thus, are often targeted by
cyberattacks, data privacy violations, malware attacks, and fraudulent
transactions. As Fintech services are widely adopted, data security
and maintaining customer privacy will be of paramount importance.
Therefore, Fintech companies should invest in research and develop-
ment of cybersecurity for a brighter industry future.
◾ Lack of Tech Expertise: A majority of the traditional FIs are reluc-
tant to adopt Fintech solutions. Adoption of new technologies depends
on economic status, education, and other social factors, and its con-
tribution can only be realized when it is widely accepted and used.
The problem looms larger in developing and emerging economies
in which financial companies are still reliant on outdated and inse-
cure software or applications. In a tech-savvy world, the consumers
demand seamless and secure technologies. Although we may witness
 Fintech in Industry 5.0 ◾ 15

the constant focus shift to providing a better user experience, the pro-
cess is still lengthy. However, the application of bots and conventional
user interfaces (UI) have paved the way toward simplicity, transpar-
ency, and accessibility.
◾ Green Fintech: Notwithstanding the fact that Fintech compa-
nies’ inclination toward sustainability and green finance has swiftly
changed in adherence to Industry 5.0, Fintech companies still need
to cover a lot of ground. FIs should consider the planet and people
and incorporate environmental, social, and governance (ESG) factors
as well as financial factors when drafting long-term sustainable goals.
Financing environmentally friendly projects and businesses, such as
renewable energy, energy efficiency, sustainable agriculture, and clean
technologies, can help to achieve these goals. To cope with the chang-
ing world and climate crisis risks, many Fintech companies, such as
CarbonChain, Treelion, Tomorrow, etc., focus on building business
models based on financial inclusion, sustainable investing, and green
Fintech.
◾ Personalization: In today’s context, personalization is the primary and
core strategy for Fintech firms to deliver hyper-relevant products and
services. Owing to AI, the IoT, and deep learning, Fintech companies
can provide tailored services as per the customer’s profile, boosting
loyalty, retention, and user experience. However, it is crucial to consider
that personalized solutions require comprehensive user data, including
financial data.

1.6 The Road Ahead

It is hard to predict for sure what Fintech innovations are on the horizon,
as the Fintech industry is constantly evolving and emerging. The pandemic
caused a serious setback for Fintech. Fintech companies are struggling
with new regulations and complex government compliance measures. A
few Fintech firms failed to secure the funding requirements, increasing the
uncertainty of the business. At the same time, demand for Fintech has, per-
haps, never been higher. Businesses and banking customers increasingly rely
on technology to help navigate their financial livelihoods. Fintech is now so
pervasive in FIs that it’s all but ubiquitous, and it appears its influence will
only grow in the future.
16 ◾ The Adoption of Fintech

Notes
1. https://www​.indiabudget​.gov​.in​/economicsurvey​/doc​/echapter​.pdf
2. https://www​.statista​.com​/statistics​/719385​/investments​-into​-fintech​-companies​
-globally/
3. https://www​.fut​urem​arke​tinsights​.com​/reports​/insurtech​-market

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Corporate Reputation and Reaction in Developing Risk Frameworks

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