The Development and Impact of FinTech in the Digital Economy

Yang Zihan; Li Yihan; Tang Yinwen

doi:doi:10.11648/j.eco.20231201.13

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The Development and Impact of FinTech in the Digital Economy

Yang Zihan, Li Yihan, Tang Yinwen

Published in Economics (Volume 12, Issue 1)

Received: 13 February 2023 Accepted: 14 March 2023 Published: 16 March 2023

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Abstract

FinTech can also be seen as technology-driven financial innovation, which uses various technological tools, such as combining big data, cloud computing, blockchain, and artificial intelligence, to innovate the services provided by the traditional financial industry, thereby improving efficiency and reducing operational costs. FinTech is currently developing at a rapid pace and will become the mainstream form of the financial industry. Components of FinTech include big data finance, artificial intelligence finance, blockchain finance, quantitative finance, and the development and use of cryptocurrencies, such as Bitcoin. FinTech currently exists most centrally for the purpose of financial services companies to integrate it with their own service offerings for the purpose of improving the consumer experience. FinTech can be used in a wide range of applications such as digital payments, peer-to-peer lending, venture capital, crypto services, robo-finance related advisory services, and fraud fighting. FinTech can maintain national financial security, achieve universal access to people's livelihood, improve the efficiency of financial companies' services and reduce staff management costs, promote the construction of "One Belt, One Road" by sharing financial results, solve the problem of financing difficulties for some SMEs, etc. However, there are still certain risks associated with finTech, such as the privacy of big data, the lack of comprehensive risk assessment of new technology applications, the operational risks, and challenges of finTech companies, the credit crisis of consumers due to irregular cooperation, and imperfect regulation, the intensification of competition in the financial industry, the probability of inflation and the formation of oligopoly, etc. FinTech is currently at the tipping point between the Internet finance stage and the deep integration of the finance and technology stage. In the future, FinTech will develop towards digital technology and blockchain technology, which will combine finance with network technology, psychology, cryptography, digital currency, and blockchain concept in the future.

Published in	Economics (Volume 12, Issue 1)
DOI	10.11648/j.eco.20231201.13
Page(s)	24-31
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

FinTech, Big Data, Artificial Intelligence, Blockchain, Quantitative Finance, Risk Control

References

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[13]	Yu, Wantao, et al. “Integrating Big Data Analytics into Supply Chain Finance: The Roles of Information Processing and Data-Driven Culture.” International Journal of Production Economics, vol. 236, June 2021, p. 108135, https://doi.org/10.1016/j.ijpe.2021.108135.
[14]	Alshater, Muneer M., et al. “FinTech in Islamic Finance Literature: A Review.” Heliyon, vol. 8, no. 9, Sept. 2022, p. e10385, https://doi.org/10.1016/j.heliyon.2022.e10385.
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APA Style

Yang Zihan, Li Yihan, Tang Yinwen. (2023). The Development and Impact of FinTech in the Digital Economy. Economics, 12(1), 24-31. https://doi.org/10.11648/j.eco.20231201.13

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Yang Zihan; Li Yihan; Tang Yinwen. The Development and Impact of FinTech in the Digital Economy. Economics. 2023, 12(1), 24-31. doi: 10.11648/j.eco.20231201.13

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AMA Style

Yang Zihan, Li Yihan, Tang Yinwen. The Development and Impact of FinTech in the Digital Economy. Economics. 2023;12(1):24-31. doi: 10.11648/j.eco.20231201.13

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@article{10.11648/j.eco.20231201.13,
  author = {Yang Zihan and Li Yihan and Tang Yinwen},
  title = {The Development and Impact of FinTech in the Digital Economy},
  journal = {Economics},
  volume = {12},
  number = {1},
  pages = {24-31},
  doi = {10.11648/j.eco.20231201.13},
  url = {https://doi.org/10.11648/j.eco.20231201.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.eco.20231201.13},
  abstract = {FinTech can also be seen as technology-driven financial innovation, which uses various technological tools, such as combining big data, cloud computing, blockchain, and artificial intelligence, to innovate the services provided by the traditional financial industry, thereby improving efficiency and reducing operational costs. FinTech is currently developing at a rapid pace and will become the mainstream form of the financial industry. Components of FinTech include big data finance, artificial intelligence finance, blockchain finance, quantitative finance, and the development and use of cryptocurrencies, such as Bitcoin. FinTech currently exists most centrally for the purpose of financial services companies to integrate it with their own service offerings for the purpose of improving the consumer experience. FinTech can be used in a wide range of applications such as digital payments, peer-to-peer lending, venture capital, crypto services, robo-finance related advisory services, and fraud fighting. FinTech can maintain national financial security, achieve universal access to people's livelihood, improve the efficiency of financial companies' services and reduce staff management costs, promote the construction of "One Belt, One Road" by sharing financial results, solve the problem of financing difficulties for some SMEs, etc. However, there are still certain risks associated with finTech, such as the privacy of big data, the lack of comprehensive risk assessment of new technology applications, the operational risks, and challenges of finTech companies, the credit crisis of consumers due to irregular cooperation, and imperfect regulation, the intensification of competition in the financial industry, the probability of inflation and the formation of oligopoly, etc. FinTech is currently at the tipping point between the Internet finance stage and the deep integration of the finance and technology stage. In the future, FinTech will develop towards digital technology and blockchain technology, which will combine finance with network technology, psychology, cryptography, digital currency, and blockchain concept in the future.},
 year = {2023}
}

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TY  - JOUR
T1  - The Development and Impact of FinTech in the Digital Economy
AU  - Yang Zihan
AU  - Li Yihan
AU  - Tang Yinwen
Y1  - 2023/03/16
PY  - 2023
N1  - https://doi.org/10.11648/j.eco.20231201.13
DO  - 10.11648/j.eco.20231201.13
T2  - Economics
JF  - Economics
JO  - Economics
SP  - 24
EP  - 31
PB  - Science Publishing Group
SN  - 2376-6603
UR  - https://doi.org/10.11648/j.eco.20231201.13
AB  - FinTech can also be seen as technology-driven financial innovation, which uses various technological tools, such as combining big data, cloud computing, blockchain, and artificial intelligence, to innovate the services provided by the traditional financial industry, thereby improving efficiency and reducing operational costs. FinTech is currently developing at a rapid pace and will become the mainstream form of the financial industry. Components of FinTech include big data finance, artificial intelligence finance, blockchain finance, quantitative finance, and the development and use of cryptocurrencies, such as Bitcoin. FinTech currently exists most centrally for the purpose of financial services companies to integrate it with their own service offerings for the purpose of improving the consumer experience. FinTech can be used in a wide range of applications such as digital payments, peer-to-peer lending, venture capital, crypto services, robo-finance related advisory services, and fraud fighting. FinTech can maintain national financial security, achieve universal access to people's livelihood, improve the efficiency of financial companies' services and reduce staff management costs, promote the construction of "One Belt, One Road" by sharing financial results, solve the problem of financing difficulties for some SMEs, etc. However, there are still certain risks associated with finTech, such as the privacy of big data, the lack of comprehensive risk assessment of new technology applications, the operational risks, and challenges of finTech companies, the credit crisis of consumers due to irregular cooperation, and imperfect regulation, the intensification of competition in the financial industry, the probability of inflation and the formation of oligopoly, etc. FinTech is currently at the tipping point between the Internet finance stage and the deep integration of the finance and technology stage. In the future, FinTech will develop towards digital technology and blockchain technology, which will combine finance with network technology, psychology, cryptography, digital currency, and blockchain concept in the future.
VL  - 12
IS  - 1
ER  -

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Author Information

Yang Zihan

School of Engineering, Queen Mary University of London Engineering School, Northwestern Polytechnical University, Xi'an, China
Li Yihan

School of Engineering, Queen Mary University of London Engineering School, Northwestern Polytechnical University, Xi'an, China
Tang Yinwen

School of Engineering, Queen Mary University of London Engineering School, Northwestern Polytechnical University, Xi'an, China

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APA Style

Yang Zihan, Li Yihan, Tang Yinwen. (2023). The Development and Impact of FinTech in the Digital Economy. Economics, 12(1), 24-31. https://doi.org/10.11648/j.eco.20231201.13

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ACS Style

Yang Zihan; Li Yihan; Tang Yinwen. The Development and Impact of FinTech in the Digital Economy. Economics. 2023, 12(1), 24-31. doi: 10.11648/j.eco.20231201.13

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AMA Style

Yang Zihan, Li Yihan, Tang Yinwen. The Development and Impact of FinTech in the Digital Economy. Economics. 2023;12(1):24-31. doi: 10.11648/j.eco.20231201.13

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@article{10.11648/j.eco.20231201.13,
  author = {Yang Zihan and Li Yihan and Tang Yinwen},
  title = {The Development and Impact of FinTech in the Digital Economy},
  journal = {Economics},
  volume = {12},
  number = {1},
  pages = {24-31},
  doi = {10.11648/j.eco.20231201.13},
  url = {https://doi.org/10.11648/j.eco.20231201.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.eco.20231201.13},
  abstract = {FinTech can also be seen as technology-driven financial innovation, which uses various technological tools, such as combining big data, cloud computing, blockchain, and artificial intelligence, to innovate the services provided by the traditional financial industry, thereby improving efficiency and reducing operational costs. FinTech is currently developing at a rapid pace and will become the mainstream form of the financial industry. Components of FinTech include big data finance, artificial intelligence finance, blockchain finance, quantitative finance, and the development and use of cryptocurrencies, such as Bitcoin. FinTech currently exists most centrally for the purpose of financial services companies to integrate it with their own service offerings for the purpose of improving the consumer experience. FinTech can be used in a wide range of applications such as digital payments, peer-to-peer lending, venture capital, crypto services, robo-finance related advisory services, and fraud fighting. FinTech can maintain national financial security, achieve universal access to people's livelihood, improve the efficiency of financial companies' services and reduce staff management costs, promote the construction of "One Belt, One Road" by sharing financial results, solve the problem of financing difficulties for some SMEs, etc. However, there are still certain risks associated with finTech, such as the privacy of big data, the lack of comprehensive risk assessment of new technology applications, the operational risks, and challenges of finTech companies, the credit crisis of consumers due to irregular cooperation, and imperfect regulation, the intensification of competition in the financial industry, the probability of inflation and the formation of oligopoly, etc. FinTech is currently at the tipping point between the Internet finance stage and the deep integration of the finance and technology stage. In the future, FinTech will develop towards digital technology and blockchain technology, which will combine finance with network technology, psychology, cryptography, digital currency, and blockchain concept in the future.},
 year = {2023}
}

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TY  - JOUR
T1  - The Development and Impact of FinTech in the Digital Economy
AU  - Yang Zihan
AU  - Li Yihan
AU  - Tang Yinwen
Y1  - 2023/03/16
PY  - 2023
N1  - https://doi.org/10.11648/j.eco.20231201.13
DO  - 10.11648/j.eco.20231201.13
T2  - Economics
JF  - Economics
JO  - Economics
SP  - 24
EP  - 31
PB  - Science Publishing Group
SN  - 2376-6603
UR  - https://doi.org/10.11648/j.eco.20231201.13
AB  - FinTech can also be seen as technology-driven financial innovation, which uses various technological tools, such as combining big data, cloud computing, blockchain, and artificial intelligence, to innovate the services provided by the traditional financial industry, thereby improving efficiency and reducing operational costs. FinTech is currently developing at a rapid pace and will become the mainstream form of the financial industry. Components of FinTech include big data finance, artificial intelligence finance, blockchain finance, quantitative finance, and the development and use of cryptocurrencies, such as Bitcoin. FinTech currently exists most centrally for the purpose of financial services companies to integrate it with their own service offerings for the purpose of improving the consumer experience. FinTech can be used in a wide range of applications such as digital payments, peer-to-peer lending, venture capital, crypto services, robo-finance related advisory services, and fraud fighting. FinTech can maintain national financial security, achieve universal access to people's livelihood, improve the efficiency of financial companies' services and reduce staff management costs, promote the construction of "One Belt, One Road" by sharing financial results, solve the problem of financing difficulties for some SMEs, etc. However, there are still certain risks associated with finTech, such as the privacy of big data, the lack of comprehensive risk assessment of new technology applications, the operational risks, and challenges of finTech companies, the credit crisis of consumers due to irregular cooperation, and imperfect regulation, the intensification of competition in the financial industry, the probability of inflation and the formation of oligopoly, etc. FinTech is currently at the tipping point between the Internet finance stage and the deep integration of the finance and technology stage. In the future, FinTech will develop towards digital technology and blockchain technology, which will combine finance with network technology, psychology, cryptography, digital currency, and blockchain concept in the future.
VL  - 12
IS  - 1
ER  -

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