On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services
By Peter Gomber, Robert J. Kauffman, Christopher Parker, Bruce W. Weber. Journal of Management Information Systems, 2018
1,748 citations recorded by the source corpus.
Abstract The financial services industry has been experiencing the recent emergence of new technology innovations and process disruptions. The industry overall, and many fintech start-ups are looking for new pathways to successful business models, the creation of enhanced customer experience, and approaches that result in services transformation. Industry and academic observers believe this to be more of a revolution than a set of less influential changes, with financial services as a whole due for major improvements in efficiency, customer centricity, and informedness. The long-standing dominance of leading firms that are not able to figure out how to effectively hook up with the “Fintech Revolution” is at stake. We present a new fintech innovation mapping approach that enables the assessment of the extent to which there are changes and transformations in four areas of financial services. We discuss: operations management in financial services and the changes occurring; technology innovations that have begun to leverage the execution and stakeholder value associated with payments, cryptocurrencies, blockchain, and cross-border payments; multiple innovations that have affected lending and deposit services, peer-to-peer (P2P) lending, and social media use; issues with respect to investments, financial markets, trading, risk management, robo-advisory and services influenced by blockchain and fintech innovations.
Subfields: Economics and Econometrics, Information Systems, Management Information Systems
View Paper: https://www.semanticscholar.org/paper/bac6897ab7d756aa067c564bd9aabd19e2d8fcf8
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Citations in the corpus
- How Green FinTech Can Alleviate the Impact of Climate Change—The Case of Switzerland (2020, neutral): “That is why it is often termed as the financial technology (FinTech) revolution [6].”
- FinTech and the transformation of the financial industry (2018, background): “RegTech solutions B aim to ease regulatory compliance and substitute for manual labor in standard regulatory and compliance processes ^ (Gomber et al. 2018, p. 250).”
- Accounting and auditing with blockchain technology and artificial Intelligence: A literature review (2023, neutral): “…companies ’ systems digital has enabled them to adopt new technological tools to simplify business processes and transform business models to innovate their operations (Gomber et al., 2018) because they can increasingly access advanced computing power and large databases (de Sousa et al., 2019).”
- How should we understand the digital economy in Asia? Critical assessment and research agenda (2020, neutral): “…and informatization now entering an in- novation-and information-driven era of fuller penetration due to cross-border innovation and accelerated development, the digital economy truly has become a new engine of economic growth (Curran, 2018; Gomber et al., 2018; Brynjolfsson and Collis, 2019).”