scholarly journals Curriculum Reform and Construction of Financial Engineering under the Background of Financial Technology

2020 ◽  
pp. 23-28
Author(s):  
Chen Zhu ◽  
Liping Chen
Keyword(s):  
Artificial Intelligence ◽  
Curriculum Reform ◽  
Financial Engineering ◽  
Retail Banking ◽  
Technological Innovations ◽  
Current Development ◽  
Financial Industry ◽  
Wealth Management ◽  
Loan Financing ◽  
Financial Technology

With technological innovations such as big data, cloud computing, artificial intelligence, and blockchain, it has been fully applied to payment and settlement, loan financing, wealth management, retail banking, insurance, transaction settlement, etc. In the big financial field, the integration of finance and technology is becoming a new trend in the future development of the financial industry. In the current development of financial technology, the training of financial engineering professionals is also facing many opportunities and challenges. The financial engineering major of our school started late. Although many achievements have been made, there are still some shortcomings. Especially with the development of financial technology, the original curriculum system needs to be adjusted and improved in time, so this article will proceed discuss the reform and construction of financial engineering courses.

scholarly journals Some Thoughts on Innovation and Regulation of Financial Technology

2021 ◽  
Vol 13 ◽  
pp. 127-132
Author(s):  
Zhuoying Li
Keyword(s):  
Artificial Intelligence ◽  
Financial Markets ◽  
Information Technologies ◽  
Financial Regulation ◽  
Technology Development ◽  
Regulatory Agencies ◽  
Financial Risks ◽  
Innovative Development ◽  
Financial Industry ◽  
Financial Technology

The recent years witness innovative development of financial industry, which attributes to fast progress and in-depth application of information technologies such as big data, artificial intelligence, and blockchain. But, at the same time, they bring challenges to financial regulation and accelerate rise of regulatory technology. Based on challenges to regulatory agencies brought by financial technology development, this study proposes suggestions for the coordinated relationship between financial innovation and financial technology regulation from the perspective of technology empowerment, in order to improve efficiency of financial markets, and reach a balance between financial technology and prevention of systemic financial risks.

scholarly journals Menakar Kesyariahan Fintech Syariah di Indonesia

2020 ◽  
Vol 14 (1) ◽  
pp. 1-18
Author(s):  
Fathul Aminudin Aziz
Keyword(s):  
Information Technology ◽  
Personal Finance ◽  
Theory And Practice ◽  
Financial Industry ◽  
Electronic Money ◽  
Wealth Management ◽  
Development And Utilization ◽  
Financial Technology

The development of information technology penetrated into all financial sectors, including sharia financial technology (Fintech). OJK as a regulator of the financial industry has issued regulations, to anticipate the development and utilization of IT in the financial industry such as lending, personal finance, crowdfunding, electronic money, investment investments, payment gateways, wealth management, and various other startups. Shari'ah literacy needs to be improved by giving an understanding that shari'ah is label and nature, theory, and practice, so halal is measured by how many elements of sharia are fulfilled. As for the elements of Islamic fintech in Indonesia, among others, accountability, transparency of information, fairness, equality, social piety, avoidance of transactions that are reckless, maysir, gharar, risywah, tadlis, israf, and halal. different amounts depending on how much the shari'a element is fulfilled. The greater the halal dose is fulfilled, the greater the halal, and vice versa the smaller the halal element is fulfilled, the smaller the halal value of its fintech transactions.

scholarly journals The Influence and Application of Artificial Intelligence &Blockchain on Financial Service

2018 ◽  
Vol 9 (3) ◽  
pp. 45-54
Author(s):  
Shu-Han Chang ◽  
Chien-Ping Shih
Keyword(s):  
Artificial Intelligence ◽  
Technology Development ◽  
Rapid Development ◽  
Science And Technology ◽  
Financial Service ◽  
Financial Industry ◽  
Service Model ◽  
Mobile Payments ◽  
Technology Industry ◽  
Financial Technology

Abstract The advances in science and technology have benefited many industries. In recent years, we have witnessed the rapid development of financial technology. All of them worked hard in this area, such as Amazon, UPS, and Wal-Mart International. In China, leading e-commerce platforms such as Alibaba and Tencent actively provided services to SMEs in their ecosystems; Taiwan also make efforts to develop it. The emergence of networking account scientific and technological AMIS provides various payment companies, lending platform, financial robots. Although Taiwan’s innovation industry faces many restrictions on its development, it will still go through it. Therefore, Taiwan has continued to update laws and regulations related to financial technology. The latest rule “Financial Science and Technology Development and Innovation Experiments Regulations” regards the development of Taiwan’s financial technology. FinTech has gradually replaced the traditional financial service model. Through mobile payments, cloud platforms, and artificial intelligence, the technology industry has gradually penetrated into the financial industry. We are willing to make more progress in Taiwan’s financial technology to deepen the understanding of FinTech as a study.

scholarly journals Challenges of Financial Risk Management: AI Applications

2021 ◽  
Author(s):  
Vesna Bogojevic Arsic
Keyword(s):  
Artificial Intelligence ◽  
Risk Management ◽  
Credit Risk ◽  
Financial Risk ◽  
Market Risk ◽  
Credit Risk Management ◽  
Financial Industry ◽  
Financial Risk Management ◽  
Artificial Intelligence Techniques ◽  
Financial Technology

Research Question: This paper reviews different artificial intelligence (AI) techniques application in financial risk management. Motivation: Financial technology has significantly changed the business operations which required transformation of financial industry. The financial risk management needs to be restructured because the methods that have been used in the past became low effective. The artificial intelligence techniques proved their efficiency and contributed to fast, low–cost and improved financial risk management in both financial institutions and companies. Idea: The aim of this paper is to present a state of AI techniques application in financial risk management, as well as to point out the direction in which further application and development could be expected. Data: The analysis was conducted by reviewing various papers, books and reports on AI applications in financial risk management. Tools: The relevant literature systematization was used to provide answers to the question to what extent AI techniques (especially machine learning) could be used in managing financial risk management. Findings: Artificial intelligence largely improved the market risk and credit risk management through data preparation, modelling risk, stress testing and model validation. Artificial intelligence techniques can be useful in data quality assurance, text-mining for data augmentation and fraud detection. The financial technology will continue to affect the financial sector through requiring the adaption to new environment and new business models. Because of that, it could be expected that artificial intelligence will become part of the financial risk management framework. Contribution: This paper provides a review of artificial intelligence applications in market risk management, credit risk management and operational risk management. The paper identified the key AI techniques that could be used for financial risk management improvement because of financial industry transformation.

Artificial intelligence in financial services: a qualitative research to discover robo-advisory services

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ankita Bhatia ◽  
Arti Chandani ◽  
Rizwana Atiq ◽  
Mita Mehta ◽  
Rajiv Divekar
Keyword(s):  
Artificial Intelligence ◽  
Stock Market ◽  
Financial Services ◽  
Future Research ◽  
Individual Investors ◽  
Content Type ◽  
Advisory Services ◽  
Wealth Management ◽  
Management Scenario ◽  
Indian Stock Market

Purpose The purpose of this study is to gauge the awareness and perception of Indian individual investors about a new fintech innovation known as robo-advisors in the wealth management scenario. Robo-advisors are comprehensive automated online advisory platforms that help investors in managing wealth by recommending portfolio allocations, which are based on certain algorithms. Design/methodology/approach This is a phenomenological qualitative study that used five focussed group discussions to gather the stipulated information. Purposive sampling was used and the sample comprised investors who actively invest in the Indian stock market. A semi-structured questionnaire and homogeneous discussions were used for this study. Discussion time for all the groups was 203 min. One of the authors moderated the discussions and translated the audio recordings verbatim. Subsequently, content analysis was carried out by using the NVIVO 12 software (QSR International) to derive different themes. Findings Factors such as cost-effectiveness, trust, data security, behavioural biases and sentiments of the investors were observed as crucial points which significantly impacted the perception of the investors. Furthermore, several suggestions on different ways to enhance the awareness levels of investors were brought up by the participants during the discussions. It was observed that some investors perceive robo-advisors as only an alternative for fund/wealth managers/brokers for quantitative analysis. Also, they strongly believe that human intervention is necessary to gauge the emotions of the investors. Hence, at present, robo-advisors for the Indian stock market, act only as a supplementary service rather than a substitute for financial advisors. Research limitations/implications Due to the explorative nature of the study and limited participants, the findings of the study cannot be generalised to the overall population. Future research is imperative to study the dynamic nature of artificial intelligence (AI) theories and investigate whether they are able to capture the sentiments of individual investors and human sentiments impacting the market. Practical implications This study gives an insight into the awareness, perception and opinion of the investors about robo-advisory services. From a managerial perspective, the findings suggest that additional attention needs to be devoted to the adoption and inculcation of AI and machine learning theories while building algorithms or logic to come up with effective models. Many investors expressed discontent with the current design of risk profiles of the investors. This helps to provide feedback for developers and designers of robo-advisors to include advanced and detailed programming to be able to do risk profiling in a more comprehensive and precise manner. Social implications In the future, robo-advisors will change the wealth management scenario. It is well-established that data is the new oil for all businesses in the present times. Technologies such as robo-advisor, need to evolve further in terms of predicting unstructured data, improvising qualitative analysis techniques to include the ability to gauge emotions of investors and markets in real-time. Additionally, the behavioural biases of both the programmers and the investors need to be taken care of simultaneously while designing these automated decision support systems. Originality/value This study fulfils an identified gap in the literature regarding the investors’ perception of new fintech innovation, that is, robo-advisors. It also clarifies the confusion about the awareness level of robo-advisors amongst Indian individual investors by examining their attitudes and by suggesting innovations for future research. To the best of the authors’ knowledge, this study is the first to investigate the awareness, perception and attitudes of individual investors towards robo-advisors.

scholarly journals Early Adopters to Early Majority - What's Driving the Artificial Intelligence and Machine Learning Powered Transformation in Financial Services?

2021 ◽  
Vol 12 (4) ◽  
pp. 43
Author(s):  
Srikrishna Chintalapati
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Portfolio Management ◽  
Value Chain ◽  
Financial Services ◽  
Retail Banking ◽  
Early Adopters ◽  
Customer Life Cycle ◽  
Digital Disruption ◽  
The Impact

From retail banking to corporate banking, from property and casualty to personal lines, and from portfolio management to trade processing, the next wave of digital disruption in financial services has been unleashed by the concepts and applications of Artificial Intelligence (AI) and Machine Learning (ML). Together, AI and ML are undoubtedly creating one of the largest technological transformations the world has ever witnessed. Within the advanced streams of research in AI and ML, human intelligence blended with the cognitive reasoning of machines is finally out of the labs and into real-time applications. The Financial Services sector is one of the early adopters of this revolution and arguably much ahead of its leverage compared to other sectors. Built on the conceptual foundations of Innovation diffusion, and a contemporary perspective of enterprise customer life-cycle journey across the AI-value chain defined by McKinsey Global Institute (2017), the current study attempts to highlight the features and use-cases of early-adopters of this transformation. With the theoretical underpinning of technology adoption lifecycle, this paper is an earnest attempt to comment on how AI and ML have been significantly transforming the Financial Services market space from the lens of a domain practitioner. The findings of this study would be of particular relevance to the subject matter experts, Industry analysts, academicians, and researchers focussed on studying the impact of AI and ML in the financial services industry.

scholarly journals RUSSIAN MATRIX OF THE DIGITAL PROFILE OF THE RUSSIAN

2020 ◽  
Vol 1 (25(52)) ◽  
pp. 39-52
Author(s):  
Alexander Arsenievich Petrov
Keyword(s):  
Artificial Intelligence ◽  
Control Systems ◽  
Continuous Monitoring ◽  
Population Control ◽  
The State ◽  
Business Community ◽  
Smart Sensors ◽  
Financial Industry ◽  
High Quality ◽  
Public And Private

The development of artificial intelligence accelerated the development and application of smart sensors and human observation and study systems, and the establishment of continuous monitoring of it using various sources. The financial industry has always sought to collect as much data as possible about its customers. Many countries have begun to create population control systems. China leads the development of such a system. In 2020, Russia launched a digital citizen profile system, which should ensure high-quality interaction between the population, the business community and the state through the collection, processing, archiving and analysis of information from public and private sources. How the system will be used: in the name of Good or Evil depends on those who make the decision and use it. The main carrier of information about oneself is the person himself.

scholarly journals Digitalization of Financial Services in Albania Under Restricted Measures Covid-19

2020 ◽  
Vol 3 (2) ◽  
pp. 17
Author(s):  
Rezana Balla
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Legal Framework ◽  
Financial Industry ◽  
Technology Innovations ◽  
Markets And Institutions ◽  
New Business ◽  
Job Challenges ◽  
Digital Transactions ◽  
Financial Technology

Under the restricted measures due to the global pandemic Covid-19, like all other services, financial services had difficulties in performing their financial activities. These difficulties are stronger at countries where financial services are denied for a long time. Financial services denial is an issue that has affected not only Albania but small Balkan countries as well. The reasons for this denial are many, but among them we can distinguish the lack of credit experience, as one of the common reasons to be excluded in these countries from the development of the financial sector. Currently, one of the reasons for the financial denial is the emergency created by Covid-19, where physical distancing and other measures taken by governments to restrict movement and services make financial service impossible. Thus, one of the most effective ways to perform financial services remotely is financial technology. Financial technology refers to the possibilities of financial innovation through technology that can result in new business models, applications, processes, or products with an effectiveness related to financial markets and institutions and the provision of financial services. This paper aims to present the challenges of the legal framework and regulatory institutions, to provide recommendations for its improvement, to enable the development of financial technology in the financial market in Albania. The paper address issues such as the Bank of Albania's consideration on the Directive (EU) 2015/2366 On Payment Services (PSD II). What benefits or challenges would its implementation bring? How is the financial industry projected after the implementation of PSD II? What are the biggest job challenges with payment institutions that have not been to the market before or that bring technology innovations? The paper addresses the issue of money laundering through online digital transactions as well.

Disruptions of the Fourth Industrial Revolution

2021 ◽  
pp. 189-199
Author(s):  
Idris Olayiwola Ganiyu ◽  
Ola Olusegun Oyedele ◽  
Evelyn Derera
Keyword(s):  
Artificial Intelligence ◽  
Technological Innovation ◽  
Industrial Revolution ◽  
Technological Innovations ◽  
Fourth Industrial Revolution ◽  
Skill Gaps ◽  
The World ◽  
The Future ◽  
The Impact ◽  
And Robotics

The Fourth Industrial Revolution has resulted in the disruption of the world of work whereby technological innovation such as artificial intelligence (AI) and robotics. These disruptions may be creative in that as some jobs are lost due to the development of artificial intelligence, new ones are created. This chapter explored the impact of disruptive technological innovations on the future of work. The skill gaps brought about by the emergence of the Fourth Industrial Revolution was also explored in this chapter.

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