Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 7th International Conference on Economic Management and Green Development
Series Vol. 30 , 10 November 2023
Open
Access | Article
The Impact of Digital Transformation on the Financial Ser-vices Industry: A Comprehensive Review
* Author to whom correspondence should be addressed.
Abstract
This paper studies the different aspects of how different fields of technologies are applied to digital transformations and fin-tech and what risks might be met. It is an important issue because fintech and digital transformation are the crucial points that make companies more digital. This paper will take about fintech and digital transformation through topics including blockchain and NFT, robo-advisor and artificial intelligence, peer-to-peer lend-ing, and online payments. These four factors are the primary factors that lead to enterprise digitization. However, while these four factors are so considerable, the lack of supervision would also cause a lot of trouble that violates people’s property. People have experienced losing their property when there are no sufficient policies that regulate new technologies. This paper will specifically talk about how these factors are important and relevant to fintech and digital transformation and what might be the potential risks if there are no proper actions that restrict these factors. A healthy and compliant trend is the necessary path that leads to prosperity.
Keywords
fintech, digital transformation, blockchain, artificial intelligence
References
1. Bitcoin - Open source P2P money. https://bitcoin.org/en/Bitcoin - Open source P2P money. https://bitcoin.org/en/, last accessed 2023/3/10.
2. Wu, J., Liu, J., Zhao, Y., & Zheng, Z.: Analysis of cryptocurrency transactions from a network perspective: An overview. Journal of Network and Computer Applications, 190, 103139 (2021).
3. Urquhart, A.: The inefficiency of Bitcoin. Economics Letters, 148, 80–82 (2016).
4. Bao, H., & Roubaud, D.: Non-Fungible Token: A Systematic Review and Research Agenda. Journal of Risk and Financial Management, 15(5), 215 (2022).
5. Faloon, M., & Scherer, B.: Individualization of Robo-Advice. The Journal of Wealth Management, 20(1), 30–36 (2017).
6. Zhang, Z.: Legal issues and regulatory paths of intelligent investment advisory under the background of artificial intelligence. Hebei Enterprise, 381(04), 141-143 (2021).
7. Wang, Q., & Xu, Y.: Is Intelligent Robo-Advising Really Intelligent? Financial Market Research, 89(10), 105-118 (2019).
8. Zhang, Q.: The Duty of Good Faith Based on the Perspective of Intelligent Robo-Advising. Modern Business, No.549(32), 136-137 (2019).
9. Hamarat, Ç., & Broby, D.: Regulatory constraint and small business lending: do innovative peer-to-peer lenders have an advantage? Financial Innovation, 8(1), 73 (2022).
10. Milne, A., & Parboteeah, P.: The Business Models and Economics of Peer-to-Peer Lending. Social Science Re-search Network (2016).
11. Wang, C.: Research on Credit Risk of P2P Online Lending Based on Text Analysis. South China University of Technology (2020).
12. Suryono, R., Purwandari, B., & Budi, I.: Peer to Peer (P2P) Lending Problems and Potential Solutions: A Sys-tematic Literature Review. Procedia Computer Science, 161, 204–214 (2019).
13. Serrano-Cinca, C., Gutiérrez-Nieto, B., & López-Palacios, L.: Determinants of Default in P2P Lending. PLOS ONE, 10(10), 0139427 (2015).
14. Liu, H., Qiao, H., Wang, S., & Li, Y.: Platform Competition in Peer-to-Peer Lending Considering Risk Control Ability. European Journal of Operational Research, 274(1), 280–290 (2019).
15. Guo, X., Zhou, T., & Jiang, B.: Design of B2C Online Payment Interface Based on ASP.NET. Modern Electronics Technique, 32(06), 97-99+103 (2009).
16. Hu, Y.: Research on Online Payment Network Security Risks and Prevention Technologies. Network Security Technology and Application, 160(04), 120+124 (2014).
17. Cheng, S., & Zhang, L.: Third-party Payment - An Evolutionary and Stable Strategy for Online Payment. Journal of Nanjing University of Technology (Social Science Edition), (04), 66-68+75 (2007).
18. Li, X.: The Impact of Online Payment on E-commerce. China Foreign Investment, 272(17), 42 (2012).
19. Xia, L.: Research on Online Payment Issues in E-commerce. Academic Forum, (05), 55-57 (2001).
20. Rong, F.: Liquidity Risk Assessment and Control Strategy of Third-party Payment in E-commerce. E-commerce, 148(04), 47-49 (2012).
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open Access Instruction).
- Volume Title
- Proceedings of the 7th International Conference on Economic Management and Green Development
- ISBN (Print)
- 978-1-83558-081-3
- ISBN (Online)
- 978-1-83558-082-0
- Published Date
- 10 November 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/30/20231417
- Copyright
- 10 November 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited