Trends in Financial Innovation: Evidence from Fintech Firms

Omer Unsal and Blake Rayfield

No 2019-WP-03, NFI Working Papers from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: In 1971, the patent for the Automated Teller Machine (ATM) was awarded to David Wetzel. While possibly not the first application of financial technology, since 1971 time, the innovation in the financial industry has grown beyond expectations. However, most studies in innovation ignore the financial sector altogether. In this study, we investigate financial technology firms and innovation. After identifying firms that are considered financial technology, we collect innovation outcomes such as patents and data breaches associated with those firms. We show that patent activity has enjoyed modest growth year over year, however firms still have challenges to overcome such as market risk and data security. This study serves as a perspective on financial technology. This paper is also forthcoming in the International Finance Review.

Keywords: Financial Technology; Financial Innovation; Patents; Data Breach (search for similar items in EconPapers)
JEL-codes: O16 O33 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2019-07
New Economics Papers: this item is included in nep-cfn, nep-ino, nep-pay and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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