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FINTECH IN MODERN BANKING INDUSTRY

Aleksandra Stankovska (), Savica Dimitrieska () and Elizabeta Stamevska ()
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Aleksandra Stankovska: European University-Republic of Macedonia, Faculty of Economics
Savica Dimitrieska: European University-Republic of Macedonia, Faculty of Economics
Elizabeta Stamevska: European University-Republic of Macedonia, Faculty of Economics

Economics and Management, 2018, vol. 14, issue 2, 20-26

Abstract: In this research paper we will explore the current wave of Artificial Intelligence and FinTech in modern banking industry. FinTech is the new gold rush for investors, growing from 10% in 2016, to a staggering $23.2 billion, with China and USA leading the market. This boost is powered by the growing capabilities of machine learning and artificial intelligence. It is an idea whose time has come, as the computational and storing capabilities available today can record and process the impressive quantities of big data necessary to fuel the algorithms. The future of banking industry will be heavily influenced by emerging FinTech companies and artificial intelligence technology applications setting the stage for increasing competitiveness among the industry’s leading giants. In the next decade, artificial intelligence will help financial services companies maximize resources, decrease risk, and generate more revenue, in the trading, investing, banking, lending, and FinTech verticals. In the news, financial technology is described as “disruptive†, “revolutionary†, and armed with “digital weapons†that will “tear down†barriers and traditional financial institutions (World Economic Forum 2017).

Keywords: FinTech; Artificial Intelligence; banking industry; financial institutions (search for similar items in EconPapers)
JEL-codes: F65 G21 O16 (search for similar items in EconPapers)
Date: 2018
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