Financial Innovations, Financial Engineering and Financial Technologies: Risks or New Opportunities? Innovations and New Financial Technologies in the Practice of Banking

Aleksei Bolonin, Igor Turuev () and Vladimir Balykin
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Aleksei Bolonin: Moscow State Institute of International Relations (MGIMO University)
Igor Turuev: Moscow State Institute of International Relations (MGIMO University)
Vladimir Balykin: Moscow State Institute of International Relations (MGIMO University)

A chapter in Financial Markets Evolution, 2021, pp 129-141 from Palgrave Macmillan

Abstract: Abstract Information technology (IT) and artificial intelligence (AI) currently penetrate all areas of life as a result of the Fourth Industrial Revolution. Banking is one of the most successful examples of using IT and AI. This chapter discusses the contemporary achievements of the financial sector and the threats associated with the use of new technologies. The authors use the method of comparative analysis. The study focuses on credit institutions, with its broader subject matter being the activities of credit institutions in a virtual cyberspace, which creates not only new opportunities, but also new threats and risks. The development of digital ecosystems capable of satisfying the entire range of customers’ vital needs, including non-financial ones, is supposed to be the next stage in the evolution of credit institutions.

Keywords: Banking innovations; FinTech; Banking technologies; Emotional banking; Virtual financial consultant; JEL; 310; G210 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-030-71337-9_10

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DOI: 10.1007/978-3-030-71337-9_10

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