Business, Management and Accounting › Management Information Systems

FinTech, Crowdfunding, Digital Finance

Works Count: 59418

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Description

This cluster of papers explores the dynamics of crowdfunding, fintech, and peer-to-peer lending, focusing on investment decisions, social capital, credit risk assessment, and the impact of financial innovation on online platforms. It also delves into the regulatory implications of these emerging financial models.

Keywords

Crowdfunding; Fintech; Peer-to-Peer Lending; Investment Decisions; Social Capital; Entrepreneurship; Credit Risk Assessment; Financial Innovation; Online Platforms; Regulatory Impact

Intermediaries and Cybermediaries: A Continuing Role for Mediating Players in the Electronic Marketplace.

1995-01-01

Mitra Barun Sarkar , Brian S. Butler , Charles Steinfield

The Evolution of Fintech: A New Post-Crisis Paradigm?

2015-01-01

Douglas W. Arner , Jànos Barberis , Ross P. Buckley

"FinTech", a contraction of "Financial technology", refers to technology enabled financial solutions. It is often seen today as the new marriage of financial services and information technology. However, the interlinkage … "FinTech", a contraction of "Financial technology", refers to technology enabled financial solutions. It is often seen today as the new marriage of financial services and information technology. However, the interlinkage of finance and technology has a long history and has evolved over three distinct eras, during which finance and technology have evolved together: first in the analogue context then with a process of digitalization of finance from the late twentieth century onwards. Since 2008, a new era of FinTech has emerged in both the developed and developing world. This era is defined not by the financial products or services delivered but by who delivers them and the application of rapidly developing technology at the retail and wholesale levels. This latest evolution of FinTech, led by start-ups, poses challenges for regulators and market participants alike, particularly in balancing the potential benefits of innovation with the possible risks of new approaches. We analyse the evolution of FinTech over the past 150 years, and on the basis of this analysis, argue against its too-early or rigid regulation at this juncture.

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Screening Peers Softly: Inferring the Quality of Small Borrowers

2015-08-12

Rajkamal Iyer , Asim Ijaz Khwaja , Erzo F.P. Luttmer +1 more

This paper examines the performance of new online lending markets that rely on nonexpert individuals to screen their peers’ creditworthiness. We find that these peer lenders predict an individual’s likelihood … This paper examines the performance of new online lending markets that rely on nonexpert individuals to screen their peers’ creditworthiness. We find that these peer lenders predict an individual’s likelihood of defaulting on a loan with 45% greater accuracy than the borrower’s exact credit score (unobserved by the lenders, who only see a credit category). Moreover, peer lenders achieve 87% of the predictive power of an econometrician who observes all standard financial information about borrowers. Screening through soft or nonstandard information is relatively more important when evaluating lower-quality borrowers. Our results highlight how aggregating over the views of peers and leveraging nonstandard information can enhance lending efficiency. This paper was accepted by Amit Seru, finance.

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The role of multidimensional social capital in crowdfunding: A comparative study in China and US

2014-03-27

Haichao Zheng , Dahui Li , Jing Wu +1 more

Rational Herding in Microloan Markets

2012-01-27

Juanjuan Zhang , Peng Liu

Microloan markets allow individual borrowers to raise funding from multiple individual lenders. We use a unique panel data set that tracks the funding dynamics of borrower listings on Prosper.com, the … Microloan markets allow individual borrowers to raise funding from multiple individual lenders. We use a unique panel data set that tracks the funding dynamics of borrower listings on Prosper.com, the largest microloan market in the United States. We find evidence of rational herding among lenders. Well-funded borrower listings tend to attract more funding after we control for unobserved listing heterogeneity and payoff externalities. Moreover, instead of passively mimicking their peers (irrational herding), lenders engage in active observational learning (rational herding); they infer the creditworthiness of borrowers by observing peer lending decisions and use publicly observable borrower characteristics to moderate their inferences. Counterintuitively, obvious defects (e.g., poor credit grades) amplify a listing's herding momentum, as lenders infer superior creditworthiness to justify the herd. Similarly, favorable borrower characteristics (e.g., friend endorsements) weaken the herding effect, as lenders attribute herding to these observable merits. Follow-up analysis shows that rational herding beats irrational herding in predicting loan performance. This paper was accepted by Pradeep Chintagunta, marketing.

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Trust and Credit: The Role of Appearance in Peer-to-peer Lending

2012-07-19

Jefferson Duarte , Stephan Siegel , Lance A. Young

Journal Article Trust and Credit: The Role of Appearance in Peer-to-peer Lending Get access Jefferson Duarte, Jefferson Duarte Search for other works by this author on: Oxford Academic Google Scholar … Journal Article Trust and Credit: The Role of Appearance in Peer-to-peer Lending Get access Jefferson Duarte, Jefferson Duarte Search for other works by this author on: Oxford Academic Google Scholar Stephan Siegel, Stephan Siegel Search for other works by this author on: Oxford Academic Google Scholar Lance Young Lance Young Search for other works by this author on: Oxford Academic Google Scholar The Review of Financial Studies, Volume 25, Issue 8, August 2012, Pages 2455–2484, https://doi.org/10.1093/rfs/hhs071 Published: 01 August 2012

Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward–Based Investments?

2014-10-21

Magdalena Cholakova , Bart Clarysse

Despite crowdfunding's increasing popularity as a vehicle for financing early–stage ventures, we still know relatively little about the mechanisms that drive individuals to pledge and invest via such online platforms. … Despite crowdfunding's increasing popularity as a vehicle for financing early–stage ventures, we still know relatively little about the mechanisms that drive individuals to pledge and invest via such online platforms. We explored the extent to which financial or nonfinancial motivations determine the decision to invest for equity or to pledge. In addition, we also looked at whether having invested for equity can crowd out individuals’ motivation to keep a pledge into the same project. Our results show that nonfinancial motives play no significant role. Furthermore, we find that having invested for equity is a positive predictor of keeping a pledge.

Crowdfunding

2013-12-01

Elizabeth M. Gerber , Julie Hui

Crowdfunding is changing how, why, and which ideas are brought into existence. With the increasing number of crowdfunded projects, it is important to understand what drives people to either create … Crowdfunding is changing how, why, and which ideas are brought into existence. With the increasing number of crowdfunded projects, it is important to understand what drives people to either create or fund these projects. To shed light on this new social phenomenon, we present a grounded theory of motivation informed by the first cross-platform qualitative study of the crowdfunding community. By performing 83 semistructured interviews, we uncover creator motivations, which include the desire to raise funds, expand awareness of work, connect with others, gain approval, maintain control, and learn; and supporter motivations, which include the desire to collect rewards, help others, support causes, and be part of a community. We also explore deterrents to crowdfunding participation, including, among creators, fear of failure, and, for supporters, lack of trust. Based on these findings, we provide three emergent design principles to inform the design of effective crowdfunding platforms and support tools.

Transaction-Cost Economics: The Governance of Contractual Relations

1979-10-01

Oliver E. Williamson

Internal Social Capital and the Attraction of Early Contributions in Crowdfunding

2014-08-14

Massimo G. Colombo , Chiara Franzoni , Cristina Rossi‐Lamastra

The nascent crowdfunding literature has highlighted the existence of a self–reinforcing pattern whereby contributions received in the early days of a campaign accelerate its success. After discussing what sustains this … The nascent crowdfunding literature has highlighted the existence of a self–reinforcing pattern whereby contributions received in the early days of a campaign accelerate its success. After discussing what sustains this pattern, we maintain that the internal social capital that proponents may develop inside the crowdfunding community provides crucial assistance in igniting a self–reinforcing mechanism. Results of an econometric analysis of a sample of 669 Kickstarter projects are consistent with this view. Moreover, the effect of internal social capital on the success of a campaign is fully mediated by the capital and backers collected in the campaign's early days.

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New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations

2014-12-04

Garry D. Bruton , Susanna Khavul , Donald S. Siegel +1 more

New financing alternatives, such as microfinance, crowdfunding, and peer–to–peer lending, have expanded rapidly. To date, few studies have investigated the antecedents and consequences of these financing mechanisms. This special issue … New financing alternatives, such as microfinance, crowdfunding, and peer–to–peer lending, have expanded rapidly. To date, few studies have investigated the antecedents and consequences of these financing mechanisms. This special issue provides an academic foundation for understanding new financial options that entrepreneurs can now use to start and grow ventures. In the introductory article, we integrate strands of the literature on emerging innovations in entrepreneurial finance and provide a framework for a systematic approach to new research questions. We conclude with a discussion of the six papers in the special issue and demonstrate how they contribute to the framework.

Crowdfunding in a Prosocial Microlending Environment: Examining the Role of Intrinsic versus Extrinsic Cues

2014-04-22

Thomas H. Allison , Blakley C. Davis , Jeremy C. Short +1 more

Microloans garnered from crowdfunding provide an important source of financial capital for nascent entrepreneurs. Drawing on cognitive evaluation theory, we assess how linguistic cues known to affect underlying motivation can … Microloans garnered from crowdfunding provide an important source of financial capital for nascent entrepreneurs. Drawing on cognitive evaluation theory, we assess how linguistic cues known to affect underlying motivation can frame entrepreneurial narratives either as a business opportunity or as an opportunity to help others. We examine how this framing affects fundraising outcomes in the context of prosocial lending and conduct our analysis on a sample of microloans made to over 36,000 entrepreneurs in 51 countries via an online crowdfunding platform. We find that lenders respond positively to narratives highlighting the venture as an opportunity to help others, and less positively when the narrative is framed as a business opportunity.

Some Simple Economics of Crowdfunding

2014-01-01

Ajay Agrawal , Christian Catalini , Avi Goldfarb

It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and … It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of risk, uncertainty, and information asymmetry. So, to economists, the recent rise of crowdfunding—raising capital from many people through an online platform—which offers little opportunity for careful due diligence and involves not only friends and family but also many strangers from near and far, is initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the United States, we provide a preliminary exploration of its underlying economics. We highlight the extent to which economic theory, in particular transaction costs, reputation, and market design, can explain the rise of nonequity crowdfunding and offer a framework for speculating on how equity-based crowdfunding may unfold. We conclude by articulating open questions related to how crowdfunding may affect social welfare and the rate and direction of innovation.

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Crowdfunding Creative Ideas: The Dynamics of Project Backers in Kickstarter

2013-01-01

Venkat Kuppuswamy , Barry L. Bayus

Entrepreneurs are turning to crowdfunding as a way to finance their creative ideas. Crowdfunding involves relatively small contributions of many consumer-investors over a fixed time period (generally a few weeks). … Entrepreneurs are turning to crowdfunding as a way to finance their creative ideas. Crowdfunding involves relatively small contributions of many consumer-investors over a fixed time period (generally a few weeks). The purpose of this paper is to add to our empirical understanding of backer dynamics over the project funding cycle. Two years of publicly available data on projects listed on Kickstarter is used to establish that the typical pattern of project support is U-shaped — in general, backers are more likely to contribute to a project in the first and last week as compared to the middle period of the funding cycle. We further establish that this U-shape pattern of support is pervasive across projects, including both successfully and unsuccessfully funded projects, those with large and small goals, and projects in different categories. We then empirically explore the dynamics associated with several factors, including collective attention effects from platform sorting options, the role of family and friends in supporting projects, the effects of social influence, and the role of project updates over the project funding cycle.

Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions

2015-05-04

Ajay Agrawal , Christian Catalini , Avi Goldfarb

We examine a crowdfunding platform that connects artists with funders. Although the Internet reduces many distance‐related frictions, local and distant funders exhibit different funding patterns. Local funders appear less responsive … We examine a crowdfunding platform that connects artists with funders. Although the Internet reduces many distance‐related frictions, local and distant funders exhibit different funding patterns. Local funders appear less responsive to information about the cumulative funds raised by an artist. However, this distance effect appears to proxy for a social effect: it is largely explained by funders who likely have an offline social relationship with the artist (“friends and family”). Yet, this social effect does not persist past the first investment, suggesting that it may be driven by an activity like search but not monitoring. Thus, although the platform seems to diminish many distance‐sensitive costs, it does not eliminate all of them. These findings provide a deeper understanding of the abilities and limitations of online markets to facilitate transactions and convey information between buyers and sellers with varying degrees of social connectedness.

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Kicking Off Social Entrepreneurship: How A Sustainability Orientation Influences Crowdfunding Success

2016-02-26

Goran Calic , Elaine Mosakowski

Abstract Research generally suggests that, relative to commercial entrepreneurs, social entrepreneurs stand at a disadvantage at acquiring resources through traditional financial institutions. Yet interest in social entrepreneurship appears to be … Abstract Research generally suggests that, relative to commercial entrepreneurs, social entrepreneurs stand at a disadvantage at acquiring resources through traditional financial institutions. Yet interest in social entrepreneurship appears to be at an all‐time high. The current paper advances the argument that an innovative institutional form – crowdfunding – has emerged to address the needs of social entrepreneurs and other entrepreneurs with limited access to traditional sources of capital. To examine this, we study whether and how a sustainability orientation affects entrepreneurs’ ability to acquire financial resources through crowdfunding and hypothesize that a venture's sustainability orientation will enhance its fundraising capability. We also suggest that project legitimacy and creativity mediate the relationship between a sustainability orientation and funding success. Our analysis produces two key findings: 1) a sustainability orientation positively affects funding success of crowdfunding projects, and 2) this relationship is partially mediated by project creativity and third party endorsements.

Explicating Open Innovation

2014-11-06

Henry Chesbrough , Marcel Bogers

Abstract The chapter explores the growth, scope, and impact of the academic literature that has arisen since the publication of Open Innovation back in 2003. Moreover, the chapter further clarifies … Abstract The chapter explores the growth, scope, and impact of the academic literature that has arisen since the publication of Open Innovation back in 2003. Moreover, the chapter further clarifies and develop the conceptualization of open innovation, which it defines as a distributed innovation process based on purposively managed knowledge flows across organizational boundaries, using pecuniary and non-pecuniary mechanisms in line with the organization’s business model. On this basis, the chapter then discusses divergent views on open innovation and it calls for greater consistency in future research. Next, the chapter addresses some of the critiques on the notion and development of open innovation as they have emerged in the literature so far. Finally, the chapter considers the progress open innovation research has made, relative to the research agenda identified in Chesbrough, Vanhaverbeke, and West (2006), and extend the possible research subjects and units of analysis.

Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success

2016-03-01

Christopher G. Courtney , Supradeep Dutta , Yong Li

This article draws on information economics to examine when signals and endorsements obtained from multiple information sources enhance or diminish one another's effects. We propose that signals through start–up actions … This article draws on information economics to examine when signals and endorsements obtained from multiple information sources enhance or diminish one another's effects. We propose that signals through start–up actions (use of media) and characteristics (crowdfunding experience) can mitigate information asymmetry concerns about project quality and founder credibility, enhancing the project's likelihood of attaining funding. Further, we posit that while start–up–originated signals offset each other's effects, third–party endorsements (sentiment expressed in backer comments) validate and complement start–up–originated signals. Empirical analyses based on a comprehensive dataset of crowdfunding projects on the Kickstarter website during 2009–2015 confirm our predictions.

Linguistic style and crowdfunding success among social and commercial entrepreneurs

2017-01-18

Annaleena Parhankangas , Maija Renko

New players in entrepreneurial finance and why they are there

2017-01-17

Joern Block , Massimo G. Colombo , Douglas J. Cumming +1 more

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Digital Finance and FinTech: current research and future research directions

2017-02-25

Peter Gomber , Jascha-Alexander Koch , Michael Siering

Fintech, regulatory arbitrage, and the rise of shadow banks

2018-09-04

Greg Buchak , Gregor Matvos , Tomasz Piskorski +1 more

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Crowdfunding of Small Entrepreneurial Ventures

2010-01-01

Armin Schwienbacher , Benjamin Larralde

An inherent problem that entrepreneurs face at the very beginning of their entrepreneurial initiative is to attract outside capital, given the lack of collateral and sufficient cash flows and the … An inherent problem that entrepreneurs face at the very beginning of their entrepreneurial initiative is to attract outside capital, given the lack of collateral and sufficient cash flows and the presence of significant information asymmetry with investors. Recently, some entrepreneurs have started to rely on the Internet to directly seek financial help from the general public (the "crowd") instead of approaching financial investors such as business angels, banks or venture capital funds. This technique, called "crowdfunding", has made possible to seek capital for project-specific investments as well as for starting up new ventures.

Blockchain Technology in Finance

2017-01-01

Philip Treleaven , Richard Gendal Brown , Danny Yang

The banking and financial-services industry has taken notice of blockchain technology's many advantages. This special issue explores its unlikely origins, tremendous impact, implementation challenges, and enormous potential. The web extra … The banking and financial-services industry has taken notice of blockchain technology's many advantages. This special issue explores its unlikely origins, tremendous impact, implementation challenges, and enormous potential. The web extra at https://youtu.be/wPFxKnlu1bA features R3's Tim Swanson as he interviews global experts on blockchain technology for finance.

Fintech: Ecosystem, business models, investment decisions, and challenges

2017-10-12

In Lee , Yong Jae Shin

How Valuable Is FinTech Innovation?

2018-12-07

Mark A. Chen , Qinxi Wu , Baozhong Yang

We provide large-scale evidence on the occurrence and value of FinTech innovation. Using data on patent filings from 2003 to 2017, we apply machine learning to identify and classify innovations … We provide large-scale evidence on the occurrence and value of FinTech innovation. Using data on patent filings from 2003 to 2017, we apply machine learning to identify and classify innovations by their underlying technologies. We find that most FinTech innovations yield substantial value to innovators, with blockchain being particularly valuable. For the overall financial sector, internet of things (IoT), robo-advising, and blockchain are the most valuable innovation types. Innovations affect financial industries more negatively when they involve disruptive technologies from nonfinancial startups, but market leaders that invest heavily in their own innovation can avoid much of the negative value effect. ReceivedMay 31, 2017; editorial decision September 30, 2018 by Editor Andrew Karolyi.

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On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services

2018-01-02

Peter Gomber , Robert J. Kauffman , Chris Parker +1 more

The financial services industry has been experiencing the recent emergence of new technology innovations and process disruptions. The industry overall, and many fintech start-ups are looking for new pathways to … The financial services industry has been experiencing the recent emergence of new technology innovations and process disruptions. The industry overall, and many fintech start-ups are looking for new pathways to successful business models, the creation of enhanced customer experience, and approaches that result in services transformation. Industry and academic observers believe this to be more of a revolution than a set of less influential changes, with financial services as a whole due for major improvements in efficiency, customer centricity, and informedness. The long-standing dominance of leading firms that are not able to figure out how to effectively hook up with the "Fintech Revolution" is at stake. We present a new fintech innovation mapping approach that enables the assessment of the extent to which there are changes and transformations in four areas of financial services. We discuss: operations management in financial services and the changes occurring; technology innovations that have begun to leverage the execution and stakeholder value associated with payments, cryptocurrencies, blockchain, and cross-border payments; multiple innovations that have affected lending and deposit services, peer-to-peer (P2P) lending, and social media use; issues with respect to investments, financial markets, trading, risk management, robo-advisory and services influenced by blockchain and fintech innovations.

How to Respond to the Fourth Industrial Revolution, or the Second Information Technology Revolution? Dynamic New Combinations between Technology, Market, and Society through Open Innovation

2018-06-22

MinHwa Lee , JinHyo Joseph Yun , Andreas Pyka +7 more

Since Klaus Schwab and the World Economic Forum declared the arrival of the Fourth Industrial Revolution, there has been much discussion about it. However, there is no commonly agreed-upon definition … Since Klaus Schwab and the World Economic Forum declared the arrival of the Fourth Industrial Revolution, there has been much discussion about it. However, there is no commonly agreed-upon definition of the Fourth Industrial Revolution. Therefore, we attempted to answer the following four research questions. “What is the definition of the Fourth Industrial Revolution?”, “How can we respond to the Fourth Industrial Revolution in terms of institutions?”, “How can we respond to the Fourth Industrial Revolution in terms of technology?”, “How can we respond to the Fourth Industrial Revolution in terms of firm innovation and start-up strategy?” Brainstorming was conducted by 11 scholars from several countries to answer these four research questions. Therefore, this research is not the end product of four research questions, but a kind of advanced template to answer the four research questions for continuing research.

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To FinTech and Beyond

2019-02-18

Itay Goldstein , Wei Jiang , George Andrew Karolyi

FinTech is about the introduction of new technologies into the financial sector, and it is now revolutionizing the financial industry. In 2017, when the academic finance community was not actively … FinTech is about the introduction of new technologies into the financial sector, and it is now revolutionizing the financial industry. In 2017, when the academic finance community was not actively researching FinTech, the editorial team of the Review of Financial Studies launched a competition to develop research proposals focused on this topic. This special issue is the result. In this introductory article, we describe the recent FinTech phenomenon and the novel editorial protocol employed for this special issue following the Registered Reports format. We discuss what we learned from the submitted proposals about the field of FinTech and which ones we selected to be completed and ultimately come out in this special issue. We also provide several observations to help guide future research in the emerging area of FinTech.

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Peer-to-Peer Lenders Versus Banks: Substitutes or Complements?

2018-12-20

Huan Tang

This paper studies whether, in the consumer credit market, peer-to-peer (P2P) lending platforms serve as substitutes for banks or instead as complements. I develop a conceptual framework and derive testable … This paper studies whether, in the consumer credit market, peer-to-peer (P2P) lending platforms serve as substitutes for banks or instead as complements. I develop a conceptual framework and derive testable predictions to distinguish between these two possibilities. Using a regulatory change as an exogenous shock to bank credit supply, I find that P2P lending is a substitute for bank lending in terms of serving infra-marginal bank borrowers yet complements bank lending with respect to small loans. These results indicate that the credit expansion resulting from P2P lending likely occurs only among borrowers who already have access to bank credit.Received June 1, 2017; editorial decision September 15, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers

2019-06-07

Daniel Belanche , Luis V. Casaló , Carlos Flavián

Purpose Considering the increasing impact of Artificial Intelligence (AI) on financial technology (FinTech), the purpose of this paper is to propose a research framework to better understand robo-advisor adoption by … Purpose Considering the increasing impact of Artificial Intelligence (AI) on financial technology (FinTech), the purpose of this paper is to propose a research framework to better understand robo-advisor adoption by a wide range of potential customers. It also predicts that personal and sociodemographic variables (familiarity with robots, age, gender and country) moderate the main relationships. Design/methodology/approach Data from a web survey of 765 North American, British and Portuguese potential users of robo-advisor services confirm the validity of the measurement scales and provide the input for structural equation modeling and multisample analyses of the hypotheses. Findings Consumers’ attitudes toward robo-advisors, together with mass media and interpersonal subjective norms, are found to be the key determinants of adoption. The influences of perceived usefulness and attitude are slightly higher for users with a higher level of familiarity with robots; in turn, subjective norms are significantly more relevant for users with a lower familiarity and for customers from Anglo-Saxon countries. Practical implications Banks and other firms in the finance industry should design robo-advisors to be used by a wide spectrum of consumers. Marketing tactics applied should consider the customer’s level of familiarity with robots. Originality/value This research identifies the key drivers of robo-advisor adoption and the moderating effect of personal and sociodemographic variables. It contributes to understanding consumers’ perceptions regarding the introduction of AI in FinTech.

Fintech and banking: What do we know?

2019-08-21

Anjan V. Thakor

Digital entrepreneurship ecosystem: How digital technologies and collective intelligence are reshaping the entrepreneurial process

2019-11-02

Gianluca Elia , Alessandro Margherita , Giuseppina Passiante

On the Rise of FinTechs: Credit Scoring Using Digital Footprints

2019-08-28

Tobias Berg , Valentin Burg , Ana Gombović +1 more

Abstract We analyze the information content of a digital footprint—that is, information that users leave online simply by accessing or registering on a Web site—for predicting consumer default. We show … Abstract We analyze the information content of a digital footprint—that is, information that users leave online simply by accessing or registering on a Web site—for predicting consumer default. We show that even simple, easily accessible variables from a digital footprint match the information content of credit bureau scores. A digital footprint complements rather than substitutes for credit bureau information and affects access to credit and reduces default rates. We discuss the implications for financial intermediaries’ business models, access to credit for the unbanked, and the behavior of consumers, firms, and regulators in the digital sphere. (JEL G20, G21, G29)

The emergence of the global fintech market: economic and technological determinants

2018-03-27

Christian Haddad , Lars Hornuf

We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when … We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force has a positive impact on the development of this new market segment. Finally, the more difficult it is for companies to access loans, the higher is the number of fintech startups in a country. Overall, the evidence suggests that fintech startup formation need not be left to chance, but active policies can influence the emergence of this new sector.

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Home Bias in Online Investments: An Empirical Study of an Online Crowdfunding Market

2015-09-02

Mingfeng Lin , Siva Viswanathan

An extensive literature in economics and finance has documented home bias, the tendency that transactions are more likely to occur between parties in the same geographical area rather than outside. … An extensive literature in economics and finance has documented home bias, the tendency that transactions are more likely to occur between parties in the same geographical area rather than outside. Using data from a large online crowdfunding marketplace and employing a quasi-experimental design, we find evidence that home bias still exists in this virtual marketplace for financial products. Furthermore, through a series of empirical tests, we show that rationality-based explanations cannot fully explain such behavior and that behavioral reasons at least partially drive this remarkable phenomenon. As crowdfunding becomes an alternative and increasingly appealing channel for financing, a better understanding of home bias in this new context provides important managerial, practical, and policy implications. This paper was accepted by Lee Fleming, entrepreneurship and innovation.

Crowdfunding: Tapping the right crowd

2013-09-29

Paul Belleflamme , Thomas Lambert , Armin Schwienbacher

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The dynamics of crowdfunding: An exploratory study

2013-08-14

Ethan Mollick

Crowdfunding allows founders of for-profit, artistic, and cultural ventures to fund their efforts by drawing on relatively small contributions from a relatively large number of individuals using the internet, without … Crowdfunding allows founders of for-profit, artistic, and cultural ventures to fund their efforts by drawing on relatively small contributions from a relatively large number of individuals using the internet, without standard financial intermediaries. Drawing on a dataset of over 48,500 projects with combined funding over $237 M, this paper offers a description of the underlying dynamics of success and failure among crowdfunded ventures. It suggests that personal networks and underlying project quality are associated with the success of crowdfunding efforts, and that geography is related to both the type of projects proposed and successful fundraising. Finally, I find that the vast majority of founders seem to fulfill their obligations to funders, but that over 75% deliver products later than expected, with the degree of delay predicted by the level and amount of funding a project receives. These results offer insight into the emerging phenomenon of crowdfunding, and also shed light more generally on the ways that the actions of founders may affect their ability to receive entrepreneurial financing.

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Signaling in Equity Crowdfunding

2015-03-24

Gerrit Ahlers , Douglas J. Cumming , Christina Günther +1 more

This paper presents a first–ever empirical examination of the effectiveness of signals that entrepreneurs use to induce (small) investors to commit financial resources in an equity crowdfunding context. We examine … This paper presents a first–ever empirical examination of the effectiveness of signals that entrepreneurs use to induce (small) investors to commit financial resources in an equity crowdfunding context. We examine the impact of venture quality (human capital, social [alliance] capital, and intellectual capital) and uncertainty on fundraising success. Our data highlight that retaining equity and providing more detailed information about risks can be interpreted as effective signals and can therefore strongly impact the probability of funding success. Social capital and intellectual capital, by contrast, have little or no impact on funding success. We discuss the implications of our results for theory, future research, and practice.

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Individual crowdfunding practices

2013-05-03

Paul Belleflamme , Thomas Lambert , Armin Schwienbacher

AbstractThis study investigates characteristics of individual crowdfunding practices and drivers of fundraising success, where entrepreneurs can tailor their crowdfunding initiatives better than on standardized platforms. Our data indicate that most … AbstractThis study investigates characteristics of individual crowdfunding practices and drivers of fundraising success, where entrepreneurs can tailor their crowdfunding initiatives better than on standardized platforms. Our data indicate that most of the funds provided are entitled to receive either financial compensations (equity and profit-share arrangement) or nonfinancial benefits (final product and token of appreciation), while donations are less common. Moreover, crowdfunding initiatives that are structured as nonprofit organizations tend to be significantly more successful than other organizational forms in achieving their fundraising targets, even after controlling for various project characteristics. This finding is in line with theoretical arguments developed by the contract failure literature which postulates that nonprofit organizations may find it easier to attract money for initiatives that are of interest for the general community due to their reduced focus on profits.Keywords:: crowdfundingnonprofitpre-orderingJEL Classification:: G32L11L13L15L21L31 AcknowledgementsWe are grateful to all the participants in this survey. We wish to thank Grégoire Krieg for his excellent research assistance. Any remaining errors are the authors' alone.NotesA previous version of the paper circulated with the title 'An Empirical Analysis of Crowdfunding'. 1. The potential of crowdfunding in boosting economic activity led, in April 2012, the US Congress to pass the Jumpstart Our Business Startups Act, designed to make easier for start-ups and small businesses to raise funds by, among other measures, protecting crowdfunders (i.e., the individuals who participate to the crowdfunding mechanism). 2. The report "Crowdfunding Industry Report: Market Trends, Composition and Crowdfunding Platforms" (May 2012) is released by Crowdsourcing LLC and Massolution. An abridged version is available at www.crowdsourcing.org. 3. At the exception of Mollick (Citation2012), see the literature review below. 4. Sohl (Citation2003) reports that the typical angel early-stage round (seed or start-up) ranges between $100,000 and $2 million, while venture capitalists are in the $10 to $15 million range. This is in line with Ibrahim (Citation2008), see also Freear, Sohl, and Wetzel (Citation2002), Wong (Citation2010), and Goldfarb et al. (Citation2012). 5. Relatedly, there are several papers on the peer-to-peer lending platform Prosper (see, e.g., Hildebrand, Puri, and Rocholl Citation2011; Lin, Prabhala, and Viswanathan Citation2012; Zhang and Liu Citation2012). 6. Global Entrepreneurship Monitor: www.gemconsortium.org. 7. See Table 1 for a definition of equity- and reward-based crowdfunding models. 8. A detailed definition is provided in BLS (2012). 9. See, for instance, Hansmann (Citation1996) for extensive developments.10. The report of Crowdsourcing.org also identifies lending-based models. Our sample does not contain such models. This is expected since lending-based crowdfunding is better suited for platforms, which are beyond the scope of our analysis.11. In BLS (2012), we also consider crowdfunding initiatives that compensate crowdfunders by offering them a share of the venture's profits. Qualitatively similar results to those presented here can be obtained for this alternative form of crowdfunding (namely that crowdfunding is preferred to traditional funding when the required capital is relatively small, and that nonprofit organizations are more likely to be successful in raising funds through crowdfunding).12. This problem was initially examined by Mussa and Rosen (Citation1978).13. In this linear model, this assumption is made without loss of generality. Prices can simply be reinterpreted as markups above a constant marginal cost.14. We check that the second set of constraints is satisfied. We compute indeed , which is clearly positive and smaller than unity.15. The same result holds for initial capital requirements between and (where the entrepreneur is constrained in her price discrimination scheme). We check indeed that (meaning that the condition is always satisfied) and that .16. Untabulated regressions also show that these results do not change if we use bootstrap method for estimating standard errors. The statistics were obtained from 200 replications resampled from the actual data-set.17. The number of observations drops, however, due to data availability.

Sustainability, FinTech and Financial Inclusion

2020-03-01

Douglas W. Arner , Ross P. Buckley , Dirk Andreas Zetzsche +1 more

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Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending

2012-09-05

Mingfeng Lin , Nagpurnanand Prabhala , Siva Viswanathan

We study the online market for peer-to-peer (P2P) lending, in which individuals bid on unsecured microloans sought by other individual borrowers. Using a large sample of consummated and failed listings … We study the online market for peer-to-peer (P2P) lending, in which individuals bid on unsecured microloans sought by other individual borrowers. Using a large sample of consummated and failed listings from the largest online P2P lending marketplace, Prosper.com, we find that the online friendships of borrowers act as signals of credit quality. Friendships increase the probability of successful funding, lower interest rates on funded loans, and are associated with lower ex post default rates. The economic effects of friendships show a striking gradation based on the roles and identities of the friends. We discuss the implications of our findings for the disintermediation of financial markets and the design of decentralized electronic markets. This paper was accepted by Sandra Slaughter, information systems.

An Empirical Examination of the Antecedents and Consequences of Contribution Patterns in Crowd-Funded Markets

2013-03-14

Gordon Burtch , Anindya Ghose , Sunil Wattal

Crowd-funded markets have recently emerged as a novel source of capital for entrepreneurs. As the economic potential of these markets is now being realized, they are beginning to go mainstream, … Crowd-funded markets have recently emerged as a novel source of capital for entrepreneurs. As the economic potential of these markets is now being realized, they are beginning to go mainstream, a trend reflected by the explicit attention crowdfunding has received in the American Jobs Act as a potential avenue for economic growth, as well as the recent focus that regulators such as the U.S. Securities and Exchange Commission have placed upon it. Although the formulation of regulation and policy surrounding crowd-funded markets is becoming increasingly important, the behavior of crowdfunders, an important aspect that must be considered in this formulation effort, is not yet well understood. A key factor that can influence the behavior of crowd funders is information on prior contribution behavior, including the amount and timing of others' contributions, which is published for general consumption. With that in mind, in this study, we empirically examine social influence in a crowd-funded marketplace for online journalism projects, employing a unique data set that incorporates contribution events and Web traffic statistics for approximately 100 story pitches. This data set allows us to examine both the antecedents and consequences of the contribution process. First, noting that digital journalism is a form of public good, we evaluate the applicability of two competing classes of economic models that explain private contribution toward public goods in the presence of social information: substitution models and reinforcement models. We also propose a new measure that captures both the amount and the timing of others' contribution behavior: contribution frequency (dollars per unit time). We find evidence in support of a substitution model, which suggests a partial crowding-out effect, where contributors may experience a decrease in their marginal utility from making a contribution as it becomes less important to the recipient. Further, we find that the duration of funding and, more importantly, the degree of exposure that a pitch receives over the course of the funding process, are positively associated with readership upon the story's publication. This appears to validate the widely held belief that a key benefit of the crowdfunding model is the potential it offers for awareness and attention-building around causes and ventures. This last aspect is a major contribution of the study, as it demonstrates a clear linkage between marketing effort and the success of crowd-funded projects.

Equity retention and social network theory in equity crowdfunding

2016-02-12

Silvio Vismara

Digital Economics

2019-03-01

Avi Goldfarb , Catherine E. Tucker

Digital technology is the representation of information in bits. This technology has reduced the cost of storage, computation, and transmission of data. Research on digital economics examines whether and how … Digital technology is the representation of information in bits. This technology has reduced the cost of storage, computation, and transmission of data. Research on digital economics examines whether and how digital technology changes economic activity. In this review, we emphasize the reduction in five distinct economic costs associated with digital economic activity: search costs, replication costs, transportation costs, tracking costs, and verification costs. (JEL D24, D83, L86, O33, R41)

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Beyond Mobile Payments: Exploring the Evolution and Future of Fintech (BY IJISRT)

2024-04-22

Mushtaq Ahmad Shah , Khomane Harish , Shradha +3 more

In today's digital age, FinTech’s have become universal, transforming the way individuals conduct financial transactions. However, with the convenience of Fintech also come challenges that users encounter. This book chapter … In today's digital age, FinTech’s have become universal, transforming the way individuals conduct financial transactions. However, with the convenience of Fintech also come challenges that users encounter. This book chapter investigates into the changing landscape of Fintech challenges, drawing insights from a comprehensive survey conducted among various respondents The survey finds three primary obstacles faced by users during Fintech: network issues, time consumption, and privacy concerns. Notably, a significant proportion of respondents reported encountering network-related problems, highlighting the critical role of stable connectivity in facilitating seamless transactions. Moreover, the chapter explores into the foiling experienced by users due to the time-and privacy nature of the payment process, shedding light on the need for streamlined and efficient payment mechanisms. Building upon the survey findings, the chapter offers valuable insights into potential strategies and solutions to address these challenges. By elucidating practical approaches and technological innovations aimed at enhancing Fintech systems' efficiency and security, the chapter equips readers with actionable knowledge to navigate the digital payment landscape effectively. This study's findings add to academic discussion and have practical implications for policymakers, industry practitioners, and educators.

Wikiplantbase #Emilia-Romagna

2021-01-01

Crawler.Gbif.Org

The databases stores historical and current plant occurrence records relative to Emilia-Romagna administrative region of Italy (NUTS-2 code ITH5). Source of records may be bibliographical references, herbarium specimens, or human … The databases stores historical and current plant occurrence records relative to Emilia-Romagna administrative region of Italy (NUTS-2 code ITH5). Source of records may be bibliographical references, herbarium specimens, or human observations. The database is associated with the Wikiplantbase project, including sister databases for Sardinia, Liguria, Sicily, Tuscany, and Italy as a whole.

METHODOLOGICAL IMPLEMENTATION OF CRISP-DM IN FINTECH SERVICES

2025-06-26

| Journal of Management Sciences and Applications

The financial markets are undergoing a significant transformation due to the changing behavior of individual investors. This shift is moving away from traditional investment options towards more complex financial products. … The financial markets are undergoing a significant transformation due to the changing behavior of individual investors. This shift is moving away from traditional investment options towards more complex financial products. Advancements in technology and a greater understanding of investments have contributed to this change by diminishing trust in conventional financial institutions. The integration of big data analytics within FinTech is essential for understanding client behavior and personalizing services to meet individual needs. By employing methodologies such as the Cross Industry Standard Process for Data Mining (CRISP-DM), FinTech firms can systematically extract insights from data, ultimately enhancing customer satisfaction through tailored investment strategies. The CRISP-DM framework outlines critical stages for effectively managing the complexities of data-driven decision-making in the financial sector. This paper discusses the methodological implementation of CRISP-DM in the FinTech industry, highlighting its role in optimizing service delivery and improving customer engagement through data analysis and strategic modeling.

Text Analysis of Corporate Cryptocurrency Disclosures in Varying Market Conditions

2025-06-25

Ramy Elitzur , Wendy Rotenberg | Journal of Alternative Finance

Purpose: Cryptocurrency’s novelty and volatility—combined with the absence of standardized reporting prior to 2023—created an opaque information environment. This study explores whether such conditions enabled assertive impression management in corporate … Purpose: Cryptocurrency’s novelty and volatility—combined with the absence of standardized reporting prior to 2023—created an opaque information environment. This study explores whether such conditions enabled assertive impression management in corporate reporting. We examine how firms not only varied the volume of cryptocurrency disclosures over time, but also strategically manipulated their readability . Additionally, we use this context to demonstrate the utility of machine learning and natural language processing tools for consistent analysis of complex financial narratives. Study design: We analyze full-text annual reports, MD&A sections, and proxy statements from five publicly traded U.S. firms with diverse cryptocurrency involvements. Our methodology includes machine learning-based topic modeling, readability assessment using standardized indices, and visualization tools. Findings: (i) Information Demand: Google search trends for target firms are strongly associated with Bitcoin price movements, reflecting external attention cycles. (ii) Impression Management: Firms increase both the frequency and readability of crypto disclosures in favorable markets and reduce or obscure them in downturns, consistent with strategic impression management. (iii) Readability: Crypto-related disclosures are significantly more readable than non-crypto sections from the same reports suggesting deliberate simplification. Contributions: This study advances the limited literature on cryptocurrency disclosure by offering a textual and behavioral lens on corporate impression management. A key contribution is the integration of readability metrics, public attention signals, and NLP tools into disclosure analysis. We highlight how firms use both narrative framing and readability engineering as tools to influence perception—especially in periods of regulatory uncertainty. Implications: Our findings have direct implications for policy and practice: (i) Policymakers should consider not only disclosure quantity but also its linguistic clarity and comparability, especially for volatile assets. (ii) Investors and analysts can use automated text analysis to detect subtle impression management tactics and to interpret the strategic use of clarity in disclosure narratives.

The journey to capital in travel-tech startups

2025-06-25

Dohyung Bang , SooCheong Jang , Eunhee Kim | Tourism Management

Digital Payment Evolution: How UPI is Replacing Cash in Daily Transactions

2025-06-25

S. Vennila Fatima Rani | INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT

The Bound together Installments Interface (UPI) has risen as a progressive advanced installment framework that is in a general sense changing India's monetary scene and supplanting conventional cash exchanges . … The Bound together Installments Interface (UPI) has risen as a progressive advanced installment framework that is in a general sense changing India's monetary scene and supplanting conventional cash exchanges . This consider analyzes the advancement of advanced installments in India, with specific center on how UPI has gotten to be the overwhelming installment instrument, handling over 16.58 billion exchanges month to month and bookkeeping for around 80% of all advanced installments in the nation . The inquire about utilizes a mixed-methods approach combining quantitative investigation of exchange information and subjective appraisal of client selection designs to get it the variables driving this change .

The embedded finance ecosystem: A systematic review and bibliometric analysis

2025-06-25

Muhammed Mustafa Tuncer Çalışkan | Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi

This article aims to analyze the embedded finance literature using a bibliometric methodology, evaluating trends, knowledge gaps, and geographical collaboration networks. The study examines 781 articles published in the “Business … This article aims to analyze the embedded finance literature using a bibliometric methodology, evaluating trends, knowledge gaps, and geographical collaboration networks. The study examines 781 articles published in the “Business Finance” category of the Web of Science (WoS) database, retrieved using the keyword "Embedded Finance." The distribution of these articles by year, citation intensities, author collaborations, and thematic focuses were comprehensively analyzed using the R programming language. The research findings reveal that the embedded finance literature has grown rapidly in recent years under the influence of digital transformation and financial technologies. The thematic focus of the studies has shifted from traditional finance topics, such as risk management and option pricing, to modern areas like sustainability, artificial intelligence, and monetary policies. Geographical analyses highlight the central roles of the United States, China, and the United Kingdom in this literature and emphasize the significant contributions of international collaborations. Additionally, it was identified that knowledge gaps persist in areas such as sustainability, financial technologies, and regulatory policies, presenting notable opportunities for future research.

The digitalisation of the payment and settlement system

2025-06-24

Woosik Moon | Routledge eBooks

The digital wallets of non-financial firms

2025-06-24

Woosik Moon | Routledge eBooks

Online investments and de-materialisation

2025-06-24

Woosik Moon | Routledge eBooks

Internal governance of social media platforms

2025-06-24

Kevin Frazier | Edward Elgar Publishing eBooks

Financial Knowledge, Inclusivity, and Sustainability: MSMEs in Denpasar with Financial Effectiveness Mediator

2025-06-24

Gregorius Paulus Tahu | Jurnal Manajemen

This study investigates the extent to which financial literacy and access to financial services influence the performance and sustainability of MSMEs in Denpasar. The research involved 150 MSME operators using … This study investigates the extent to which financial literacy and access to financial services influence the performance and sustainability of MSMEs in Denpasar. The research involved 150 MSME operators using a bootstrapping approach and a 5 per cent significance level. The findings reveal that both financial literacy and financial inclusion positively impact financial performance. However, only financial inclusion shows a significant direct effect on business sustainability, while financial literacy does not. Financial performance serves as a mediating variable, particularly in linking financial literacy to MSME sustainability, indicating full mediation since the direct effect is not significant. In contrast, financial inclusion demonstrates partial mediation, with both direct and indirect effects being statistically significant. These results emphasize the importance of enhancing financial knowledge and expanding access to financial services, alongside strengthening financial performance, to support the long-term sustainability of MSMEsfinancial inclusion, and improving financial performance to strengthen MSME sustainability.

InsureTech: A Platform that Provides Customized Insurance Policies

2025-06-24

Satadeep Sadhukhan | International Journal for Research in Applied Science and Engineering Technology

This paper presents a platform that is built for users who find the gap in conventional insurance platforms and need Customized insurance policies. It is an innovative approach that addresses … This paper presents a platform that is built for users who find the gap in conventional insurance platforms and need Customized insurance policies. It is an innovative approach that addresses significant gaps in the current insurance systems. Traditional insurance systems lack centralized policy administration, flexible coverage selections, and quick verification methodologies, resulting in suboptimal consumer experiences. Our platform, “InsureTech,” incorporates various policy providers with customizable plans that cover major and general policies like Car, Bike, and Health insurance through an intuitive interface. Our platform has a management framework too that shows all the plans of all policy types at one interface, making it highly user-centric. The key innovations that set us apart from the competition are (1) Implementation of sophisticated digital Know Your Customer (KYC) protocols (2) Plan suggestions are complemented by integrated AI, which suggests tailored, customizable insurance plans to navigate the user more easily based on the user's details. (3) A smooth and simple end-to-end management solution from discovering policy to buying a customized plan to finally making claims. Through user assessment, we demonstrated that milestone in task execution speed (68% reduction), calculated the user satisfaction metrics (84% positive evaluation), and policy customization adaptability compared to traditional insurance platforms. All these points from our investigation contribute to developing InsureTech. By illustrating how a user-centric approach, a customizable policy interface, and the management of multiple policies in one place can revolutionize consumer experience while sustaining regulatory terms and data protection.

Digital management of legal records: analyzing user acceptance of digital land management

2025-06-24

Aslan Noor , Guntur Atur Parulian , Fachrully Pratama +2 more | Records Management Journal

Purpose Despite creating innovative platforms to legally manage land records, global jurisdictions continue facing challenges in regulating land utilization permits due to the variance in users’ acceptance. This study aims … Purpose Despite creating innovative platforms to legally manage land records, global jurisdictions continue facing challenges in regulating land utilization permits due to the variance in users’ acceptance. This study aims to investigate the factors influencing users’ perceptions of digital land utilization permits and their effect on the acceptance of digital land management (DLM). Design/methodology/approach Following the technology acceptance model (TAM), theory of planned behavior (TBP) and data from 340 respondents, this study estimates the factors influencing the perceptions and acceptance of the online single submission (OSS) system used for DLM in Indonesia. Findings The empirical findings indicate that perceived usefulness, perceived ease of use, perceived social norms, expectation of property rights and personal innovativeness are the significant positive, whereas perceived attitude and perceived behavioral control are the insignificant contributors to shaping users’ perceptions and acceptance of DLM. Practical implications The results of this study offer a roadmap for regulatory consideration to improve the performance of digital platforms so that land record maintenance issues are efficiently handled. Originality/value This study offers theoretical underpinnings to analyze the user acceptance of legal platforms used to digitally maintain land utilization records in developing territories.

Retail Payments in the Digital Age: The Growing Influence of Cloud POS Solutions

2025-06-24

Divya Valsala Saratchandran | The Review of Contemporary Scientific and Academic Studies

Impact of Digital Payments on Businesses in India

2025-06-24

Tej Singh | INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT

This research paper examines the evolving role of digital payments in transforming small businesses in India. It explores how digital platforms such as UPI, mobile wallets, and card payments have … This research paper examines the evolving role of digital payments in transforming small businesses in India. It explores how digital platforms such as UPI, mobile wallets, and card payments have enhanced business operations by streamlining transactions, improving cash flow, and enhancing customer experience. The study employs a descriptive research design, using primary data collected through structured surveys and secondary data from credible sources. The findings reveal that digital payments not only facilitate faster and more secure transactions but also expand market reach and customer satisfaction. However, challenges such as digital illiteracy, security risks, and technical barriers persist. The study concludes that while digital payments are driving growth and efficiency in small businesses, comprehensive support is essential for broader adoption and long-term success.

The entrepreneurial pitching process: A systematic review using topic modeling and future research agenda

2025-06-24

Jordan J. McSweeney , Kevin T. McSweeney , Thomas H. Allison +1 more | Journal of Business Venturing

Village government's financial system: Investigating the impact of the technology–organization–environment (TOE) framework on performance, accountability, and transparency

2025-06-24

Frank Aligarh , Agung Nur Probohudono , Wahyu Widarjo +1 more | Information Development

Given Indonesia's geographical configuration as an archipelago comprising 81,616 villages, effective monitoring of village government financial management poses significant challenges. Despite the mandatory implementation of the Village Financial System (VFS) … Given Indonesia's geographical configuration as an archipelago comprising 81,616 villages, effective monitoring of village government financial management poses significant challenges. Despite the mandatory implementation of the Village Financial System (VFS) to facilitate this monitoring, a decade into its rollout, not all village governments have adopted the system effectively. This research aims to investigate the antecedents of VFS adoption by developing a comprehensive model grounded in the Technology–Organization–Environment (TOE) framework. The framework encompasses technological factors (relative advantage, compatibility, and complexity), organizational factors (top management support and organizational readiness), and environmental factors (government regulation and citizen demand). Furthermore, the study examines the impact of VFS adoption on governance outcomes, specifically performance, accountability, and transparency. Using village governments as the unit of analysis, the research involved 215 respondents, with data collected via a questionnaire survey. Hypotheses were tested using the partial least squares method. The findings indicate that relative advantage, compatibility, top management support, organizational readiness, government regulation, and citizen demand positively influence VFS adoption, while complexity does not. Additionally, VFS adoption is found to significantly enhance performance, accountability, and transparency in village government operations. This study contributes to a better understanding of VFS adoption by the central government, underscoring its role in improving public governance. It also offers insights into the broader challenges of e-government implementation, highlighting the importance of aligning technological, organizational, and environmental factors for successful information system adoption.

From NFTs to Creative Crowdfunding:Innovative Financing in the Digital Creative Economy

2025-06-23

Ahmad Budi Sulistioyuwono | Profilm Jurnal Ilmiah Ilmu Perfilman dan Pertelevisian

In today's digital era, technological advances have brought major changes in various fields, such as the creative economy. The emergence of crowdfunding platforms and Non-Fungible Tokens (NFTs) as creativeoptions for … In today's digital era, technological advances have brought major changes in various fields, such as the creative economy. The emergence of crowdfunding platforms and Non-Fungible Tokens (NFTs) as creativeoptions for creative funding is one of the latest developments. Artists, musicians, and other creators have seen how they advertise their work by using NFTs which are unique asset holdings on the blockchain. Incontrast, crowdfunding platforms like Patreon and Kickstarter allow creators to get funding directly from their fans without using conventional intermediaries. The purpose of this research is to find the problems and prospects faced by investors and creators when using NFTs and crowdfunding. Qualitative and quantitative methods were used, with case studies and secondary data analysis. The results show that the main challenges to be faced include legal and regulatory uncertainty, marketvolatility, copyright infringement, digital divide, high transaction costs, and environmental impact. Uncertainty regarding ownership rights and consumer protection is caused by regulatory uncertainty.Both creators and investors face significant risks due to the volatility of the NFT market. The case of plagiarism in NFTs shows that copyright must be strengthened. Some creators cannot use this technology due to the limitations of digital technology. A more environmentally friendly solution is also needed due to the high transaction fees and the impact of the Ethereum blockchain on the environment. In addition, many creators still have difficulty maintaining crowdfunding funding.

Digitalisation of Payment Systems in India

2025-06-23

C. Ramesh | International Scientific Journal of Engineering and Management

Abstract: Digitalisation of payment systems in India has fundamentally transformed the financial landscape, making transactions faster, more secure, and highly convenient. This shift, fuelled by advancements in technology and proactive … Abstract: Digitalisation of payment systems in India has fundamentally transformed the financial landscape, making transactions faster, more secure, and highly convenient. This shift, fuelled by advancements in technology and proactive government policies, has led to widespread adoption of digital platforms such as Unified Payments Interface (UPI), mobile wallets, and QR codes. These innovations have bridged the gap between urban and rural areas, ensuring that people from all socio-economic backgrounds can access seamless payment solutions. The Unified Payments Interface, launched by the National Payments Corporation of India, has become a cornerstone of this transformation, enabling real-time bank-to-bank transfers with minimal friction. Mobile wallets like Paytm and PhonePe have further simplified payments, offering services such as bill payments, recharges, and QR-based transactions. Similarly, the adoption of Aadhaar-enabled payment systems has played a pivotal role in promoting financial inclusion, particularly in rural India. However, the transition to digital payments is not without challenges. Cybersecurity threats, including fraud and data breaches, remain significant concerns. Additionally, the lack of digital literacy and inadequate internet infrastructure in remote areas limit the full potential of digitalisation. Addressing these issues requires a collaborative effort from the government, private sector, and technology providers. Despite these challenges, the benefits of digital payments are immense. They enhance transparency, reduce corruption, and improve tax compliance by creating a traceable financial trail. Moreover, digital payments have boosted e-commerce, encouraged innovation in fintech, and streamlined government welfare distribution through direct benefit transfers. This article delves into the opportunities and challenges of India’s digital payment journey, presenting real-world examples to provide a holistic understanding of its impact on the economy and society (National Payments Corporation of India, 2023; Reserve Bank of India, 2023). Keywords: Digital payments, UPI, Financial inclusion, India

Pengaruh dan Perkembangan Terbaru dalam Teknologi Kecerdasan Buatan

2025-06-23

Mohammad Fadly | Profilm Jurnal Ilmiah Ilmu Perfilman dan Pertelevisian

Technological advancements, changes in consumer behavior, technological accessibility, social media, streaming services, and advancements in production technology have all led to exponential growth in digital audio and video production. With … Technological advancements, changes in consumer behavior, technological accessibility, social media, streaming services, and advancements in production technology have all led to exponential growth in digital audio and video production. With media convergence, the distinction between audio and video media becomes unclear. This makes multimedia content more flexible. However, changing business models,copyright issues, and content quality are also affected by this phenomenon. The development of digital audio and video production has experienced significant exponential growth, influenced by technologicaladvancements, changes in consumer behavior, technological accessibility, social media, streaming services, and advances in production technology. Media convergence has blurred the boundaries between audio and video media, creating flexibility in multimedia content. However, this phenomenon also has an impact on changing business models, content quality, and copyright issues. Copyright issues are taking center stage in the industry, especially with the rise of video sharing and streaming platforms. Copyright protection is a major challenge, and the law must constantly adapt to technological advances. The methodological approach carried out in this study is called literature research. The result of the discussion was that alternative business models such as subscribe, crowdfunding, and partnerships became strategies to address copyright issues. By studying media convergence, recommendation algorithms, copyright issues, business models, and user roles can help us to understand and control complex developments in digital audio and video production. To maintain the integrity of this industry, ethical guidelines and responses to technological trends must be created.

Stability, Profitability, and Liquidity: How Fintech Lending Effects the Banking Trifecta

2025-06-23

Bekir Zengin , Mehmet Sinan Çelik | Yönetim ve Ekonomi Dergisi

Currently, the effects of developments in financial technology are among the topics of intense interest to researchers. Whether fintech will be supportive or disruptive for the banking system is still … Currently, the effects of developments in financial technology are among the topics of intense interest to researchers. Whether fintech will be supportive or disruptive for the banking system is still widely debated. The impact of technologically advanced credit systems on the traditional banking system, especially on the stability and performance of the banking system, remains a controversial issue in the literature. Accordingly, the impact of fintech lending on various indicators in the banking sector is investigated. For this purpose, various results are obtained using the 22 MSCI Emerging Markets data between 2015 and 2020. Accordingly, fintech loans positively affect not only Z-Score, a measure of financial stability, but also return on assets, a measure of financial performance. On the other hand, fintech loans also positively affect bank liquidity. These results reveal the positive effects of fintech lending on the banking sector in emerging economies. Therefore, policymakers and bank managers can contribute to the continued stability of the banking system by creating favorable conditions to encourage and develop fintech lending. Key Words: Fintech lending, Banking System Stability, Banking System Performance, Liquidity JEL Classification: F65, G21.

Capitalizing the Power of ChatGPT for Digital Business: Factors Catalyzing its Usage in Marketing

2025-06-23

Mohammad Omar Faruk , Md. Shahanur Islam , Md. Asif Khaled +3 more | International Review of Management and Marketing

This study aims to synthesize the existing literature on the application of ChatGPT and identify what factors influence the actual use of ChatGPT in Bangladesh. A mixed method approach along … This study aims to synthesize the existing literature on the application of ChatGPT and identify what factors influence the actual use of ChatGPT in Bangladesh. A mixed method approach along with a descriptive research design is employed. Data is collected with a pretested 7-point Likert scale questionnaire disseminated through online media to the 260 marketing executives selected with convenience sampling. Finally, 126 responses were analyzed using regression analysis. The findings indicate that marketers in Bangladesh use ChatGPT for Content_Generation, SEO_Optimization, and writing Product_Description, but Lead_Generation negatively impacts the usage of ChatGPT. Other variables such as Email_Marketing, Socialmedia_Management, Customer_Relationship, and Marketing_Research are not found statistically significant. However, a small sample size inhibits the generalizing of the result. This study contributes by providing a picture of the usage of ChatGPT in the digital marketing sector in Bangladesh. Future research should address the sample size limitation and consider ethical issues and additional variables suggested by TAM and UTAUT models.

Integrating Fintech Innovation into Core Banking Systems: Opportunities and Operational Challenges

2025-06-22

S Ravikumar | International Journal of Innovative Research in Engineering & Multidisciplinary Physical Sciences

As financial technologies (fintech) have emerged, the financial services industry has undergone a rapid digital transition. Enhancing customer experiences, increasing efficiency, and creating new revenue streams are just a few … As financial technologies (fintech) have emerged, the financial services industry has undergone a rapid digital transition. Enhancing customer experiences, increasing efficiency, and creating new revenue streams are just a few of the substantial potential that come with integrating fintech technologies into conventional core banking systems. But this integration also brings with it a number of operational difficulties, including incompatibilities with legacy systems, difficulties with regulatory compliance, cybersecurity risks, and cultural opposition in conventional banks. This paper examines the complex terrain of fintech integration into core banking systems, evaluating the operational problems as well as the opportunities, and offering tactical suggestions to surmount these obstacles.

Securing the Digital Financial Frontier: Advancing SDGs through Inclusive Fintech and Robust Cybersecurity- A Mixed Method Approach.

2025-06-22

Shreya Srinate | INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT

This paper investigates the synergy between fintech innovations, cybersecurity imperatives, and Sustainable Development Goals (SDGs) to foster inclusive and sustainable digital financial ecosystems, with a focus on developing economies like … This paper investigates the synergy between fintech innovations, cybersecurity imperatives, and Sustainable Development Goals (SDGs) to foster inclusive and sustainable digital financial ecosystems, with a focus on developing economies like India. Through a mixed-methods research design, combining qualitative case studies and quantitative data analysis from 2020–2024, the study evaluates fintech’s role in financial inclusion, cybersecurity vulnerabilities, and scalable solutions. The literature study cites the transformational power of fintech UPI and Kenya's M-Pesa, which helped households escape poverty, aligning with SDGs 1 (No Poverty), 8 (Decent Work and Economic Growth), and 10 (Reduced Inequalities). Results highlight fintech’s scalability, with P2P lending facilitating ₹5,400 crore in loans and blockchain-based Trade Receivables Discounting System (TReDS) supporting 15,000 MSMEs. However, cybersecurity challenges, including 11 million cyber incidents in India (2020) and a 2023 data breach affecting 815 million records, threaten trust, particularly among rural users, with 64% citing security concerns as a barrier. The research methodology integrates secondary data from academic literature, industry reports, and policy documents, employing thematic analysis, descriptive statistics, and case study frameworks to propose actionable cybersecurity measures like encryption, multi-factor authentication, and compliance with India’s Digital Personal Data Protection Act (2023). Emerging technologies, such as India’s digital rupee pilot (CBDC) and graph analytics for fraud detection, are assessed for enhancing security and inclusion, supporting SDGs 9 (Industry, Innovation, and Infrastructure) and 16 (Peace, Justice, and Strong Institutions). The discussion emphasizes balancing innovation with security to sustain consumer trust, while the conclusion advocates for a resilient digital financial frontier that empowers marginalized communities and advances global sustainability goals. Keywords: Fintech, Cybersecurity, Financial Inclusion, Sustainable Development Goals, CBDCs, Graph Analytics, Mixed-Methods Research

Migrating Financial Aggregators to FDX: Integration Challenges, Strategic Opportunities, and Data Privacy Imperatives

2025-06-22

S Ravikumar | International Journal For Multidisciplinary Research

The financial technology landscape is evolving at a rapid pace, driven by increasing consumer demand for better control over personal financial data and more seamless financial experiences. In response, a … The financial technology landscape is evolving at a rapid pace, driven by increasing consumer demand for better control over personal financial data and more seamless financial experiences. In response, a standardized API has been created by the Financial Data Exchange (FDX) consortium to enable safe, user-permitted data exchange between financial institutions and outside sources. Financial aggregators—organizations that aggregate user data from several financial sources—are coming under increasing pressure to switch from antiquated methods like screen scraping and proprietary APIs to infrastructures that comply with FDX. The migration process is thoroughly examined in this article, which also outlines the operational, strategic, legal, and technical difficulties that aggregators confront. We also delve into the transformative opportunities FDX presents, particularly in strengthening security and privacy protocols. With a detailed analysis of security architectures, consent frameworks, and regulatory alignments, this paper aims to guide stakeholders through the complex yet promising journey toward FDX adoption.

Cyber Security Risks and Data Privacy Concerns in PMJDY Digital Transactions

2025-06-21

Alok Singh Bharti Kumari | Journal of Informatics Education and Research

The Pradhan Mantri Jan Scheme has significantly enhanced the financial inclusion landscape in India by opening banking access to millions, particularly to the rural and lower----been populations. With stronger pushes … The Pradhan Mantri Jan Scheme has significantly enhanced the financial inclusion landscape in India by opening banking access to millions, particularly to the rural and lower----been populations. With stronger pushes through Aadhaar-Saksham Payment systems Mobile Banking UPI under PMJDY, financial services have become readily available. This has come with faster and easier delivery of services but also major challenges in the field of cybersecurity and data protection. Most of these account holders do not possess digital literacy skills; hence they are vulnerable to fraud like phishing and identity theft or even biometric misuse. There is weak infrastructure, low device security, and user awareness on the ground at the moment. The integration of Aadhar for financial authentication raised consumer data privacy concerns as to who accessed what and a general lack of explicit consent. This paper identifies these new risks, looks at the laws like the Digital Personal Data Safety Act, 2023, and PMJDY checks real-life fraud cases linked to users. It suggests hands-on fixes including tight security measures, improved regulatory checks and wide digital literacy programs. In the end, safety of digital financial services is needed to keep trust of the public and make sure long-term success of Mission of PMJDY on inclusive economic growth.

COVID-19 and FinTech market efficiency: a test of adaptive market hypothesis

2025-06-21

Sheena Sara Suresh Philip , Babak Naysary , Keshab Shrestha | International Journal of Electronic Finance

The Impact of Digitalization of Payment Systems on Inflation Stability in Indonesia

2025-06-21

Shintami Oktavia , Loranty Folia Simanjuntak , Muhammad Alhasymi Matondang +1 more | Outline Journal of Economic Studies.

This study aims to analyze the impact of payment system digitization on inflation stability in Indonesia during the period 2015 - 2024 using a qualitative approach. The main focus of … This study aims to analyze the impact of payment system digitization on inflation stability in Indonesia during the period 2015 - 2024 using a qualitative approach. The main focus of this research is to examine how digital transformation in the payment system, especially through the use of e-money, QRIS, debit cards, and credit cards can contribute to changes in transaction patterns in society and its implications for the inflation rate. Digital transformation in the national payment system, such as the increasing use of QRIS, e-money, and other non-cash payment methods has changed people's transaction behavior and strengthened the effectiveness of inflation control policies. Digitalization accelerates transaction efficiency, lowers the amount of distribution costs, and expands financial inclusion. It also collectively contributes to price stability. However, there are challenges such as digital infrastructure gaps and financial literacy that still need to be improved, so that the benefits of digitalization can be used by many people as users. The results of this study confirm that the digitization of payment systems is a strategic instrument in maintaining Indonesia's macroeconomic stability, as long as there is synergistic policy support and continuous education.

Income-driven fintech adoption and its impact on innovation: evidence from China

2025-06-21

Zakir Khan , Farah Naz , Muhammad Ishfaq Ahmad +1 more | Business Process Management Journal

Purpose This study explored the key factors affecting financial technology (fintech) adoption through socioeconomic contexts across different income groups. It offers insights into the role of fintech in fostering Chinese … Purpose This study explored the key factors affecting financial technology (fintech) adoption through socioeconomic contexts across different income groups. It offers insights into the role of fintech in fostering Chinese Small and Medium-Sized Enterprises’ (SMEs’) growth and adaptability. Design/methodology/approach Data were collected through surveys administered to SME owners and decision-makers in China. The respondents assessed various statements regarding perceived usefulness, ease of use, attitudes towards fintech, trust in fintech systems, associated risks, financial knowledge and government support for fintech. A qualitative comparative analysis (QCA) was employed to assess the configurational forms of the multiple factors involved in fintech adoption. Findings This study revealed that perceived usefulness, financial knowledge, trust and risk perception are crucial factors for fintech adoption across all income groups. For lower-to-mid-income earners, government assistance and regulatory support were essential, whereas higher-income groups prioritized ease of use and advanced risk management. Research limitations/implications These observations are significant for the authorities and the fintech providers that are looking for ways to fintech the integration of the Chinese SMEs. The authors advise that unique strategies are necessary to tackle the special needs of different user segments and thus to stimulate the sector’s innovation. Originality/value This study addresses fintech adoption among Chinese SMEs by conducting a comparative analysis across multiple income groups in a previously unexplored area. Using configuration analysis, we identified the distinct socioeconomic factors that enable or hinder fintech adoption in each group, providing tailored strategies that support innovation and growth across diverse income segments in China’s SME sector.

Pengaruh Pengetahuan, Kepercayaan, Kemudahan, Dan Media Sosial Terhadap Minat Berdonasi Pada Aplikasi Crowdfunding Kitabisa.Com

2025-06-21

Destina Rusi Dwi Hapsari , Kurnia Rina Ariani | PARADOKS Jurnal Ilmu Ekonomi

Kemajuan teknologi informasi telah mempermudah berbagai aspek kehidupan manusia, termasuk dalam aktivitas berdonasi. Platform crowdfunding seperti Kitabisa.com memberikan alternatif baru bagi masyarakat, khususnya generasi muda, untuk berdonasi secara praktis, mudah, … Kemajuan teknologi informasi telah mempermudah berbagai aspek kehidupan manusia, termasuk dalam aktivitas berdonasi. Platform crowdfunding seperti Kitabisa.com memberikan alternatif baru bagi masyarakat, khususnya generasi muda, untuk berdonasi secara praktis, mudah, cepat, dan transparan. Penelitian ini bertujuan untuk mengetahui pengaruh pengetahuan, kepercayaan, kemudahan, dan media sosial terhadap minat berdonasi melalui aplikasi Kitabisa.com. Penelitian ini menggunakan teknik quota sampling dengan jumlah sampel masing-masing 100 mahasiswa dari Program Studi S-1 Akuntansi Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Surakarta dan Universitas Diponegoro. Dari hasil analisis regresi linear berganda didapatkan bahwa pengetahuan, kepercayaan, kemudahan, dan media sosial masing-masing berpengaruh positif secara signifikan terhadap minat berdonasi melalui platform Kitabisa.com. Selain itu, uji beda menunjukkan tidak terdapat perbedaan minat berdonasi antara mahasiswa kedua universitas. Temuan ini menguatkan bahwa faktor personal, faktor platform seperti kepercayaan dan kemudahan penggunaan, serta peran media sosial berkontribusi secara signifikan dalam membentuk perilaku berdonasi di era digital.

Байесовские модели инновационной деятельности субъектов платформенных экосистем

2025-06-20

S.V. Chernyavskiy , Victor Voronov , Е.И. Викторов | Cifrovaâ èkonomika.

Целью работы является формализованное описание предметной области платформенной экосистемы молодежного предпринимательства и разработка интеллектуальной системы для моделирования инновационной деятельности ее субъектов. В качестве субъектов платформенной экосистемы в работе рассматриваются: платформа … Целью работы является формализованное описание предметной области платформенной экосистемы молодежного предпринимательства и разработка интеллектуальной системы для моделирования инновационной деятельности ее субъектов. В качестве субъектов платформенной экосистемы в работе рассматриваются: платформа поддержки молодежного предпринимательства; малое инновационное предприятие (стартап); институциональный инвестор (венчурный фонд); независимый эксперт – технологический брокер; технологический аудитор; эксперт фондового рынка. Для исследования деятельности субъектов платформенной экосистемы в работе применен аппарат байесовских сетей доверия (Bayesian belief network). На примере действующей модели платформы поэтапно представлен алгоритм конструирования исходного графа, заполнения таблиц безусловных и условных вероятностей, связанных с узлами случайных переменных. Представлена версия расширения модели за счет включения нового субъекта экосистемы – технологического аудитора. Анализ деятельности субъектов экосистемы проводился по результатам логических выводов, полученных с помощью предложенной модели, построенной в программной среде Netica. В ходе вычислительных экспериментов подтверждена логика всех причинно-следственных связей между узлами сети, а также адекватность выводов, получаемых с помощью предложенной модели. Построенная модель позволяет обоснованно обновлять убеждения субъектов платформенной экосистемы при наступлении событий, характеризующих высокую неопределенность инновационной деятельности. The aim of the work is a formalized description of the subject area of the platform ecosystem of youth entrepreneurship and the development of an intelligent system for modeling the innovative activities of its entities. The following are considered as entities of the platform ecosystem: a youth entrepreneurship support platform; a small innovative enterprise (startup); an institutional investor (venture fund); an independent expert - a technology broker; a technology auditor; a stock market expert. To study the activities of the entities of the platform ecosystem, the Bayesian belief network apparatus is used in the work. Using the example of the current platform model, a step-by-step algorithm for constructing the initial graph, filling in tables of unconditional and conditional probabilities associated with nodes of random variables is presented. A version of the model expansion is presented by including a new ecosystem subject – a technological auditor. The analysis of the ecosystem subjects’ activities was carried out based on the results of logical inferences obtained using the proposed model built in the Netica software environment. During computational experiments, the logic of all cause-and-effect relationships between network nodes, as well as the adequacy of the conclusions obtained using the proposed model, was confirmed. The constructed model allows for a reasonable update of platform ecosystem subjects’ beliefs upon the occurrence of events characterizing high uncertainty of innovation activities.

P2P loan performance forecasting and portfolio optimization: the role of distance metrics in mixed data classification

2025-06-20

Tomáš Plíhal , Oleg Deev | Financial markets and portfolio management

Driving positive social and environmental impacts through equity crowdfunding: evidence from social enterprises

2025-06-20

Rosella Carè , Stella Carè , Rabia Fatima | Qualitative Research in Financial Markets

Purpose Over the past two decades, social enterprises have increasingly attracted scholarly attention. Social entrepreneurship leverages business practices to tackle social and environmental issues and is characterized by integrating commercial … Purpose Over the past two decades, social enterprises have increasingly attracted scholarly attention. Social entrepreneurship leverages business practices to tackle social and environmental issues and is characterized by integrating commercial enterprise models with nonprofit missions. Key factors such as financial sustainability and organizational resilience are crucial for advancing social objectives. Despite the absence of a universally accepted definition, social entrepreneurship involves elements like social innovation (SI), market orientation and social value generation. The purpose of this study is to examine the role of equity crowdfunding as a financing opportunity for social enterprises (SEs). Design/methodology/approach This study uses a multiple case study analysis. Findings This study reveals the potential of equity crowdfunding as a mechanism to foster social innovation and generate positive societal impact. The findings suggest that equity crowdfunding can play a meaningful role in addressing the funding gap faced by social enterprises, thereby supporting the achievement of their social missions. Originality/value This research provides insights into the role of equity crowdfunding in social entrepreneurship, a relatively underexplored area. This study underscores the importance of financial tools in facilitating SI and advancing the missions of SEs.

ARTIFICIAL INTELLIGENCE IN THE ERA OF DIGITAL CURRENCY TRANSFORMATION: AS FINTECH INNOVATIONS

2025-06-20

Hayk Sargsyan | Deleted Journal

In recent years, financial technologies (FinTech) have gained significant importance due to their potential to bridge economic gaps, reduce income inequality, and open up financial opportunities for individuals. At the … In recent years, financial technologies (FinTech) have gained significant importance due to their potential to bridge economic gaps, reduce income inequality, and open up financial opportunities for individuals. At the national level, access to and affordability of banking services is no longer a luxury, but a fundamental human need and a pillar of economic development. Today, the application of quantum computing in the FinTech industry offers vital solutions, including digital wallets, digital payments, and various payment schemes, which have brought substantial changes to the financial services market. In the modern world of digital transformation, financial assets and new digital tools have secured their place in the economy and financial sector. Digital operations can be compared to the branching of the circulatory and nervous systems within the human/economic organism. Currently, there is a growing interest in the functioning of various payment systems and the organization of their operations. This interest has been especially evident in the context of the Russia–Ukraine war, where increasing uncertainties have made it necessary to apply diverse payment schemes to prevent disruption in the financial circulatory system. Nowadays, it is common for virtual trading platforms, social networks, and online communities to develop their own payment systems and distribute their digital currencies for the exchange of products and services they offer – thus contributing to the creation and promotion of new forms of virtual money.

A Legal Review of Default in Online Loans in Indonesia

2025-06-20

Made Indah Naraswari | Journal Of Social Research

This study discusses the regulation and legal protection of consumers in online lending practices (pinjol) in Indonesia, especially regarding the risk of default or failure to pay. The phenomenon of … This study discusses the regulation and legal protection of consumers in online lending practices (pinjol) in Indonesia, especially regarding the risk of default or failure to pay. The phenomenon of online loans is increasingly widespread, along with advances in digital technology and the increasing need for people to access funds quickly and easily. However, this convenience is often accompanied by the risk of high interest rates, unethical debt collection, and legal uncertainty, especially if the debtor is in default. The study aims to analyze the legal implications of online loan defaults in Indonesia, particularly focusing on the risks faced by borrowers when using unregistered online lending platforms. This study employs a normative legal approach, utilizing primary, secondary, and tertiary legal materials as data sources, which are analyzed qualitatively. The results of the study show that regulations regarding online loans have been regulated in various regulations, such as POJK No. 10/POJK.05/2022, SE OJK No. 19/2023, as well as the ITE Law, Consumer Protection Law, and Civil Code. However, even though regulations are available against illegal online lending practices. Therefore, it is necessary to strengthen rules, enforce stricter laws, and educate the public about the law to create a fair and safe online lending ecosystem for all parties.

AXBORIY QALQON: O‘ZBEKISTON MILLIY BRENDINI KIBER-PSIXOLOGIK HUJUMLARDAN HIMOYA QILISHDA MEDIA SAVODXONLIK

2025-06-20

Sultonposhsho SOTIBOLDIYEVA | Markaziy osiyoda media va kommunikatsiyalar xalqaro ilmiy jurnali.

Mazkur maqolada zamonaviy axboriy tahdidlar — dezinformatsiya, manipulyatsiya va deepfake texnologiyalari jamiyat hayotiga ko‘rsatadigan salbiy ta’sirlari tahlil qilingan. Shuningdek, O‘zbekistonning axborot makonida ushbu xavflarga qarshi mediasavodxonlik va axboriy madaniyatni rivojlantirish … Mazkur maqolada zamonaviy axboriy tahdidlar — dezinformatsiya, manipulyatsiya va deepfake texnologiyalari jamiyat hayotiga ko‘rsatadigan salbiy ta’sirlari tahlil qilingan. Shuningdek, O‘zbekistonning axborot makonida ushbu xavflarga qarshi mediasavodxonlik va axboriy madaniyatni rivojlantirish orqali qarshi kurashish imkoniyatlari yoritilgan. Muallif axboriy xurujlarga qarshi tizimli yondashuv, faktcheking mexanizmlarini rivojlantirish hamda xalqaro tajribalarni milliy amaliyotga moslashtirish zaruratini asoslaydi. Maqola yakunida amaliy tavsiyalar ilgari suriladi.

Emerging Trends and Innovations in Financial Services

2025-06-20

| IGI Global eBooks

The evolution of payment facilitation models: Why managed PayFac is reshaping the fintech landscape

2025-06-20

Srinivasan Ravishankar | World Journal of Advanced Engineering Technology and Sciences

The evolution of payment facilitation models has fundamentally transformed how platforms monetize transaction flows in the embedded finance ecosystem. This article examines four distinct approaches to payment facilitation: Referral Partnerships, … The evolution of payment facilitation models has fundamentally transformed how platforms monetize transaction flows in the embedded finance ecosystem. This article examines four distinct approaches to payment facilitation: Referral Partnerships, which offer simplicity with minimal revenue potential; Independent Sales Organizations (ISOs), which provide enhanced control with moderate operational requirements; Full Payment Facilitator (PayFac) models, which maximize revenue while demanding substantial investment; and Managed PayFac solutions, which offer a strategic hybrid approach. Each model presents unique characteristics across dimensions including implementation timeline, capital requirements, revenue potential, operational complexity, merchant experience control, technical architecture, regulatory considerations, and scalability factors. The comparison reveals how Managed PayFac has emerged as a compelling solution for many platforms by effectively decoupling the economic benefits of payment facilitation from its technical and compliance burdens, enabling organizations to optimize payment monetization while maintaining operational agility and regulatory compliance.

MEDIASAVODXONLIK VA SI: ZIDDIYATLI AXBOROT OQIMLARIDA MANIPULATSIYAGA QARSHI YONDASHUV

2025-06-20

Nozima QARSHIBOYEVA | Markaziy osiyoda media va kommunikatsiyalar xalqaro ilmiy jurnali.

Mazkur maqolada sun’iy intellekt vositalarining ziddiyatli axborot oqimlarida manipulyatsiyaga qarshi kurashdagi oʻrni va mediasavodxonlik bilan uzviy aloqasi tahlil qilindi. Sun’iy intellekt asosida ishlab chiqilgan xabar tahlilchilari, dezinformatsiyani aniqlovchi platformalar va … Mazkur maqolada sun’iy intellekt vositalarining ziddiyatli axborot oqimlarida manipulyatsiyaga qarshi kurashdagi oʻrni va mediasavodxonlik bilan uzviy aloqasi tahlil qilindi. Sun’iy intellekt asosida ishlab chiqilgan xabar tahlilchilari, dezinformatsiyani aniqlovchi platformalar va ularning jurnalistlar hamda auditoriyaga ta’siri o‘rganildi. Shuningdek, SI texnologiyalarining yolg‘on yoki manipulyativ axborotga qarshi kurashdagi samaradorligi va mavjud muammolari haqida xulosalar berildi.

Financial Literacy and Lifestyle Mediated by Financial Technology on Generation Alpha’s Money Ethic Perspective

2025-06-20

Afni Sirait , Anake Nagari , Siti Rokhimah +1 more | International Journal of Accounting & Finance in Asia Pasific

Today, the fulfillment of daily needs can be assisted using technology. This technological advancement is also in line with changes in the habits of today's society, which really want everything … Today, the fulfillment of daily needs can be assisted using technology. This technological advancement is also in line with changes in the habits of today's society, which really want everything to be fast and instant, one of which is Generation Alpha. This research uses quantitative methods with 90 Generation Alpha respondents. Data collection was carried out using a questionnaire, then testing validity, reliability, and evaluating the model structure using the SmartPLS 4.0.0 data analysis tool. The data that has been processed and analyzed explains that there is a direct relationship between financial literacy and money ethic. The mediating variable added to the financial literacy and money ethic has an insignificant effect, so that the lifestyle variable provides a full mediating effect. The results of testing Financial Technology (FinTech) with money ethic found no direct relationship, and the indirect relationship through the lifestyle mediation variable was not significant, so that the variable did not mediate. While the relationship of lifestyle analysis results to money ethic is significant. This research is expected to provide benefits for researchers in the field of behavioral accounting, especially observations based on generation specifications.

Role of Artificial Intelligence in Business: Banking and Finance

2025-06-20

RAJVARDHAN RANAWAT | INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT

This paper studies the impact of Artificial Intelligence (AI) in modifying business practices in the banking and finance industry, mainly as it applies in India. It considers important AI tools … This paper studies the impact of Artificial Intelligence (AI) in modifying business practices in the banking and finance industry, mainly as it applies in India. It considers important AI tools like machine learning, natural language processing and robotic process automation to check their influence on service pleasure, customer happiness, accurate solutions and managing problems. With a quantitative study of 60 participants, the paper finds that and that AI-based financial services are highly appreciated, especially for fraud detection and customer support. At the same time, it reveals major issues about privacy, clear explanations of how algorithms work and threats to people’s jobs. AI in finance, according to these findings, boosts workflow and user service, but also asks for close monitoring, revised regulations and trainings for users. This paper takes part in the debate about good AI practices and gives useful advice to banks, policymakers and those working in fintech. Keywords- Artificial Intelligence, Banking, Finance, Customer Satisfaction, Fraud Detection, Data Privacy, Automation, Decision-Making, Ethical Concerns, India.

Fintech and Young Consumers: A New Era in Banking Services

2025-06-20

Shweta Meena | Deleted Journal

The financial services landscape is undergoing a significant transformation driven by the rise of financial technology (FinTech), which is reshaping the traditional banking sector. This study examines the influence of … The financial services landscape is undergoing a significant transformation driven by the rise of financial technology (FinTech), which is reshaping the traditional banking sector. This study examines the influence of FinTech on banking operations, customer experience, and strategic growth, particularly among young banking service users. Based on primary data collected from 150 respondents through a structured questionnaire, the research assesses the impact of FinTech on operational efficiency, financial inclusion, risk management, and market competition. The findings reveal that FinTech services are widely perceived as more efficient, accessible, and user-friendly than conventional banking. While a portion of respondents view FinTech as a threat to traditional banks, others regard it as a driver of innovation and potential collaboration. The study concludes that FinTech not only disrupts existing models but also creates opportunities for banks to innovate, expand their customer base, and improve service delivery. For long-term competitiveness and sustainability, banks must integrate technological advancements while addressing challenges related to cybersecurity, regulatory frameworks, and digital literacy.

Pengaruh Digital Literasi dan Financial Technology terhadap Inklusi Keuangan Digital pada UKM Food and Beverage di Kota Padang

2025-06-20

Rahmahtika Rahmahtika , Tafdil Husni , Fajri Adrianto | Journal of Accounting and Finance Management

Penelitian ini bertujuan untuk menganalisis pengaruh digital literasi dan financial technology yang terdiri dari cashless payment, market aggregator, serta risk and investment management terhadap inklusi keuangan digital pada Usaha Kecil … Penelitian ini bertujuan untuk menganalisis pengaruh digital literasi dan financial technology yang terdiri dari cashless payment, market aggregator, serta risk and investment management terhadap inklusi keuangan digital pada Usaha Kecil dan Menengah (UKM) sektor food and beverage di Kota Padang. Digitalisasi sistem keuangan telah membuka akses lebih luas bagi pelaku usaha, namun belum seluruhnya diikuti oleh tingkat pemanfaatan teknologi yang memadai oleh UKM. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei terhadap 77 pelaku usaha UKM food and beverage yang dipilih melalui teknik purposive sampling. Data dianalisis menggunakan aplikasi SmartPLS 4.0 melalui pengujian outer model dan inner model. Hasil penelitian menunjukkan bahwa cashless payment, market aggregator, dan risk and investment management berpengaruh positif dan signifikan terhadap inklusi keuangan digital. Namun, digital literasi tidak berpengaruh secara signifikan terhadap inklusi keuangan digital dalam konteks penelitian ini. Temuan ini menekankan pentingnya dukungan infrastruktur keuangan digital dan strategi peningkatan kepercayaan serta pengelolaan risiko untuk memperluas akses dan partisipasi UKM dalam sistem keuangan digital.