Financial System in the Digital Age: Opportunities, Challenges and Future Directions

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (30 September 2025) | Viewed by 1503

Special Issue Editor


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Guest Editor
Department of Economics and Finance, School of Business and Finance, University of Latvia, LV-1013 Riga, Latvia
Interests: artificial intelligence; financial systems; digital transformation; quantitative methods in finance; risk management
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue of the International Journal of Financial Studies is designed for financial systems in digital age questions. In the digital age, the financial system is undergoing significant transformation due to technological innovations. Digitalization offers opportunities by improving access to finance for households and companies, as well as providing new possibilities for investors. In this context, there is insufficient research to date on the impact of digitalization on intermediated finance, market finance, risk mapping, and sustainability constraints. The future of finance lies in navigating these challenges and leveraging the transformative potential of the digital era. This Special Issue aims at gathering key contributions in this field. I encourage submissions that combine theoretical and applied contributions, as for research in finance to be effective for its audience, it must strike a balance between these factors.

Topics include the following:

  • Digitalization, driven by trends like big data, blockchain,;
  • Improved access to financial services;
  • Changing customer expectations;
  • Impact from digitalization on intermediated finance (e.g., banks, fintechs);
  • Impact from digitalization on market finance (e.g., stock markets);
  • Algorithmic trading;
  • Cashless payments;
  • Geneartive AI effects on financial system;
  • Risk mapping evolution;
  • Cybersecurity threats;
  • Sustainability considerations in finance.

Dr. Aivars Spilbergs
Guest Editor

Manuscript Submission Information

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Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial system
  • digital transformation
  • financial inclusion
  • risk mapping
  • generative AI
  • sustainability in finance

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Published Papers (2 papers)

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Research

17 pages, 308 KB  
Article
Assessing the Impact of Digital Transformation on Manufacturing Enterprises’ Performances: An Efficiency Perspective
by Chenxi Wang, Jing Yang, Yan Lin and Biao Xue
Int. J. Financial Stud. 2025, 13(4), 241; https://doi.org/10.3390/ijfs13040241 - 16 Dec 2025
Abstract
In recent years, the impacts of the new scientific and technological revolution on the industrial system and production modes have begun to emerge. Digital transformation is gradually being integrated into the production behaviors of manufacturing enterprises and has become a component of the [...] Read more.
In recent years, the impacts of the new scientific and technological revolution on the industrial system and production modes have begun to emerge. Digital transformation is gradually being integrated into the production behaviors of manufacturing enterprises and has become a component of the micro-economy. We aim to find better methods for measuring digital transformation and to analyze its impact on both market performance and innovation performance within manufacturing enterprises. To achieve our goals, we employ an empirical study to examine the influence of digital transformation on market and innovation performance using panel data for Chinese listed manufacturing enterprises from 2012 to 2021. We emphasize digital transformation efficiency and affirm its role in relieving financing constraints. Our study shows that digital transformation effectively improves both the market and innovation performance of manufacturing enterprises. Moreover, it mitigates the financing constraint dilemma, resulting in performance enhancement. Heterogeneity analysis indicates that digital transformation has a more significant promotional effect on the market and innovation performance of large-scale and mature enterprises. Our research offers fresh perspectives for better understanding digital transformation, enriching the body of work on the impact of digital transformation in manufacturing enterprises and its underlying mechanisms. Full article
29 pages, 850 KB  
Article
AI, Sustainability and Value Creation: Empirical Insights from Saudi Banks (2015–2024)
by Amina Hamdouni
Int. J. Financial Stud. 2025, 13(4), 202; https://doi.org/10.3390/ijfs13040202 - 31 Oct 2025
Cited by 1 | Viewed by 803
Abstract
The objective of this study is to investigate how responsible AI governance mechanisms influence value creation and sustainability in Saudi banks over the period 2015–2024. Using a panel dataset from listed Saudi banks and combining ESG disclosure metrics with financial indicators, we investigate [...] Read more.
The objective of this study is to investigate how responsible AI governance mechanisms influence value creation and sustainability in Saudi banks over the period 2015–2024. Using a panel dataset from listed Saudi banks and combining ESG disclosure metrics with financial indicators, we investigate whether AI adoption and AI-related disclosures enhance banks’ market and accounting performance while strengthening sustainability outcomes. We apply robust panel regressions, control for bank-specific characteristics, and run sensitivity checks to address endogeneity and measurement concerns. The empirical findings indicate that higher levels of AI adoption are positively and significantly associated with both value creation and sustainability performance. Furthermore, Dumitrescu–Hurlin panel Granger causality tests confirm a unidirectional causal relationship from AI adoption to both financial and sustainability outcomes. Overall, the results suggest that responsible AI integration may enhance sustainable value creation in the Saudi banking sector. Full article
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