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The Financial Industry 4.0
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The Financial Industry 4.0

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

Deadline for manuscript submissions: closed (27 November 2020) | Viewed by 86557

Printed Edition Available!
A printed edition of this Special Issue is available here.

Special Issue Editors

Dr. Thanh Ngo

E-Mail Website
Guest Editor
School of Aviation, Massey University, Milson, 4478 Palmerston North, New Zealand
Interests: banking and finance; efficiency and productivity; frontier analysis; DEA; SFA; applied econometrics
Special Issues, Collections and Topics in MDPI journals
Prof. Émérite/Prof. Emeritus Dominique Guegan

E-Mail Website
Guest Editor
LabEx ReFi and Paris 1 Sorbonne, Paris, France
Interests: artificial intelligent; blockchain; risk measures; quantitative finance
Assist. Prof. Dinh-Tri Vo

E-Mail Website
Guest Editor
1. IPAG Business School, Paris, France
2. University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam
Interests: financial markets; risk management; investment; sustainable development

Special Issue Information

Dear Colleagues,                

Technology has been introducing and enabling new paradigms in different industries. In the financial sector, the rapid growth of technology-based financial firms (e.g., Fintech and InsurTech) has put incumbent financial institutions (e.g., banking, insurance and credit institutions) under pressure to transform their business strategies and operations to cope with these changes. The main emphasis of this Special Issue is on The Financial Industry 4.0 in order to provide insightful understanding about the benefits as well as the challenges that financial institutions are facing. The potential areas to be addressed will include, but are not limited to, the following issues:

  • The development and performance of technology-based financial firms such as FinTech, InsurTech, RegTech, WealthTech and RiskTech.
  • Technological development and implementation at incumbent financial institutions and their impacts.
  • The relationship between technology-based financial firms and incumbent players.

Dr. Thanh Ngo
Prof. Émérite/Prof. Emeritus Dominique Guegan
Assist. Prof. Dinh-Tri Vo
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

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

  • Industry 4.0
  • Financial institutions
  • Technology in financial services
  • Technology-based financial firms
  • Machine learning
  • Blockchain
  • Fintech

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Published Papers (5 papers)

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Research

12 pages, 285 KiB  
Article
The Role of Betting on Digital Credit Repayment, Coping Mechanisms and Welfare Outcomes: Evidence from Kenya
by Richard Chamboko and Sevias Guvuriro
Int. J. Financial Stud. 2021, 9(1), 10; https://doi.org/10.3390/ijfs9010010 - 1 Feb 2021
Cited by 10 | Viewed by 4253
Abstract
Digital financial services and more importantly, mobile money, have become an important financial innovation to advance financial inclusion in developing and emerging economies. While digital financial services have improved the lives of many Kenyans, to the growing betting segment of the Kenyan population, [...] Read more.
Digital financial services and more importantly, mobile money, have become an important financial innovation to advance financial inclusion in developing and emerging economies. While digital financial services have improved the lives of many Kenyans, to the growing betting segment of the Kenyan population, these innovations have also brought great convenience to betting. The innovations have allowed easy access to digital credit which can be used for betting. Despite betting or gambling being a widely studied area, particularly in developed countries, little is known about its interaction with financial innovations such as digital financial services in developing and emerging economies. Using data from a 2017 digital credit survey in Kenya, this study investigates if bettors are more likely than non-bettors to be financially distressed or engage in welfare-undermining coping strategies and potentially experience inferior welfare outcomes. The study uses a representative sample of 1040 digital borrowers, of which 304 were digital bettors. Using multivariate logistic regressions, the study found that, after controlling for socio-economic and demographic factors, bettors are significantly more likely than non-bettors to be financially distressed, engage in welfare undermining coping strategies, and have inferior welfare outcomes. Full article
(This article belongs to the Special Issue The Financial Industry 4.0)
14 pages, 339 KiB  
Article
Industry 4.0 in Finance: The Impact of Artificial Intelligence (AI) on Digital Financial Inclusion
by David Mhlanga
Int. J. Financial Stud. 2020, 8(3), 45; https://doi.org/10.3390/ijfs8030045 - 28 Jul 2020
Cited by 250 | Viewed by 50054
Abstract
This study sought to investigate the impact of AI on digital financial inclusion. Digital financial inclusion is becoming central in the debate on how to ensure that people who are at the lower levels of the pyramid become financially active. Fintech companies are [...] Read more.
This study sought to investigate the impact of AI on digital financial inclusion. Digital financial inclusion is becoming central in the debate on how to ensure that people who are at the lower levels of the pyramid become financially active. Fintech companies are using AI and its various applications to ensure that the goal of digital financial inclusion is realized that is to ensure that low-income earners, the poor, women, youths, small businesses participate in the mainstream financial market. This study used conceptual and documentary analysis of peer-reviewed journals, reports and other authoritative documents on AI and digital financial inclusion to assess the impact of AI on digital financial inclusion. The present study discovered that AI has a strong influence on digital financial inclusion in areas related to risk detection, measurement and management, addressing the problem of information asymmetry, availing customer support and helpdesk through chatbots and fraud detection and cybersecurity. Therefore, it is recommended that financial institutions and non-financial institutions and governments across the world adopt and scale up the use of AI tools and applications as they present benefits in the quest to ensure that the vulnerable groups of people who are not financially active do participate in the formal financial market with minimum challenges and maximum benefits. Full article
(This article belongs to the Special Issue The Financial Industry 4.0)
41 pages, 4902 KiB  
Article
Blockchain-Enabled Corporate Governance and Regulation
by Dulani Jayasuriya Daluwathumullagamage and Alexandra Sims
Int. J. Financial Stud. 2020, 8(2), 36; https://doi.org/10.3390/ijfs8020036 - 18 Jun 2020
Cited by 27 | Viewed by 11621
Abstract
There is considerable hype about blockchain in almost every industry, including finance, with significant investments globally. We conduct a systematic review of 851 records and construct a final article sample of 183 for the sample period 2012 to 2020 to identify relevant factors [...] Read more.
There is considerable hype about blockchain in almost every industry, including finance, with significant investments globally. We conduct a systematic review of 851 records and construct a final article sample of 183 for the sample period 2012 to 2020 to identify relevant factors for blockchain adoption in corporate governance. We conduct textual and empirical analysis to develop a decentralized autonomous governance framework and link traditional corporate governance theories to blockchain adoption. Furthermore, we explore present and future use cases and implications of blockchains in corporate governance. Using our systematic review and textual analysis, we further identify gaps and common trends between prior academic and industry literature. Moreover, for our empirical analysis, we compile a unique database of blockchain investments to forecast future investments. In addition, we explore blockchain potential in corporate governance during and post COVID-19. We find prior academic articles to mostly focus on regulation (49 studies) and Initial Coin Offerings (ICOs) (46 studies), while industry articles tend to concentrate on exchanges (10 studies) and cryptocurrencies (9 articles). A significant growth in literature is observed for 2017 and 2018. Finally, we provide behavioural, regulatory, ethical and managerial perspectives of blockchain adoption in corporate governance. Full article
(This article belongs to the Special Issue The Financial Industry 4.0)
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29 pages, 4329 KiB  
Article
Are We Ready for the Challenge of Banks 4.0? Designing a Roadmap for Banking Systems in Industry 4.0
by Amir Mehdiabadi, Mariyeh Tabatabeinasab, Cristi Spulbar, Amir Karbassi Yazdi and Ramona Birau
Int. J. Financial Stud. 2020, 8(2), 32; https://doi.org/10.3390/ijfs8020032 - 27 May 2020
Cited by 63 | Viewed by 15052
Abstract
The purpose of the present paper is to provide an advanced overview of the practical applications of Banking 4.0 in Industry 4.0. This paper examines the technology trends in the Fourth Industrial Revolution and identifies the key indicators behind the creation of a [...] Read more.
The purpose of the present paper is to provide an advanced overview of the practical applications of Banking 4.0 in Industry 4.0. This paper examines the technology trends in the Fourth Industrial Revolution and identifies the key indicators behind the creation of a strategic map for the fourth-generation banks and their readiness to enter Industry 4.0. This paper examines a systematic review of fully integrated Banking 4.0 and the application of the technologies of Industry 4.0 and illustrates a distinct pattern of integration of Banking 4.0 and Industry 4.0. One of the prominent features of this article is the performance of successful global banks in applying these technologies. The results showed that Banking 4.0 in Industry 4.0 is an integrative value creation system consisting of six design principles and 14 technology trends. The roadmap designed for banks to enter Industry 4.0 and how they work with industrial companies will be a key and important guide. Full article
(This article belongs to the Special Issue The Financial Industry 4.0)
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18 pages, 384 KiB  
Article
Jump Driven Risk Model Performance in Cryptocurrency Market
by Ramzi Nekhili and Jahangir Sultan
Int. J. Financial Stud. 2020, 8(2), 19; https://doi.org/10.3390/ijfs8020019 - 1 Apr 2020
Cited by 13 | Viewed by 4151
Abstract
This paper aims at identifying a validated risk model for the cryptocurrency market. We propose a stochastic volatility model with co-jumps in return and volatility (SVCJ) to highlight the role of jumps in returns and volatility in affecting Value-at-Risk (VaR) and Expected Shortfall [...] Read more.
This paper aims at identifying a validated risk model for the cryptocurrency market. We propose a stochastic volatility model with co-jumps in return and volatility (SVCJ) to highlight the role of jumps in returns and volatility in affecting Value-at-Risk (VaR) and Expected Shortfall (ES) in cryptocurrency market. Validation results based on backtesting show that SVCJ model is superior in terms of statistical accuracy of VaR and ES estimates, compared to alternative models such as TGARCH (Threshold GARCH) volatility and RiskMetrics models. The results imply that for the cryptocurrency market, the best performing model is a stochastic process that accounts for both jumps in returns and volatility. Full article
(This article belongs to the Special Issue The Financial Industry 4.0)
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