FinTech enablers, use cases, and role of future internet of things

Document Type : Translation

Author

Department of Finance and Banking, Faculty of Accounting and Management, Allameh Tabatabai University, Tehran, Iran

Abstract

In the current global trend, financial organizations strive extensively towards smartening finance to derive the benefits of digitalization. In such an effort, Financial Technology (Fintech) involves usage of several contemporary disruptive technologies such as AI, 5G/6G, Blockchain, Metaverse, IoT, etc., in financial industry to add value to the customer services. By the inception of technology, several major financial services and processes such as lending, verification, fraud detection, quality maintenance, credit scoring, and many more will be simplified and augmented. However, there is a need for research and innovation of disruptive financial products and the enabling ecosystem of technologies. Consequently, several tech-giants have focused their attention on Fintech to introduce Information and Communication Technology (ICT) solutions. In this manuscript, firstly, we envision the future trends and driving applications of Fintech that would emerge during 2030. Further, we attempt to provide a high-level framework of the enablers of Fintech including IoT, 5G, Digital twins and Metaverse for certain use cases. In addition, we provide directions for future Fintech research while anticipating the challenges ahead.

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References

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Science and Technology Policy Letters
Volume 14, Issue 3 - Serial Number 48
September 2024
Pages 111-136

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  • Receive Date: 25 September 2023
  • Revise Date: 16 November 2023
  • Accept Date: 18 November 2023

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