Author(s) :

Amandeep Singh.

Volume/Issue :

Abstract :

The study examines the coupling of artificial intelligence (AI) and machine learning (ML) with fintech and banks for the growth and resilience of the financial sector. This paper deciphers and maps the growth of the intellectual structure of research in the domain of AI and ML for strengthening the financial sector either through fintech or banks. This study ex amines the development of the literature on AI/ML in finance from 2012 to 2022 using 211 documents from the Scopus database with the goal of identifying key trends and patterns in terms of research focus, publication year, and geographic distribution. This study adds to our understanding of this field by highlighting the themes originating from these trends and patterns. By considering a wide range of subjects, including document types, annual publishing volumes, subject areas, affluent nations, institutions, journals, and authors, we have provided scientific evaluations and findings based on bibliometric analysis. We additionally looked at citation and co-citation networks to offer light on the connections between authors and publications to identify the challenges and growth prospects. We identified four key clusters through content analysis: applications of AI/ML in finance, digital banking, new-era technology in banks, and financial data analytics. In conclusion, this paper provided detailed discussions on the theoretical and practical implications of existing research and future research agenda.

No. of Downloads :

20

KEYWORDS:

Artificial intelligence, Fintech, Machine Learning, Blockchain, Bibliometric Analysis

INTRODUCTION & OBJECTIVES:

“Fintech, according to the Financial Stability Board (FSB), refers to the utilization of technology to introduce innovative changes in financial services. These changes have the potential to create new business models, applications, processes, or products that significantly impact financial markets, institutions, and the delivery of financial services.” Fintech companies are actively operating in various important sectors, including payments and remittances, lending, enterprise financial management, crowdfunding, technology solutions for financial institutions, insurance, personal finance management, wealth management, trading, capital markets, and digital banking (Murinde, Rizopoulos, and Zachariadis, 2022). Fintech companies achieve success through several crucial factors, including the presence of adequate funding, a strong emphasis on customer loyalty, the enhancement of technology and IT infrastructure, cost reduction in operations, and the development of compelling value propositions (Deloitte India, 2017). Since the global financial crisis in 2008, banks have faced increased regulatory compliance, leading to a competitive disadvantage (Amstad, 2019). Fintech now has a chance to participate in regulatory arbitrage due to the increase in regulatory regulations, intensive legal scrutiny, and higher capital requirements. However, regulatory arbitrage cannot be fully blamed for the expansion of fintech's shadow banks. The market has been disrupted by the development of AIenabled technology, which has increased client convenience, service experiences, and access to financial services. Due to this, fintech clients are prepared to pay more for online services (Ryu & Chang, 2018; Buchak et al., 2018). Fintech has revolutionized the financial industry, bringing about a digital transformation facilitated by virtual financial assistants. These assistants have significantly enhanced customer service and enabled real-time interactions (Naimi-Sadigh, Asgari, and Rabiei, 2021). The development of well-designed and user-friendly fintech platforms, which prioritize improving the customer experience through providing financial advice and charging low fees on managed assets, has led to cost savings for investors (Nicoletti, and Weis, 2017). Since 2017, there has been a surge in research exploring the application of artificial intelligence (AI) and machine learning (ML) in the fintech domain. AI has proven to be valuable in various areas, including bankruptcy predic tion, stock price forecasting, portfolio management, anti-money laundering, and behavioral finance (Ahmed et al., 2022)

DOI:

10.58426/cgi.v5.i2.2023.52-75