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HOW DOES THE FINTECH INNOVATION WAVE AFFECT FINANCIAL MARKETS, THE BANKING INDUSTRY, AND CUSTOMER BEHAVIOR?

Yıl 2023, , 549 - 574, 20.12.2023
https://doi.org/10.54452/jrb.1350890

Öz

This study investigate FinTech’s on financial markets, the banking sector, and consumers. It aims to examine the role and effects FinTech in the presentation and use of financial services. The study focuses on FinTech investment areas in countries such as America, Canada, Brazil, Germany, France, Israel, China, and India, which are prominent in FinTech investments, between 2012 and 2020, using the panel data method and fixed effects model. FinTech investments are grouped according to payment management, insurance, information technologies, software, financial services, and other categories, and the relationships between them have been empirically tested. The FinTech investment amount was used as the dependent variable Inflation, number of branches, unemployment, and GDP were considered as independent variables.
The results show that the increase in FinTech investment is affected by inflation and the number of branches in a negative and statistically significant manner. However, the results concluded that the individual Internet usage variable positively affected the FinTech investment amount. These findings provide strong empirical evidence that FinTech investments can increase profitability levels in the finance and banking sectors. This study highlights the impact of FinTech on the transformation process in the financial sector, and it can offer valuable insights for financial service providers and policymakers. It may also be essential for understanding consumers' demands and expectations for financial technologies. Such studies can offer a valuable roadmap for understanding

Kaynakça

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FİNTECH İNOVASYON DALGASI FİNANSAL PİYASALARI, BANKACILIK SEKTÖRÜNÜ VE MÜŞTERİ DAVRANIŞINI NASIL ETKİLER?

Yıl 2023, , 549 - 574, 20.12.2023
https://doi.org/10.54452/jrb.1350890

Öz

Bu çalışma FinTech’lerin finansal piyasalar, bankacılık sektörü ve tüketiciler üzerindeki etkilerinin yanı sıra FinTech’in finansal hizmetlerin sunumu ve kullanımındaki rolünü incelemektedir. FinTech yatırımlarında öne çıkan Amerika, Kanada, Brezilya, Almanya, Fransa, İsrail, Çin ve Hindistan gibi ülkelerdeki FinTech yatırım alanlarını konu alan çalışmada 2012-2022 yılları arasında panel veri yöntemi ile sabit etkiler modeli kullanılmış ve veriler dünya bankası ve KPMM’den elde edilmiştir. FinTech yatırımları ödeme yönetimi, sigorta, bilgi teknolojileri, yazılım, finansal hizmetler ve diğer kategorilere göre gruplandırılmış ve aralarındaki ilişkiler analiz edilmiştir. Bağımlı değişken olarak FinTech yatırım tutarı, bağımsız değişken olarak enflasyon, şube sayısı, işsizlik ve GSYH kullanılmıştır. Elde edilen sonuçlara göre FinTech yatırımlarındaki artışın enflasyon ve şube sayısından olumsuz etkilendiğini göstermektedir. Ancak sonuçlar bireysel internet kullanım değişkeninin FinTech yatırım tutarını pozitif yönde etkilediği sonucu ortaya çıkmıştır. Bu bulgular, FinTech yatırımlarının finans ve bankacılık sektörlerinde karlılık düzeylerini artırabileceğine dair güçlü ampirik kanıtlar sunmaktadır. Bu çalışma, FinTech’in finans sektöründeki dönüşüm süreci üzerindeki etkisini vurgulamakta ve finansal hizmet sağlayıcılar ve politika yapıcılar için değerli bilgiler sunmaktadır. Bu tür çalışmalar tüketicilerin finansal teknolojilere yönelik talep ve beklentilerini anlamak açısından da önemlidir ve gerekli bir yol haritası olacaktır.

Kaynakça

  • Aktuğ, S. S. (2020). Development of fintech sector in Turkey. BİLTÜRK Journal of Economics and Related Studies, 2(3), 487-499.
  • Al Nawayseh, M. K. (2020). FinTech in COVID-19 and beyond: what factors are affecting customers’ choice of FinTech applications?. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 153.
  • Anagnostopoulos, I. (2018). FinTech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7-25.
  • Anand, D., & Mantrala, M. (2019). Responding to disruptive business model innovations: the case of traditional banks facing FinTech entrants. Journal of Banking and Financial Technology, 3, 19-31. https://doi. org/10.1007/s42786.018.00004-4.
  • Arner, D. W., Barberis, J., & Buckley, R. P. (2017). FinTech and RegTech in a Nutshell, and the Future in a Sandbox. CFA Institute Research Foundation.
  • Atif, M., Hassan, M. K., Rabbani, M. R., & Khan, S. (2021). Islamic FinTech: The digital transformation bringing sustainability to Islamic finance. In COVID-19 and Islamic social Finance, 91-103.
  • Baber, H. (2020). FinTech, crowdfunding and customer retention in Islamic banks. Vision, 24(3), 260-268.
  • Baber, H., & Billah, N. B. (2022). FinTech and Islamic Banks-an integrative model approach to predict the intentions. Review of Applied Socio-Economic Research, 24(2), 24-45.
  • Baker, T., & Dellaert, B. (2017). Regulating robo advice across the financial services industry. Iowa L. Rev., 103, 713.
  • Beck, H. (2001). Banking is essential, banks are not. The future of financial intermediation in the age of the Internet. Netnomics, 3, 7-22.
  • Begenau, J., Farboodi, M., & Veldkamp, L. (2018). Big data in finance and the growth of large firms. Journal of Monetary Economics, 97, 71-87.
  • Begley, T. A., & Srinivasan, K. (2022). Small bank lending in the era of FinTech and shadow banks: a sideshow?. The Review of Financial Studies, 35(11), 4948-4984.
  • Berg, T., Burg, V., Gombović, A., & Puri, M. (2020). On the rise of FinTechs: Credit scoring using digital footprints. The Review of Financial Studies, 33(7), 2845-2897.
  • Bollaert, H., Lopez-de-Silanes, F., & Schwienbacher, A. (2021). FinTech and access to finance. Journal of Corporate Finance, 68, 101941.
  • Boot, A., Hoffmann, P., Laeven, L., & Ratnovski, L. (2021). FinTech: what’s old, what’s new?. Journal of Financial Stability, 53, 100836.
  • Buchak, G., Hu, J., & Wei, S. J. (2021). FinTech as a financial liberator (No. w29448). National Bureau of Economic Research.
  • Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018). FinTech, regulatory arbitrage, and the rise of shadow banks. Journal of Financial Economics, 130(3), 453-483.
  • Campanella, F., Della Peruta, M. R., & Del Giudice, M. (2017). The effects of technological innovation on the banking sector. Journal of the Knowledge Economy, 8, 356-368.
  • Chen, L. (2016). From FinTech to finlife: The case of FinTech development in China. China Economic Journal, 9(3), 225-239.
  • Chen, S., & Zhang, H. (2021). Does digital finance promote manufacturing servitization: Micro evidence from China. International Review of Economics & Finance, 76, 856-869.
  • Cheng, M., & Qu, Y. (2020). Does bank FinTech reduce credit risk? Evidence from China. Pacific-Basin Finance Journal, 63, 101398.
  • Chishti, S., & Barberis, J. (2016). The FinTech book: The financial technology handbook for investors, entrepreneurs and visionaries. John Wiley & Sons.
  • Cruz-García, P., de Guevara, J. F., & Maudos, J. (2021). Bank competition and multimarket contact intensity. Journal of International Money and Finance, 113, 102338.
  • Dadoukis, A., Fiaschetti, M., & Fusi, G. (2021). IT adoption and bank performance during the Covid-19 pandemic. Economics Letters, 204, 109904.
  • Davydov, D., Vähämaa, S., & Yasar, S. (2021). Bank liquidity creation and systemic risk. Journal of Banking & Finance, 123, 106031.
  • Demirci, N. (2022, 3 March). Robo-Consulting. Retrieved from https://www.finanskulup.org.tr/robodanismanlik-robo-advisor-nedir/uncategorized/.
  • Demirdöğen, Y. (2020). Finteklerin gelişimini etkileyen faktörler. Uygulamalı Sosyal Bilimler ve Güzel Sanatlar Dergisi, 2(Özel Sayı), 43-55.
  • Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M., Dorfleitner, G., Hornuf, L., & Weber, M. (2017). The FinTech market in Germany (pp. 13-46). Springer International Publishing.
  • Dsouza, S., Rabbani, M. R., Hawaldar, I. T., & Jain, A. K. (2022). Impact of Bank Efficiency on the Profitability of the Banks in India: An Empirical Analysis Using Panel Data Approach. International Journal of Financial Studies, 10(4), 93.
  • Fan, P. S. (2018). Singapore approach to develop and regulate FinTech. In Handbook of Blockchain, Digital Finance, and Inclusion, 1, 347-357.
  • Frame, W. S., & White, L. J. (2004). Empirical studies of financial innovation: lots of talk, little action?. Journal of Economic Literature, 42(1), 116-144.
  • Fuster, A., Plosser, M., Schnabl, P., & Vickery, J. (2019). The role of technology in mortgage lending. The Review of Financial Studies, 32(5), 1854-1899.
  • Gautam, R. S., Rastogi, D. S., & Rawal, A. A. S. H. I. (2022). Study of Financial Literacy and Its Impact on Rural Development in India: Evidence Using Panel Data Analysis. Iconic Research and Engineering Journals, 5(9), 483-492.
  • Gimpel, H., Rau, D., & Röglinger, M. (2018). Understanding FinTech start-ups–a taxonomy of consumeroriented service offerings. Electronic Markets, 28, 245-264.
  • Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To FinTech and beyond. The Review of Financial Studies, 32(5), 1647-1661.
  • Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87, 537-580.
  • Guo, F., Wang, J., Wang, F., Kong, T., Zhang, X., & Cheng, Z. (2020). Measuring China’s digital financial inclusion: Index compilation and spatial characteristics. China Economic Quarterly, 19(4), 1401-1418.
  • Guo, P., & Shen, Y. (2019). Internet finance, deposit competition and bank risk taking. Journal of Financial Research, 8, 58-76.
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  • He, Z., Jiang, S., Xu, D., & Yin, X. (2021). Investing in lending technology: It spending in banking. University of Chicago, Becker Friedman Institute for Economics Working Paper, 2021-116.
  • Hendershott, T., Zhang, X., Zhao, J. L., & Zheng, Z. (2021). FinTech as a game changer: Overview of research frontiers. Information Systems Research, 32(1), 1-17.
  • Hornuf, L., Klus, M. F., Lohwasser, T. S., & Schwienbacher, A. (2021). How do banks interact with FinTech startups?. Small Business Economics, 57, 1505-1526.
  • Hou, X., Gao, Z., & Wang, Q. (2016). Internet finance development and banking market discipline: Evidence from China. Journal of Financial Stability, 22, 88-100.
  • Huei, C. T., Cheng, L. S., Seong, L. C., Khin, A. A., & Bin, R. L. L. (2018). Preliminary study on consumer attitude towards FinTech products and services in Malaysia. International Journal of Engineering & Technology, 7(2.29), 166-169.
  • Innovate Finance. (2021 4 April). Innovate Finance. Retrieved from https://www.innovatefinance.com/uk- FinTech-shines-brightly-amid-the-covid-gloom/.
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  • Jünger, M., & Mietzner, M. (2020). Banking goes digital: The adoption of FinTech services by German households. Finance Research Letters, 34, 101260.
  • Kanga, D., Oughton, C., Harris, L., & Murinde, V. (2022). The diffusion of FinTech, financial inclusion and income per capita. The European Journal of Finance, 28(1), 108-136.
  • Kathuo S., Rotich, G., Anyango, W. (2015). Effect of Mobile Banking On the Financial Performance of Banking Institutions in Kenya. Strategic Journals, 2(98), 1440 – 1457.
  • Kavuri, A. S., & Milne, A. (2019). FinTech and the Future of Financial Services: What are the research gaps?. CAMA Working Paper No. 18/2019, Available at SSRN: https://ssrn.com/abstract=3333515 or http:// dx.doi.org/10.2139/ssrn.3333515.
  • Knight, E., & Wójcik, D. (2020). FinTech, economy and space: Introduction to the special issue. Environment and planning A: Economy and Space, 52(8), 1490-1497.
  • Kömürcüoğlu, Ö. F., & Akyazı, H. (2020). Finansal Teknolojilerdeki (Fintek) Gelişmeler: Fırsatlar ve Riskler. Karadeniz Ekonomi Araştırmaları Dergisi, 1(1), 35-48.
  • Lai, R. N., & Van Order, R. A. (2017). FinTech Finance and Financial Fragility―Focusing on China. Available at SSRN 3075043.
  • Lee, C. C., Li, X., Yu, C. H., & Zhao, J. (2021). Does FinTech innovation improve bank efficiency? Evidence from China’s banking industry. International Review of Economics & Finance, 74, 468-483.
  • Li, X., Feng, H., Zhao, S., & Carter, D. A. (2021). The effect of revenue diversification on bank profitability and risk during the COVID-19 pandemic. Finance Research Letters, 43, 101957.
  • Li, Y., Spigt, R., & Swinkels, L. (2017). The impact of FinTech start-ups on incumbent retail banks’ share prices. Financial Innovation, 3(1), 1-16.
  • Maier, E. (2016). Supply and demand on crowdlending platforms: connecting small and medium-sized enterprise borrowers and consumer investors. Journal of Retailing and consumer Services, 33, 143-153.
  • Manrai, L. A., & Manrai, A. K. (2007). A field study of customers’ switching behavior for bank services. Journal of Retailing and Consumer Services, 14(3), 208-215.
  • Medyawati, H., Yunanto, M., & Hegarini, E. (2021). Financial Technology as Determinants of Bank Profitability. Journal of Economics, Finance and Accounting Studies, 3(2), 91-100.
  • Mention, A. L. (2019). The future of FinTech. Research-Technology Management, 62(4), 59-63.
  • Mohsin, A., Sheikh, M. R. I., Tushar, H., Iqbal, M. M., Far Abid Hossain, S., & Kamruzzaman, M. (2022). Does FinTech credit scale stimulate financial institutions to increase the proportion of agricultural loans?. Cogent Economics & Finance, 10(1), 2114176.
  • Monika, A., Azam, A. N., & Teguh, S. I. (2021). The Impact of FinTech Development to Profitability of Islamic Bank. International Journal of Research and Review, 8(1), 250-258.
  • Nobanee, H., Dilshad, M. N., Al Dhanhani, M., Al Neyadi, M., Al Qubaisi, S., & Al Shamsi, S. (2021). Big data applications the banking sector: A bibliometric analysis approach. Sage Open, 11(4), 215.824.40211067234.
  • Ntwiga, D. B. (2020). Technical efficiency in the Kenyan banking sector: Influence of FinTech and banks collaboration. Journal of Finance and Economics, 8(1), 13-22.
  • Okoli, T. T. (2020). Is the relationship between financial technology and credit risk monotonic? Evidence from the BRICS economies. Asian Economic and Financial Review, 10(9), 999 1011. https://doi.org/10.18488/ journal.aefr.2020.109.999.1011.
  • Omarini, A. E. (2018). Banks and FinTechs: How to develop a digital open banking approach for the bank’s future. International Business Research, 11(9), 23-36.
  • Omodero, C. O. (2021). FinTech innovation in the financial sector: Influence of E-money products on a growing economy. Studia Universitatis Vasile Goldiş, Arad-Seria Ştiinţe Economice, 31(4), 40-53.
  • Palmié, M., Wincent, J., Parida, V., & Caglar, U. (2020). The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change, 151, 119779.
  • Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2020). Do financial technology firms influence bank performance?. Pacific-Basin Finance Journal, 62, 101210.
  • Reyes-Mercado, P., & Reyes-Mercado, P. (2021). Societal Outcomes of FinTech. FinTech Strategy: Linking Entrepreneurship, Finance, and Technology, 171-185. https://doi.org/10.1007/978-3-030- 5 3 9 4 5 - 0_10.
  • Romānova, I., & Kudinska, M. (2016). Banking and FinTech: A challenge or opportunity?. In Contemporary issues in finance: Current challenges from across Europe, 98, 21-35. https://doi.org/10.1108/ S1569.375.9201600.000.98002.
  • Romer, P. M. (1990). Endogenous technological change. Journal of political Economy, 98(5, Part 2), S71-S102. Saksonova, S., & Kuzmina-Merlino, I. (2017). Fintech as financial innovation – the possibilities and problems of implementation. European Research Studies Journal, 20(3A), 961-973.
  • Sezal, L. (2020). Fintek Hizmetlerinin Finans Sektörüne Etkileri ve Sağlanan Devlet Teşvikleri. Ekonomi İşletme ve Maliye Araştırmaları Dergisi, 2(3), 233-248.
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  • Taştan, S., & Uralcan, G. Ş., (2019). Küresel Finansal Teknoloji Sektöründe Ortaya Çıkan Yeni Girişimlerin Ekonomik ve Teknolojik Belirleyicileri, Haliç Üniversitesi Sosyal Bilimler Dergisi, 2(1), 41-69.
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  • Turkey KPMG. (2021, 19 August). KPMG Reports. Retrieved from https://assets.kpmg/content/dam/kpmg/tr/ pdf/2022/08/FinTech-sektorel-bakis 2021.pdf.
  • Turkey KPMG. (2021, 26 April). Pulse of FinTech H2’20 Reports. Retrieved from https://assets.kpmg/content/ dam/kpmg/xx/pdf/2021/02/pulse-of-FinTech-h2-2020.pdf.
  • Türkmen, S. Y., & Durbilmez, S. E. (2019). Blockchain teknolojisi ve Türkiye finans sektöründeki durumu. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 4(1), 30-45.
  • Wang, R., Liu, J., & Luo, H. (2021). FinTech development and bank risk taking in China. The European Journal of Finance, 27(4-5), 397-418.
  • Wang, Y., Xiuping, S., & Zhang, Q. (2021). Can fintech improve the efficiency of commercial banks?—An analysis based on big data. Research in İnternational Business and Finance, 55, 101338.
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  • World Bank Group. (2021, 15 May). The Global Covid-19 FinTech Market Rapid Assessment Study, Retrieved from. https://www3.weforum.org/docs/WEF_The_Global_ Covid19_FinTech_Market_Rapid_ Assessment_Study_2020.pdf.
  • Wu, Y. H., Bai, L., & Chen, X. (2022). How does the development of FinTech affect financial efficiency? Evidence from China. Economic Research-Ekonomska Istraživanja, 1-19.
  • Zhang, A., Wang, S., Liu, B., & Liu, P. (2022). How FinTech impacts pre‐and post‐loan risk in Chinese commercial banks. International Journal of Finance & Economics, 27(2), 2514-2529.
  • Zhao, J., Li, X., Yu, C. H., Chen, S., & Lee, C. C. (2022). Riding the FinTech innovation wave: FinTech, patents and bank performance. Journal of International Money and Finance, 122, 102552.
Toplam 88 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Nuray Yuzbaşıoğlu 0000-0001-7409-4263

Erken Görünüm Tarihi 20 Aralık 2023
Yayımlanma Tarihi 20 Aralık 2023
Gönderilme Tarihi 27 Ağustos 2023
Kabul Tarihi 24 Ekim 2023
Yayımlandığı Sayı Yıl 2023

Kaynak Göster

APA Yuzbaşıoğlu, N. (2023). HOW DOES THE FINTECH INNOVATION WAVE AFFECT FINANCIAL MARKETS, THE BANKING INDUSTRY, AND CUSTOMER BEHAVIOR?. Journal of Research in Business, 8(2), 549-574. https://doi.org/10.54452/jrb.1350890