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Financial Technology and Disruptive Innovation in Business: Concept and Application

Author

Listed:
  • Muhammad Anshari

    (Universiti Brunei Darussalam, Brunei)

  • Mohammad Nabil Almunawar

    (Universiti Brunei Darussalam, Brunei)

  • Masairol Masri

    (Universiti Brunei Darussalam, Brunei)

Abstract

Financial technology (FinTech) expands financial services to many people that are currently lacking access where customers enjoy using banking products and services provided by non-banking providers. FinTech changes the way people pay, send money, borrow, lend, and invest. FinTech enables financial solutions and innovative business models resulting the fusion of finance and smart mobile technology. The emergence of FinTech-related products causes major disruptions in financial services. Though it is yet far from replacing current financial services, it offers financial products and services by non-financial sectors into automation, user-friendly, efficient, and transparent just like banking and financial sectors. The paper discusses its concept, characteristics, and some case studies of local FinTech in Indonesia. In addition, the study deployed text mining analysis to find out the correlation and patterns of FinTech's characteristics. Then the case analysis highlights a comparative assessment between local FinTech in Indonesia versus global FinTech players within local market-based completion. The findings suggest that local FinTech organizations can be resilient competing with an international FinTech players.

Suggested Citation

  • Muhammad Anshari & Mohammad Nabil Almunawar & Masairol Masri, 2020. "Financial Technology and Disruptive Innovation in Business: Concept and Application," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 11(4), pages 29-43, October.
    • Handle: RePEc:igg:jabim0:v:11:y:2020:i:4:p:29-43
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    Citations

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    Cited by:

    1. Mathupayas Thongmak, 2023. "Thai Commercial Banks on Twitter: Mining Intents, Communication Strategies, and Customer Engagement," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 14(1), pages 1-27, January.
    2. Zhian Zhiow Augustinne Wong & Ramez Abubakr Badeeb & Abey P. Philip, 2023. "Financial Inclusion, Poverty, and Income Inequality in ASEAN Countries: Does Financial Innovation Matter?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(1), pages 471-503, September.
    3. Yi Sun & Shihui Li & Rui Wang, 2023. "Fintech: from budding to explosion - an overview of the current state of research," Review of Managerial Science, Springer, vol. 17(3), pages 715-755, April.
    4. Nai Chiek Aik & Qiurui Zhang, 2023. "Use of Theil for a Specific Duality Economy: Assessing the Impact of Digital Inclusive Finance on Urban-Rural Income Gap in Chongqing," FinTech, MDPI, vol. 2(4), pages 1-12, September.
    5. Muhammad Anshari & Mohammad Nabil Almunawar & Masairol Masri, 2022. "Digital Twin: Financial Technology’s Next Frontier of Robo-Advisor," JRFM, MDPI, vol. 15(4), pages 1-9, April.
    6. Faraz Ahmed & Arsalan Hussain & Sajjad Nawaz Khan & Arsalan Haneef Malik & Muhammad Asim & Sadique Ahmad & Mohammed El-Affendi, 2024. "Digital Risk and Financial Inclusion: Balance between Auxiliary Innovation and Protecting Digital Banking Customers," Risks, MDPI, vol. 12(8), pages 1-21, August.
    7. Amit Pandey & Ravi Kiran & Rakesh Kumar Sharma, 2022. "Investigating the Impact of Financial Inclusion Drivers, Financial Literacy and Financial Initiatives in Fostering Sustainable Growth in North India," Sustainability, MDPI, vol. 14(17), pages 1-21, September.
    8. Iza GIGAURI, 2022. "The Promise of Financial Inclusion for Developing Economies," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 8(6), pages 7-20, September.
    9. Mariani, Marcello M. & Machado, Isa & Nambisan, Satish, 2023. "Types of innovation and artificial intelligence: A systematic quantitative literature review and research agenda," Journal of Business Research, Elsevier, vol. 155(PB).
    10. Muhammad Anshari & Munirah Ajeerah Arine & Norzaidah Nurhidayah & Hidayatul Aziyah & Md Hasnol Alwee Salleh, 2021. "Factors influencing individual in adopting eWallet," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(1), pages 10-23, March.

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