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In 1971, the patent for the Automated Teller Machine was awarded to David Wetzel. While possibly not the first application of financial technology, since 1971 time, the innovation in the financial industry has grown beyond expectations. However, most studies in innovation ignore the financial sector altogether. In this study, the authors investigate financial technology firms and innovation. After identifying firms that are considered financial technology, the authors collect innovation outcomes such as patents and data breaches associated with those firms. The authors show that patent activity has enjoyed modest growth year over year; however, firms still have challenges to overcome such as market risk and data security. This study serves as a perspective on financial technology.

The purpose of this study is to thoroughly review studies that have used blockchain technology in financial services. This study will help provide a holistic framework that would highlight the current state and challenges of the blockchain in the financial services sector.

The objective of this study is to systematically examine and organize the current body of research literature that either quantitatively or qualitatively explored the use of blockchain technology in financial services. The study uses PRISMA-guided systematic review along with bibliometric analysis to achieve the purpose.

This study contributes to the existing literature by exploring and analyzing systematic studies available on blockchain with special reference to financial services sector. With blockchain based on five principles, namely, computational logic, peer-to-peer transmission, irreversibility of records, distributed database and transparency with pseudonym has immense potential to unleash and transform the financial service industry. With increasing blockchain-based operations of decentralized banking, insurance, trade finance, financial markets and cryptocurrency market, the subject is rapidly growing and seeking considerable contribution from scholars from around the world.

This study uses systematic literature review approach, which has its own demerits. Like other studies based on Systematic Literature Review, this study also suffers from a certain bias such as sample selection bias, publication bias, data interpretation and the combination of quantitative and qualitative studies in the population. Further, the adoption and resultant benefits of blockchain have not been empirically tested.

This study can help policymakers and institutions in determining their future course of action, as it highlights the state of research in the area of blockchain technology and financial services.

Very few studies have done a comprehensive review of literature on blockchain in financial services.

The digital economy provides companies with financial stability and highly developed technological tools to run businesses based on their operations’ transparency. Business stability is formed due to the introduction of a competence-based management system in financial organizations in the Russian corporate sector.

In terms of the digital economy as financial and technological companies, we consider large banks and other financial organizations to develop risk-oriented technologies for managing financial stability based on digitization.

The main aim of this chapter is to describe the features, the factors, and the conditions for the competence-based management development system. It highlights the role of the system for the banks and the financial technologies used by companies for sustainable development.

The purpose of this study is to define FinTech, differentiating it from financial technology and use the definition to develop an industry framework.

Using the existing literature on FinTech and incorporating these contributions into a traditional financial structure, characteristics are outlined and placed into a framework that describes the FinTech industry.

FinTech is a specific type of Financial Technology, defined as technology used to provide financial markets a financial product or financial service, characterized by sophisticated technology relative to existing technology in that market. Firms that primarily use FinTech are classified as FinTech firms. Using these definitions, the paper provides a structure for the FinTech industry, classifying each type of FinTech firm by FinTech characteristics.

Research that would inform the economic importance of FinTech would be served with an increased understanding of FinTech firms and the FinTech industry.

This paper contributes by defining FinTech and developing a comprehensive framework to describe the emerging FinTech industry.

The study investigates the impact of financial development, urban population, technology and energy consumption on economic output and carbon emissions in Brazil, Russia, India, China and South Africa (BRICS) economies.

The study uses Johansen Fisher type panel cointegration, fully modified ordinary least square and heterogeneous panel causality tests to examine long-run, long-run elasticities and short-run relationships. For conducting the tests, the study selected five emerging economies, i.e. Brazil, Russia, India, China and South Africa and used balanced panel data for the period between 1998 and 2016.

The empirical results confirm the presence of a long-run cointegration relationship among the variables. We find that financial development, technology and energy consumption have a considerable positive impact on economic output. Also, financial development, urban population and technology help reduce carbon (CO2) emissions and ensure an improved environmental quality in the long run in the five emerging economies. In the short run, a bidirectional causal relationship is noticed between financial development and CO2 emissions.

Clean energy, technological development and investments by public–private partnerships are required in the public and private sectors to reduce carbon emissions. This not only ensures improved environmental quality but also increases energy efficiency, thereby reducing dependency on traditional energy consumption.

As its contribution to the extant literature, the study examines the impact of financial development, energy consumption, technology, urbanization, economic output and carbon emissions in BRICS economies. The findings of the research suggest both the governments and policymakers of these five emerging economies to develop more effective policies toward bolstering the financial development and increasing the use of technology. These, in turn, ensure sustainable development with low CO2 emission in the future and, eventually, pushing those five emerging market economies toward sustainable economic growth.

The increasing availability of eXtensible Business Reporting Language (XBRL) financial statements motivates additional investigation of whether XBRL’s search-facilitating technology (SFT) and enhanced viewing capabilities facilitate information search and improve financial analysis decision quality and efficiency. This experiment investigates how using XBRL technology to view financial statements influences novice investors’ decision quality by affecting decision processes such as search strategy and effort, as well as decision efficiency (accuracy/effort) in a financial statement analysis task. In the experiment, randomly assigned student participants (n = 102) invested in companies using either static PDF-formatted or XBRL-enabled financial statements. No differences in decision quality (i.e., accuracy) due to technology use were observed. However, participants in the XBRL condition examined less information, used more directed search processes, and evidenced greater efficiency than did participants assigned to the PDF condition. Hence, the results suggest that XBRL SFT affects the use of differing decision processes relative to PDF technology.

The purpose of this paper is to explore the audit-related causes of financial scandals and advice on how emerging technologies can provide solutions thereto. Specifically, this study seeks to look at the facilitators of financial statement fraud and explain specific fintech advancements that contribute to financial information reliability for equity investments.

The study uses the case studies of Enron and Arthur Andersen to document the evidence of audit-related issues in historical financial scandals. Then, a comprehensive and interdisciplinary literature review at the intersection of business, accounting and engineering, provides a foundation to propose technology advancements that can solve identified problems in accounting and auditing.

The findings show that blockchain, internet of things, smart contracts and artificial intelligence solutions have different functionality and can effectively solve various financial reporting and audit-related problems. Jointly, they have a strong potential to enhance the reliability of the information in financial statements and generally change how companies operate.

The proposed and explained technology advancements should be of interest to all publicly listed companies and investors, as they can help safeguard equity investments, thus build investors’ trust towards the company.

Aside from implications for capital markets participants, the study findings can materially benefit various stakeholder groups, the broader company environment and the economy.

This is the first paper that seeks solutions to financial fraud and audit-related financial scandals in technology and not in implementing yet another regulation. Given the recent technology advancements, the study findings provide insights into how the role of an external auditor might evolve in the future.

This purpose of this paper is to provide an overview of the status of e‐finance and discuss related issues and challenges. Provides data about growth of e‐finance in the last decade. Introduces advances and innovations in e‐finance and challenges facing the financial services and IT industries.

The paper employs the archival method of reviewing related literature (theoretical, applied and empirical) and organizing and presenting the topics to provide an overview of e‐finance status.

The major contributions and finding of this paper include all areas of e‐finance, application of technology to e‐finance, growth of the e‐finance in the financial services industry.

The paper provides areas of e‐finance that face many different challenges and calls for further research in a number of areas related to e‐finance technology and the interface of financial services and IT.

The paper brings all scattered information and data about e‐finance under one umbrella that would make scholars and practitioners aware of advances in e‐finance and applications of innovations and new technology to financial services provided.

The main value or contribution of this paper is bringing together most of available literature, advances, innovations, application of IT in the financial services industry and showing how organizations could benefit from such innovations. It also provides ideas to scholars for further research in this area.

The stimulus for this research is that as US hospitals and health care organizations become more competitive, wise investments in technology and quality improvement are keys to financial success and survival. A structural equation model is hypothesized using the following five constructs: clinical technology; information technology; clinical quality; process quality; and hospital financial performance. No research to date has examined the relationships between the type of technology, the type of quality, and hospital financial performance. The general research hypothesis tested is that hospital technology directly drives (affects) quality and hospital financial performance. The results indicate that the type of hospital technology (clinical or information) drives different types of quality‐related performance (clinical or process), and directly and indirectly affects hospital financial performance. The simple recursive model documented here is an important first step to defining more complete models that accurately predict hospital financial performance as a function of technology and quality investments and initiatives. The article concludes by summarizing results, discussing their implications, and proposing future research ideas.

The purpose of this study is to examine investors' internal characteristics, including investment literacy, risk tolerance and familiarity with mobile financial services, as antecedents of mobile investment technology adoption among American investors.

Using the 2018 National Financial Capability Study and its supplemental Investor Survey, this study examined antecedents, including investors' internal characteristics, in relation to mobile investment technology adoption. Nested logistic regression analyses were performed for adopting mobile apps for investment decisions and for investment trading.

This study found that objective and subjective investment knowledge, experience using mobile banking for payments and money transfers, and certain ownerships of investment vehicles (such as whole-life insurance policies and ETFs) were significant determinants of mobile investment decision-making. On the other hand, subjective investment literacy, risk tolerance, familiarity with mobile financial services, and portfolio value, as well as certain types of investment vehicles were significantly associated with mobile investment trading.

This study is among the first to examine investors' investment literacy, risk tolerance and familiarity with mobile financial services as investors' internal characteristics in relation to mobile investment technology adoption. The diffusion of innovations theory and related concepts provide theoretical support for this study. The findings provide new insights into mobile investing as an emerging FinTech subject and provide implications for practitioners and FinTech developers, as well as contribute to the literature of mobile investment service adoption among retail investors.