Monetary means relating to money, especially the total amount of money in a country. or relating to money, or to the mechanisms by which it is supplied to, and circulates in, an economy. In comparison, fiscal relates to public revenues (taxation) and public spending, debt, and finance.
Financial technology, often shortened to fintech, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.
After reviewing more than 200 scientific papers citing the term "fintech," a study on the definition of fintech concluded that ‘fintech is a new financial industry that applies technology to improve financial activities.’ Fintech is the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet. Fintech can also be considered as “any innovative ideas that improve financial service processes by proposing technology solutions according to different business situations, while the ideas could also lead to new business models or even new businesses."
Within the financial services industry, some of the used technologies include artificial intelligence (AI), big data, robotic process automation (RPA), and blockchain.
Artificial Intelligence is a blanket term for many different technologies. In terms of the "fintech" industry, AI is used in various forms. AI algorithms can be used to predict changes in the stock market and give insight into the economy. AI is used to provide insight on customer spending habits and allows financial institutions to better understand their clients. Chatbots are another AI-driven tool that banks are starting to use to help with customer service
Big Data is another "fintech" technology that financial institutions utilize. In the finance sector, big data can be used to predict client investments and market changes and create new strategies and portfolios. Big Data can be used to analyse customer spending habits and therefore improve fraud detection. Big Data helps banks create segmented marketing strategies and can be used to optimize the operations of a company
Finance is seen as one of the industry’s most vulnerable to disruption by software because financial services, much like publishing, are made of information rather than concrete goods. In particular blockchains have the potential to reduce the cost of transacting in a financial system. While finance has been shielded by regulation until now, and weathered the dot-com boom without major upheaval, a new wave of start-ups is increasingly "disaggregating" global banks. However, aggressive enforcement of the Bank Secrecy Act and money transmission regulations represents an ongoing threat to fintech companies. In response, the International Monetary Fund (IMF) and the World Bank jointly presented Bali Fintech Agenda on October 11, 2018. which consists of 12 policy elements acting as a guideline for various governments and central banking institutions to adopt and deploy "rapid advances in financial technology.
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