Regulatory challenges and mitigation for account services offered by FinTech
Paper
Paper/Presentation Title | Regulatory challenges and mitigation for account services offered by FinTech |
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Presentation Type | Paper |
Authors | Mahalle, Abhishek (Author), Yong, Jianming (Author) and Tao, Xiaohui (Author) |
Editors | Shen, Weiming, Barthes, Jean-Paul, Luo, Junzhou, Shi, Yanjun and Zhang, Jinghui |
Journal or Proceedings Title | Proceedings of the IEEE 24th International Conference on Computer Supported Cooperative Work in Design (IEEE CSCWD 2021) |
ERA Conference ID | 43280 |
Article Number | 9437631 |
Number of Pages | 8 |
Year | 2021 |
Place of Publication | Piscataway, United States |
ISBN | 9781728165974 |
Digital Object Identifier (DOI) | https://doi.org/10.1109/CSCWD49262.2021.9437631 |
Web Address (URL) of Paper | https://ieeexplore.ieee.org/document/9437631 |
Conference/Event | IEEE 24th International Conference on Computer Supported Cooperative Work in Design (IEEE CSCWD 2021) |
International Conference on Computer Supported Cooperative Work in Design | |
Event Details | International Conference on Computer Supported Cooperative Work in Design CSCWD Rank B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B |
Event Details | IEEE 24th International Conference on Computer Supported Cooperative Work in Design (IEEE CSCWD 2021) Event Date 05 to end of 07 May 2021 Event Location Dalian, China |
Abstract | With an innovation to offer in product & services in the Banking and Financial Services Industry, FinTech have received both attention from investors and regulatory bodies across globe. With a primary objective to improve financial inclusion for unbanked population in emerging economies through mobile devices, Fintech have become new commercial entities that promises to deliver millennium goals of World Bank and G20 nations. The availability of huge user data due to use of mobile devices and its use to generate sales of financial products, FinTech companies and solutions are constantly changing and are unique to each Fintech company. Fintech have devised a business model to provide financial services in the form of payment services, wealth management, crowd funding, lending services, forex services for remittance, digital wallets and digital currencies. The data driven business model, connected customers over mobile phones and several financial services demand new regulatory framework that also protects consumers and prevents systemic risk in economy. In this papers, we have identified the regulatory guidelines issued for various financial product for customers and challenges Fintech will need to solve to provide innovative services. The paper aims to cover the life cycle of products, scope of innovation for Fintech and methods to meet requirements by regulatory bodies. This paper covers the requirements by products in “Account Services” offered by Banking and Financial Services Industry. |
Keywords | FinTech, regulations, banking services, big data, peer-to-peer lending |
ANZSRC Field of Research 2020 | 350204. Financial institutions (incl. banking) |
460905. Information systems development methodologies and practice | |
350705. Innovation management | |
Public Notes | Conference postponed from 6-8 May 2020 to 5-7 May 2021 due to Covid-19. Accepted version deposited in accordance with the copyright policy of the publisher. |
Byline Affiliations | School of Management and Enterprise |
School of Agricultural, Computational and Environmental Sciences | |
Institution of Origin | University of Southern Queensland |
https://research.usq.edu.au/item/q60q3/regulatory-challenges-and-mitigation-for-account-services-offered-by-fintech
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