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Financial Technology (FinTech) Innovations and the Future of Financial Institutions (FIs) in Palestine “An Exploratory Study”

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Financial Technology (FinTech), Entrepreneurship, and Business Development (ICBT 2021)

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 486))

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Abstract

The aim of this study is to explore opinions and attitudes concerning the emergence of FinTech on the Future of Financial Services Industry in Palestine. In order to achieve the objectives of the study, eleven in-depth interviews have been conducted with a group of managers working in the banking and financial services sectors represented by administrative staff from departments specialized in technical fields, product and software development, information technology, and electronic payments services. In addition, the study conducts a content analysis for the reports and articles provided by the participating institutions. Data collected were analyzed using thematic analysis. Data Findings on such Themes and Patterns were developed and organized using NVivo software. The study finds that there is an important role of the incumbent banking and Financial Institutions, academic bodies, technology companies, and business incubators to create a conducive environment for FinTechs ecosystem in Palestine. In addition, the findings show that FinTech in Palestine face several challenges most prominently rules and regulations, cybersecurity, customers’ lack of trust toward digital services, etc.

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Correspondence to Sedeaq Nassar .

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Appendices

Appendices

Appendix 1: Interview Guide

Topic: General/Introduction

Purpose: Making the participant at ease and to provide context if needed

Notes:

Assessing knowledge of the interviewee, experience in FinTech etc.

Giving a summary of the themes which are covered in the interview

Explaining the study and research topics

Topic: FinTech innovations

Purpose: Gaining some knowledge about FinTech in general

Questions:

What is your current position?

Please describe the extent to which you are familiar with Financial technology?

Please suggest a definition for the term Financial Technology?

In what FinTech segment/channels do you think will be seeing the greatest adoption & growth in Palestine?

Topic: FinTech Ecosystem

Purpose: Identifying the required framework conditions and success factors to create a conducive environment (ecosystem) for FinTech in Palestine

Questions:

What are the required conditions and success factors to create a conducive environment for FinTechs in Palestine?

What are the incentives that drive your organization towards the digital transformation of Financial Services?

Who are the key partners of FinTech XX?

Topic: Reaction Strategies

Purpose: Exploring the opinions, attitudes and strategies towards the digital transformation of financial services

Questions:

Please describe your organizations’ attitude/strategy towards the digital transformation of financial services?

Which are the most likely areas in which your organization will collaborate or invest in FinTechs?

Topic: Challenges

Purpose: Exploring the potential challenges that will delay the adoption of Fintech in Palestine

Questions:

What challenges or gaps do you believe that will delay the adoption of Fintechs in Palestine?

Topic: Opportunities

Purpose: Identifying the opportunities that FinTech solutions will provide to the current Palestinian Financial institutions

Questions:

What are the opportunities that FinTech solutions will provide to your business?

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Al-Daya, W., Nassar, S., Al-Massri, M. (2022). Financial Technology (FinTech) Innovations and the Future of Financial Institutions (FIs) in Palestine “An Exploratory Study”. In: Alareeni, B., Hamdan, A. (eds) Financial Technology (FinTech), Entrepreneurship, and Business Development. ICBT 2021. Lecture Notes in Networks and Systems, vol 486. Springer, Cham. https://doi.org/10.1007/978-3-031-08087-6_2

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  • DOI: https://doi.org/10.1007/978-3-031-08087-6_2

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-08086-9

  • Online ISBN: 978-3-031-08087-6

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