Abstract
The chapter considers how financial systems are converging with respect to financial service players, big data, and regulations. The role of influential players such as FinTech, Neo-Banks, Big Tech, and Big retailers is increasingly important. These new players are flexing muscle with the established financial institutions to win customers’ minds and market share. The days of holding and keeping consumer data in a silo are gone as technology has made data mining of this big data a veritable source of service and product innovation through optimization. On the regulation side, the regulatory environment is becoming more permissible allowing for increased collaboration and convergence between the market and the regulators to safeguard the soundness of the financial system. This convergence is, however, without its own challenges because attaining and sustaining coordinated uniform global financial regulation are ongoing efforts that require careful consideration. Meanwhile, achieving financial inclusion and sustainable financial environment are hinged on a uniform financial regulation standard.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Awotunde, J. B., Adeniyi, E. A., Ogundokun, R. O., & Ayo, F. E. (2021). Application of big data with fintech in financial services. In Fintech with artificial intelligence, big data, and blockchain (pp. 107–132). Springer.
Globe Newswire. (2023, January 5). Increasing Internet usage and growing consumer base to foster neo bank market growth. Retrieved from https://www.globenewswire.com/news-release/2023/01/05/2583596/0/en/increasing-internet-usage-and-growing-consumer-base-to-foster-neo-bank-market-growth.html
Hilten, C. & Djukiv, I. (2022, April). How can banks leverage ever-increasing reporting burdens to create a truly data-driven business model? Retrieved August 10, 2022, from https://www.ey.com/en_nl/banking-capital-markets/how-banks-leverage-reporting-burdens-to-become-data-driven
Payment Canada. (2023, April 10). Q1 2023 delivery roadmap update. https://payments.ca/q1-2023-delivery-roadmap-update
Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59, 69–76.
The Payment Association. (2020, October 12). Fintech: History and future of financial technology. Available at: https://thepaymentsassociation.org/article/fintech-the-history-and-future-of-financial-technology/
Turi, A. N. (2020a). Digital economy and the information society. In Technologies for modern digital entrepreneurship: Understanding emerging tech at the cutting-edge of the web 3.0 economy (pp. 1–41).
Turi, A. N. (2020b). Technologies for modern digital entrepreneurship: Understanding emerging tech at the cutting-edge of the web 3.0 economy. Apress.
Turi, A. N. (Ed.). (2023). Financial technologies and DeFi: A revisit to the digital finance revolution. Springer Nature.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Ayinde, K.S., Lekhi, P., Toobaee, M. (2024). Convergence in Financial Systems: Fintech, Big Data, and Regulatory Standards. In: Turi, A.N., Lekhi, P. (eds) Innovation, Sustainability, and Technological Megatrends in the Face of Uncertainties. Future of Business and Finance. Springer, Cham. https://doi.org/10.1007/978-3-031-46189-7_10
Download citation
DOI: https://doi.org/10.1007/978-3-031-46189-7_10
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-46188-0
Online ISBN: 978-3-031-46189-7
eBook Packages: Business and ManagementBusiness and Management (R0)