The Rise of FinTech: Promises, Perils, and Challenges

21 Pages Posted: 23 Feb 2021

See all articles by Moran Ofir

Moran Ofir

Interdisciplinary Center (IDC) Herzliyah

Ido Sadeh

Interdisciplinary Center (IDC) Herzliyah, Radzyner School of Law, Students

Date Written: February 18, 2021

Abstract

FinTech innovations have transformed a variety of financial activities and have reshaped the structure of the financial market. This chapter provides a high-level overview of these transformations and examines their impacts on the financial market. It starts by identifying the key features of the current FinTech ecosystem: (1) massive processes of digitization and digitalization; (2) increasing use of Artificial Intelligence (AI) techniques; (3) increasing use of big data techniques; (4) and disintermediation. These features distinguish the current FinTech ecosystem from early applications of technologies to finance and form a framework through which the chapter proceeds to analyze the potential promises, perils, and regulatory challenges associated with the rise of FinTech.

Keywords: FinTech, Artificial Intelligence, Regulation, Financial Institutions

JEL Classification: G20, G28, K22, O33

Suggested Citation

Ofir, Moran and Sadeh, Ido, The Rise of FinTech: Promises, Perils, and Challenges (February 18, 2021). Available at SSRN: https://ssrn.com/abstract=3788168 or http://dx.doi.org/10.2139/ssrn.3788168

Moran Ofir (Contact Author)

Interdisciplinary Center (IDC) Herzliyah ( email )

P.O. Box 167
Herzliya, 46150
Israel

Ido Sadeh

Interdisciplinary Center (IDC) Herzliyah, Radzyner School of Law, Students ( email )

Herzliya
Israel

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