Embedded finance: An evaluation of current and future use cases

FinTech field began to develop rapidly since 2008, after the Global Financial Crisis. This was due to the fact that financial institutions could not quickly respond to consumer needs because of a number of regulatory and legislative restrictions that were implemented to overcome the consequences of the crisis. At the same time the main factors of FinTech development were technological evolution, emerging customer expectations, availability of funding and capital, and support from governments and regulatory authorities. FinTech makes traditional financial services more affordable, flexible and secure, and therefore FinTech is one of the main drivers of digital transformation of the whole financial sector and the development of financial accessibility in the world. The development of the FinTech industry has a huge influence on the financial sector. FinTech strives to make financial services more accessible for both consumers and businesses. FinTech companies are fast growing and attract a large amount of investment each year in their development. At the same time, traditional financial institutions feel threatened on their part, because with the increasing number of FinTech companies, competition in the financial services market is growing too. In order to stay on the market, traditional banks are forced to adapt to modern realities and develop cooperation with FinTech companies. FinTech companies can help banks provide financial products and services more effectively and strengthen their competitive advantages. For example, they can improve financial inclusion, enhance customer experience, increase transparency, improve security, and provide support and guidance. Thus, financial institutions in cooperation with FinTech companies are able to provide new financial products and services to groups of customers who previously did not have access to traditional financial services. In addition, thanks to new technologies, financial institutions can offer personalized services and communicate online with customers, which significantly increases their engagement and experience. Furthermore, FinTech companies can help financial institutions detect fraud and deal with cyber-attacks and other online risks. Keywords: FinTech, financial technologies, financial services, financial innovations, FinTech adoption.

Rapid advancement in Web technologies has seen a shift from the use and implementation of closed applications to open information sharing in the form of Web APIs (Application Programming Interface). Developers make use of Web APIs by integrating them into their Web and mobile applications. These APIs however, come with Terms of Service (ToS) and Privacy Policies drawn up by the API providers that the developers must abide by. This research seeks to identify issues developers face with Web API ToS with regard to privacy. We propose to ground our understanding of ToS and privacy policy issues and their subsequent implications on Developer Experience from content analysis of developer discourse with card sorting. We report on a small scale pilot experiment.

The face of the mature market for financial services has been changing. Because of the increase in life expectancy, today’s consumers at retirement age are likely to have different needs for financial services than previous generations. When it comes to marketing financial services to older adults, financial service providers should be cognizant of the diversity of older consumer needs, although their needs for convenience and personal relationships with financial vendors’ representatives are of outmost importance regardless of type of service or vendor. The importance of providing a diversity of traditional and nontraditional financial services along with membership and loyalty programs is also highlighted as gateways to cross-selling more profitable services. In order to capitalize on developments that affect the market for financial services as they relate to the aging population, financial marketers need information about the needs, preferences and habits of older Americans as they apply to financial services. This chapter presents research on older consumers’ attitudes and habits with regard to financial products and services.. Based on this information, as well as information presented in the first four chapters of this book, marketing strategies are suggested for efficient and effectual delivery of financial services to satisfy older consumers financial needs and help promote their long-term well-being.

Multimedia mapping provides a unique approach to integrating geospatial information in digital map format and multimedia information (e.g., text, photographs, sound, and video). Multimedia mapping on the Internet is the direct result of advancement of Web mapping techniques, Internet technology, and Web standards (e.g., HTML, XML, Ajax). However, like traditional Internet GIS applications, multimedia mapping on the Internet is suffered from slow response time, limitation of data sizes, and the slow client/server communications. In addition, the development of multimedia mapping on the Internet requires a huge investment of computer hardware and software, and a steep learning curve for the application developer to become knowledgeable about all of the components involved. It is imperative that a better solution is needed to implement multimedia mapping projects on the Internet. This chapter discusses a new approach of multimedia mapping that utilizes commercial Application Programming Interface (APIs) such as Google Maps API, Yahoo! Flickr API, and YouTube API that can provide faster response time, greater user interaction, as well as higher quality multimedia presentation. A case study of an online visitor guide for the campus of Southern Illinois University Edwardsville is demonstrated.

Cybersecurity has become essential in safeguarding digital finance from increasingly sophisticated threats such as data breaches, fraud and regulatory non-compliance. As financial services become more digitized, FinTech firms face significant challenges, including vulnerabilities in digital transactions, cloud infrastructure, and the security of application programming interfaces (APIs). A key focus is on blockchain technology, which, while offering enhanced security through its distributed ledger, remains vulnerable to wallet hacking and smart contract exploits. Cloud-based systems also pose risks, particularly when third-party providers lack strong cybersecurity measures. To address these issues, FinTech companies rely on existing cybersecurity frameworks and regulatory compliance with laws like GDPR and PCI-DSS to ensure data protection and consumer trust. This paper employs case studies and empirical data to illustrate effective strategies including multi-factor authentication (MFA), encryption, and AI-driven fraud detection for enhancing security. The findings underscore the importance of proactive measures like continuous monitoring and compliance audits to improve cybersecurity outcomes. The paper concludes by recommending that FinTech firms adopt strategic, proactive approaches to cybersecurity, emphasizing the importance of MFA, AI, and regulatory compliance to protect digital finance and ensure trust across the financial ecosystem

The financial landscape has experienced a significant transformation in recent years due to the financial technology’s emergence and rapid growth, commonly known as FinTech. FinTech innovations encompass a wide range of technologies and applications that aim to enhance and revolutionise traditional financial services. Traditionally, financial services were primarily provided by banks, insurance companies, and other established financial institutions. However, with advancements in technology, the FinTech industry has emerged as a disruptive force, challenging traditional financial systems and introducing new solutions. The rise of FinTech can be attributed to several factors, including advancements in technology, changing consumer preferences, and the need for increased efficiency and convenience in financial transactions. FinTech has a significant impact on the financial industry in recent years. It has disrupted traditional banking and financial services by leveraging technology to offer innovative products and services. The impact of FinTech innovations has been profound, transforming the financial landscape in numerous ways. FinTech has improved accessibility and inclusivity, allowing individuals and businesses to access financial services and products more easily, even in underserved or unbanked areas. It has also enhanced operational efficiency, reducing costs and streamlining processes for financial institutions. This research paper examines key FinTech innovations and their profound impact on the financial industry. It explores the benefits, challenges, and implications of these innovations, providing insights into the changing landscape of finance.

Sokoto State having a land mass of 25,973 km² and located in Northwestern Nigeria has a population of about 5.7 million people. Over 80% of the people are farmers living predominantly in the rural areas. As a consequence of this they are both financially and digitally excluded from participating in the formal and increasingly digitalized global economy. Sokoto State Zakat and Waqf (Endowment) Commission (SOZECOM) Nigeria aims to drastically reduce the widespread prevalence of poverty in the state. SOZECOM utilizes an extensive network of volunteers covering all the districts in the state. Almost 50% of the rural population own or have access to mobile phones. By using this network and the access to mobile phones, SOZECOM aims to bridge the gap in financial services between the mostly rural areas and the urban centre through the development of a framework involving the use of volunteers as agents. This will greatly assist in the collection, management and distribution of both zakat and waqf funds. This paper presents the activities undertaken, for greater rural financial inclusivity and participation in the digital economy, the opportunity and constraints.

The crux of this conceptual study throws a lime light on repercussion of Financial Technology (FinTech) on the agility of India’s financial services Industry. This study also provides a snapshot of how financial and payment services provided with the support of financial technologies and tools by financial services firms in India. This conceptual study clearly highlights potential growth of India’s FinTech industry in the light of digital India. As FinTech continues to evolve, we can expect these technologies to further shape the means the banking and financial services and products are delivered, with even more innovative solutions on the horizon. The agility of the FinTech industry comes from a combination of strategic and technological factors. The key strategic factors that enhance the agility of FinTech firms are cross-functional teams, smaller workforce, flat organizational structure, agile leadership, workforce diversity, collaborative mindsets, customer-orientation mindsets, etc. The key technologies in the FinTech industry that are driving a paradigm shift in customer experiences are emerging technologies such as Machine Learning (ML), Artificial Intelligence (AI), Blockchain, Cryptocurrencies, Robotic Process Automation, Open Banking and APIs, Biometric Authentication, Cloud Computing, etc. The rapid adoption of evolving technologies in FinTech sectors have significantly transformed the way the financial and banking services are experienced by the customers and effectively delivered by the FinTech firms. These technologies collectively improve customer experiences by ensuring the accessibility, security and personalization of financial services, which in turn fosters greater customer loyalty and satisfaction.

Application of classification and regression tree (CRT) analysis to identify the agricultural households at risk of financial exclusion

Computer-based devices such as network appliances have become quite a norm lately. These appliances are equipped with a specific special ability. Some examples includes being able to store multimedia files into the appliance as a storage device or being able to share files through the network or internet as a shared resource and many more. As technology advances, people’s expectations continue to grow. Existing network appliances either do not have the ability to merge with other appliances or are not able to work fully functional when used together with other appliances. This is because different network appliances have different frameworks. With this kind of problem, software developers will have a difficult time coding new applications or merging all the different appliances 1.The Extensible Network Appliance Platform (e-NAP) is a kind of network appliance that allows software developers to use it as a multi-purpose network appliance and add new functions to the device for future purposes. The e-NAP, like computers, is able to support different peripherals connected to the appliance, including foreign exchange office (FXO) components. Also, an extensible application programming interface (API) is given for other software developers to be able to make new codes for adding new functions to the e-NAP. With the e-NAP, both software developers and enthusiasts are able to interface different programs and appliances to the e-NAP without making codes of different framework.Based from the findings, each module in the e-NAP is working using the APIs provided. For the Camera class of the Media module, the client can capture images using the web cam connected to the e-NAP Server or their own computer. For the Audio class of the Media module, the client can play audio files through speakers connected to the e-NAP Server or their own computer. In addition, the client can record sounds using microphones connected to the e-NAP Server or their own computer. For the Network API module, clients are able to connect sequentially or simultaneously to the e-NAP Server without any problems. The e-NAP FXO module allows the clients to make and receive outside calls.

Africa's transition to a digital and blue economy presents immense sustainable economic growth and development opportunities. This chapter examines the current state of these emerging sectors, focusing on Nigeria's early-stage efforts to harness their potential. The Blue Economy contributes significantly to Africa's GDP, while the digital economy has similarly transformative effects linked to increased mobile broadband penetration in sub-Saharan Africa. However, Nigeria's regulatory frameworks for both the blue and digital economies need to be translated into actionable strategies. This chapter explores existing policies and initiatives, such as the establishment of Nigeria's Ministry of Marine and Blue Economy in 2023 and the African Union's Digital Transformation Strategy for Africa. It identifies key gaps in policy and regulation. It proposes strategies for creating a more robust and cohesive framework that supports sustainable development, economic resilience, and innovation across the blue and digital economies.

With the increasing aging population, it has had a profound impact on the financial services industry and economy. This study aims to explore the effect of population aging on the financial service industry and economy and propose corresponding countermeasures and suggestions. The aging population has brought challenges to the financial services industry. The increase in the elderly population has led to a rise in demand for financial products and services. Financial institutions innovate and develop financial products and services that meet the needs of older people. At the same time, the financial literacy of older people is relatively low, and financial institutions need to strengthen financial education and improve their financial knowledge level. Secondly, the aging population has had multiple economic impacts, with decreased labor supply and increased elderly care expenses putting pressure on economic growth. Financial institutions must pay attention to this trend, adjust loan policies, and support the development of emerging industries to promote sustainable economic growth. In addition, the change in the consumption needs of older adults has also brought new opportunities to the economy. Financial institutions can meet the consumption needs of older people and promote economic development through innovative products and services.

Financial services industry has always been a data-intensive industry, generating large quantities of customer data from millions of transactions conducted every day. Vast explosion of data and the surge in technological complexities is transforming the way the financial sector operates, and thus, Big Data management of various financial products and services is emerging as a potential field of study. The application of Big Data in financial services has abundant advantages for the financial institutions: improved customer engagement, better fraud detection, and enhanced market trading analysis. This chapter presents applications of Big Data stimulating various financial sectors and highlights its influence on financial markets, financial institutions, fraud detection, risk analysis, etc. The association between Big Data and finance-related mechanisms is analyzed through an exploratory literature assessment. This chapter also describes real world, contemporary case studies on the applications of Big Data in the financial world. The findings demonstrate that there are many technological research challenges at all levels of Big Data chain that need to be developed to provide more competitive and effective solutions. Since Big Data is a relatively new concept in the field of finance, this study also provides directions for future research.

IntroductionIn the era of the booming digital economy and global efforts to reduce carbon emissions, this study investigates how digital economy growth impacts indirect household carbon emissions (IHCEs). Understanding this relationship is critical, as the digital economy has the potential to both drive and mitigate carbon emissions, depending on its stage of development and regional context.MethodsUsing panel data from the 2014–2018 China Family Panel Studies (CFPS), a fixed effects model is applied to analyze the relationship between digital economy growth and IHCEs. The study examines regional variations, levels of digital economy development, and consumption categories to identify heterogeneous effects.ResultsThe findings reveal an inverted U-shaped relationship between the digital economy and IHCEs. Initially, IHCEs rise due to increased consumption of energy-intensive products, but as digital technologies mature, emissions decline due to improved efficiency and sustainable consumption. Heterogeneity analysis shows that the inverted U-shaped relationship is more pronounced in less developed digital economy regions, while in advanced regions, the relationship is less significant. Regionally, the eastern region, with its advanced infrastructure and green technologies, effectively curbs IHCEs, whereas the central region experiences increased emissions, and the western region exhibits the inverted U-shaped pattern. In terms of consumption, the digital economy significantly impacts housing and food-related emissions, while other categories show mixed or minor effects.DiscussionThese findings highlight the dual role of the digital economy in both driving and mitigating carbon emissions. Policymakers should adopt region-specific strategies, invest in digital infrastructure, and promote sustainable consumption practices to leverage the digital economy for carbon reduction. The study underscores the importance of managing expectations and addressing discrepancies between digital economy growth and its environmental impacts, offering valuable insights for achieving sustainable development goals.

Background: The financial services industry in South Africa has undergone many changes that have given birth to fintechs. Most of these changes are driven by the advent of technology and evolving customer expectations. Fintechs have led to process disruptions and business model transformations, yet their implications have yet to be sufficiently studied. Therefore, it is essential to close this knowledge gap by investigating the impact of fintechs on this industry.Objectives: This research aimed to investigate the impact of fintechs in the financial services industry in South Africa.Method: A qualitative study was conducted in which 18 industry experts were interviewed using semi-structured interviews. The interviews were audio-recorded and transcribed for data analysis. ATLAS.ti 22 was used to organise and analyse data.Results: Fintechs increase competition for the incumbents, reduce profits, expose the inability of the incumbents to be agile and introduce new regulatory risks in the financial services industry. In contrast, fintechs have also brought some positive changes into the industry: financial inclusion, new growth opportunities, increasing choices for consumers and making the industry more competitive, reducing costs, customising financial services, bringing convenience and forcing incumbents and regulators to become more innovative.Conclusion: This study uncovered the positive and negative effects of fintechs in financial services in South Africa.Contribution: The study will benefit academia by expanding the body of knowledge about fintech research and improving the holistic understanding of this field in emerging economies, which can inspire future research on fintech and its application.