UNDERSTANDING THE FACTORS OF FINANCIAL INNOVATION IN INDUSTRIAL REVOLUTION 4.0 ERA
Keywords:
Financial Innovation, Antecedent and Consequent.
Abstract
Financial innovation is a way of creating new financial products, services or processes effectively and efficiently. This study aims to examine the factors of financial innovation termed as the antecedents and consequences of implementing financial innovation at both micro and macroeconomic levels and to assist future researchers in determining research topics related to financial innovation. This research applies a Systematic Literature Review (SLR) method using 58 relevant articles from the Scopus database, which were examined and became the study results. This study discovers 14 antecedents and 53 consequences to financial innovation since the development of the Industrial Revolution 4.0 era. Even though there are still limitations within this article, this research does provide recommendations for future studies related to financial innovation in the Society 5.0 era.
References
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Arthur, K. N. A., & Owen, R. (2019). A Micro-ethnographic Study of Big Data-Based Innovation in the Financial Services Sector: Governance, Ethics and Organisational Practices. Journal of Business Ethics, 160(2), 363–375. https://doi.org/10.1007/s10551-019-04203-x
Azimova, T. (2021). Does financial innovation improve performance: Case study of Turkey. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1917104
Bara, A., & Mudzingiri, C. (2016). Financial innovation and economic growth: Evidence from Zimbabwe. Investment Management and Financial Innovations, 13(2), 65–75. https://doi.org/10.21511/imfi.13(2).2016.07
Bašić, D., & Ćurić, P. (2021). Adaptability of Securitization Model to Conditions of Volatile Financial Structure. Economics, 9(1), 205–219. https://doi.org/10.2478/eoik-2021-0012
Bernier, M., & Plouffe, M. (2019). Financial innovation, economic growth, and the consequences of macroprudential policies. Research in Economics, 73(2), 162–173. https://doi.org/10.1016/j.rie.2019.04.003
Bobriková, M., & Harčariková, M. (2017). Financial engineering with options and its implementation for issuing of new financial innovations. Montenegrin Journal of Economics, 13(3), 7–18. https://doi.org/10.14254/1800-5845/2017.13-3.1
Cazeri, G. T., Anholon, R., Santa-Eulalia, L. A., & Rampasso, I. S. (2022). Potential COVID-19 impacts on the transition to Industry 4.0 in the Brazilian manufacturing sector. Kybernetes, 51(7), 2233–2239. https://doi.org/10.1108/K-10-2020-0693
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Chishti, M. Z., & Sinha, A. (2022). Do the shocks in technological and financial innovation influence the environmental quality? Evidence from BRICS economies. Technology in Society, 68(August 2021), 101828. https://doi.org/10.1016/j.techsoc.2021.101828
Cicchiello, A. F., Cotugno, M., Monferrà, S., & Perdichizzi, S. (2022). Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact. Journal of International Financial Management and Accounting, 33(3), 383–411. https://doi.org/10.1111/jifm.12150
Domeher, D., Konadu-Yiadom, E., & Aawaar, G. (2022). Financial innovations and economic growth: Does financial inclusion play a mediating role? Cogent Business andManagement, 9(1). https://doi.org/10.1080/23311975.2022.2049670
Fabris, N. (2022). Impact of Covid-19 Pandemic on Financial Innovation, Cashless Society, and Cyber Risk. Economics, 10(1), 73–86. https://doi.org/10.2478/eoik-2022-0002
Felipe S. Iachan, Plamen T. Nenov, and A. S. (2021). THE CHOICE CHANNEL OF FINANCIAL INNOVATION. Angewandte Chemie International Edition, 6(11), 951–952., 2013–2015.
Gąsiorkiewicz, L., Monkiewicz, J., & Monkiewicz, M. (2020). Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance. Foundations of Management, 12(1), 137–150. https://doi.org/10.2478/fman-2020-0011
Ivaldi, S., Scaratti, G., & Fregnan, E. (2022). Dwelling within the fourth industrial revolution: organizational learning for new competences, processes and work cultures. Journal of Workplace Learning, 34(1), 1–26. https://doi.org/10.1108/JWL-07-2020-0127
Jungo, J., Madaleno, M., & Botelho, A. (2022). The Relationship Between Inclusion, Financial Innovation and Economic Growth in Sub-Saharan African Countries: A PVAR Approach. Review of Economics and Finance, 20, 40–59. https://doi.org/10.55365/1923.X2022.20.6
Juričić, D., Vašiček, D., & Drezgić, S. (2020). Multiple criteria decision analysis of public investment options: application to streetlighting renewal projects. Economic Research-Ekonomska Istrazivanja, 33(1), 3288–3306. https://doi.org/10.1080/1331677X.2020.1763820
Katusiime, L. (2021). Mobile money use: The impact of macroeconomic policy and regulation. Economies, 9(2). https://doi.org/10.3390/economies9020051
Kok Lian, W. (2017). How Chinese commercial banks innovate: Process and practice. Journal of Innovation Management, 5(2), 81–110. https://doi.org/10.24840/2183-0606_005.002_0007
Kolodiziev, O., Chmutova, I., & Biliaieva, V. (2016). Selecting a kind of financial innovation according to the level of a bank’s financial soundness & its life cycle stage. Banks and Bank Systems, 11(4), 40–49. https://doi.org/10.21511/bbs.11(4).2016.04
Krishna Priya, P., & Anusha, K. (2019). Fintech issues and challenges in India. International Journal of Recent Technology and Engineering, 8(3), 904–908. https://doi.org/10.35940/ijrte.C4087.098319
Lauretta, E. (2018). The hidden soul of financial innovation: An agent-based modelling of home mortgage securitization and the finance-growth nexus. Economic Modelling, 68(July 2016), 51–73. https://doi.org/10.1016/j.econmod.2017.04.019
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Lewandowska, A., Bilan, Y., & Mentel, G. (2021). The impact of financial innovation investment support on SME competitiveness. Journal of Competitiveness, 13(3), 92–110. https://doi.org/10.7441/joc.2021.03.06
Li, Z., Chen, H., & Mo, B. (2022). Can digital finance promote urban innovation? Evidence from China. Borsa Istanbul Review, 23(2), 285–296. https://doi.org/10.1016/j.bir.2022.10.006
Lotto, J. (2019). Evaluation of factors influencing bank operating efficiency in Tanzanian banking sector. Cogent Economics and Finance, 7(1). https://doi.org/10.1080/23322039.2019.1664192
Machkour, B., & Abriane, A. (2020). Industry 4.0 and its implications for the financial sector. Procedia Computer Science, 177, 496–502. https://doi.org/10.1016/j.procs.2020.10.068
Marfo-Yiadom, E., & Tweneboah, G. (2022). The role of national culture in financial innovation and bank stability transmission. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2111792
Marszk, A., & Lechman, E. (2021). Reshaping financial systems: The role of ICT in the diffusion of financial innovations – Recent evidence from European countries. Technological Forecasting and Social Change, 167(May 2020), 120683. https://doi.org/10.1016/j.techfore.2021.120683
Martincevic, I., Crnjevic, S., & Klopotan, I. (2022). Novelties and Benefits of Fintech in the Financial Industry. International Journal of E-Services and Mobile Applications, 14(1), 1–25. https://doi.org/10.4018/IJESMA.2022010107
McCarthy, J. (2022). The regulation of RegTech and SupTech in finance: ensuring consistency in principle and in practice. Journal of Financial Regulation and Compliance, 31(2), 186–199. https://doi.org/10.1108/JFRC-01-2022-0004
Mlambo, C., & Msosa, S. K. (2020). The effect of financial technology on money demand: Evidence from selected African states. International Journal of Economics and Business Administration, 8(1), 366–373. https://doi.org/10.35808/ijeba/430
Murshudli, F. F. (2022). Effect of Foreign Banking Capital on the Financial Innovativeness of the Country: Evidence from Former Soviet Union and Young EU Members Countries. Finance: Theory and Practice, 26(4), 181–198. https://doi.org/10.26794/2587-5671-2022-26-4-181-198
Mustapha, S. A. (2018). E-Payment technology effect on bank performance in emerging economies-evidence from Nigeria. Journal of Open Innovation: Technology, Market, and Complexity, 4(4), 1–14. https://doi.org/10.3390/joitmc4040043
Nazir, M. R., Tan, Y., & Nazir, M. I. (2021). Financial innovation and economic growth: Empirical evidence from China, India and Pakistan. International Journal of Finance and Economics, 26(4), 6036–6059. https://doi.org/10.1002/ijfe.2107
Nejad, M. G. (2022). Research on financial innovations: an interdisciplinary review. In International Journal of Bank Marketing (Vol. 40, Issue 3). https://doi.org/10.1108/IJBM-07-2021-0305
Nguyen, T. A. N., & Nguyen, K. M. (2020). Role of financial literacy and peer effect in promotion of financial market participation: Empirical evidence in Vietnam. Journal of Asian Finance, Economics and Business, 7(6), 1–8. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.001
Osuma, G. O., Babajide, A. A., Ikpefan, O. A., Nwuba, E. B., & Jegede, P. W. (2019). Effects of global decline in oil price on the financial performance of selected deposit money banks in Nigeria. International Journal of Energy Economics and Policy, 9(3), 187–195. https://doi.org/10.32479/ijeep.7514
Owen, M. A., & Owen, M. A. (2020). Stock Market Development and Economic Growth: Empirical Evidence From an Institutional Impaired Economy. International Journal of Financial Research, 11(5), 496–509. https://doi.org/10.5430/ijfr.v11n5p496
Ozili, P. K. (2021). Has financial inclusion made the financial sector riskier? Journal of Financial Regulation and Compliance, 29(3), 237–255. https://doi.org/10.1108/JFRC-08-2020-0074
Pompella, M., & Costantino, L. (2021). Financial innovation and technology after COVID-19 a few directions for policy makers and regulators in the view of old and new disruptors. Ekonomika, 100(2), 40–62. https://doi.org/10.15388/EKON.2021.100.2.2
Qamruzzaman, M. (2021). Nexus between financial innovations, remittances and credit performance: Evidence from augmented ardl and nonlinear ardl. In Investment Management and Financial Innovations (Vol. 18, Issue 3, pp. 295–311). https://doi.org/10.21511/imfi.18(3).2021.25
Qamruzzaman, M., & Jianguo, W. (2017). Financial innovation and economic growth in Bangladesh. Financial Innovation, 3(1). https://doi.org/10.1186/s40854-017-0070-0
Qamruzzaman, M., & Wei, J. (2018). Financial innovation, stock market development, and economic growth: An application of ARDL model. International Journal of Financial Studies, 6(3). https://doi.org/10.3390/ijfs6030069
Roy, S., Misra, A. K., Padhan, P. C., & Rahman, M. R. (2019). Interrelationship among Liquidity, Regulatory Capital and Profitability- A Study on Indian Banks. Cogent Economics and Finance, 7(1). https://doi.org/10.1080/23322039.2019.1664845
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Published
2023-05-20
How to Cite
Sinaga, H., Windijarto, W., Halawa, F., & Mbate, C. (2023). UNDERSTANDING THE FACTORS OF FINANCIAL INNOVATION IN INDUSTRIAL REVOLUTION 4.0 ERA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 208-224. https://doi.org/10.31955/mea.v7i2.2986
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Articles
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