New information technologies in the financial sector
Keywords:
Artificial Intelligence, Banks, Blockchain, Financial Institutions, Information TechnologiesAbstract
Information technologies have profoundly reshaped the financial sector, enhancing customer experience, increasing operational efficiency, and creating opportunities for innovation. In order to provide security, transparency, and constant development for both customers and staff, this process has been having a growing influence on financial institutions and will continue to alter the financial system in the years to come.
This study focuses on two technologies: blockchain and artificial intelligence. These two technologies are linked to several meanings, according to different writers from a large number of research and publications. However, there is a broad consensus that machines possess the ability to solve many problems, much like human beings.
Overall, the aim of this study is to analyze the impact that the implementation of these technologies has had on the financial system—whether positive or negative—from the perspective of both consumers and employees. A mixed-method research technique was used for the empirical study, including two interviews and a questionnaire survey, in order to achieve the suggested goals.
The results show that even though these technologies have pros and cons, they have been very important to the digital revolution in the financial industry. Nonetheless, there is still worry that robots may take over human jobs, endangering financial sector workers. With ongoing development, it is expected that humans and machines will be able to work together towards a positive evolution.
Downloads
References
Alt, M., Vizeli, I., & Saplacan, Z. (2021). Banking with a chatbot – A study on technology acceptance. Studia Universitatis Babe-Bolyai Oeconomica, 66(1), 13–35. https://doi.org/10.2478/subboec-2021-0002
Anwar, F., Khan, B., Kiah, M., Abdullah, N., & Goh, K. (2022). A comprehensive insight into blockchain technology: Past development, present impact and future considerations. International Journal of Advanced Computer Science and Applications, 13(11). https://doi.org/10.14569/IJACSA.2022.01311101
Baptista, A. (2024). As novas tecnologias de informação no setor financeiro (Master’s dissertation). Instituto Superior de Contabilidade e Administração de Lisboa—Instituto Politécnico de Lisboa.
Bhagwani, S., & Govindaraj, P. (2020). Financial and non-financial applications of blockchain. International Journal of Innovative Technology and Exploring Engineering, 9(6). https://doi.org/10.35940/ijitee.F4117.049620
Couch, J. (2023). Artificial intelligence: Past, present and future. Journal of the South Carolina Academy of Science, 21(1). https://scholarcommons.sc.edu/cgi/viewcontent.cgi?article=1264&context=jscas
De Cicco, R., Silva, S., & Romana, F. (2020). Millennials’ attitude toward chatbots: An experimental study in a social relationship perspective. International Journal of Retail & Distribution Management. https://doi.org/10.1108/ijrdm-12-2019-0406
El-Rewini, Z., Sadatsharan, K., Selvaraj, D., Plathottam, S., & Ranganathan, P. (2020). Cybersecurity challenges in vehicular communications. Vehicular Communications, 23, 100214. https://doi.org/10.1016/j.vehcom.2019.100214
Gbadegeshin, S., Natsheh, A., Ghafel, K., Tikkanen, J., Gray, A., Rimpiläinen, A., Kuoppala, J., Kalermo-Poranen, N., & Hirvonen, N. (2021). What is an artificial intelligence (AI): A simple buzzword or a worthwhile inevitability? ICERI 2021 Conference Proceedings. https://doi.org/10.21125/iceri.2021.0171
Gujrati, P., & Biradar, J. (2023). Application of artificial intelligence in banking and finance: Bibliometric review and emerging research agenda. Indian Journal of Computer Science, 8(5), 27–37. https://doi.org/10.17010/ijcs/2023/v8/i5/173322
Guo, H., & Yu, X. (2022). A survey on blockchain technology and its security. Blockchain: Research and Applications, 3(2), 100067. https://doi.org/10.1016/j.bcra.2022.100067
Han, X., Ma, S., Peng, Y., & Xie, X. (2022). Central bank communication, corporate maturity mismatch and innovation. International Review of Financial Analysis, 84, 102392. https://doi.org/10.1016/j.irfa.2022.102392
Hasan, M., Popp, J., & Oláh, J. (2020). Current landscape and influence of big data on finance. Journal of Big Data, 7(21). https://doi.org/10.1186/s40537-020-00291-z
Jee, H. (2023). Emergence of artificial intelligence chatbots in scientific research. Journal of Exercise Rehabilitation, 19(3), 139–140. https://doi.org/10.12965/jer.2346234.117
Kokina, J., & Davenport, T. (2017). The emergence of artificial intelligence: How automation is changing auditing. Journal of Emerging Technologies in Accounting, 14(1). https://doi.org/10.2308/jeta-51730
Mukherjee, P., & Pradhan, C. (2021). Blockchain 1.0 to blockchain 4.0—The evolutionary transformation of blockchain technology. In Blockchain technology: Applications and challenges (p. 203, pp. 29–49). https://doi.org/10.1007/978-3-030-69395-4_3
Navas, R. D., Sotomayor, A., & Darame, C. U. (2025). The perception of Banco Ideal employees about technological evolution in their functions in the digital era. Journal of Entrepreneurial Researchers, 2(2), 51–78. https://doi.org/10.29073/jer.v2i2.28
Puri, L. (2020). A study of applications of artificial intelligence in banking and finance sector. International Journal of Innovative Research in Science Engineering and Technology. https://www.researchgate.net/publication/360782923_A_STUDY_OF_APPLICATIONS_OF_ARTIFICIAL_INTELLIGENCE_IN_BANKING_AND_FINANCE_SECTOR
Shaikh, N. (2017). The financial industry needs to start planning for the next 50 years, not the next five. Harvard Business Review. https://hbr.org/2017/07/the-financial-industry-needs-to-start-planning-for-the-next-50-years-not-the-next-five
Siregar, R., & Sudarmanto, E. (2023). Beyond traditional boundaries: Embracing digital transformation for enhanced management efficiency at micro and small business enterprises. West Science Interdisciplinary Studies, 1(6), 258–270. https://doi.org/10.58812/wsis.v1i6.99
Venkatesh, V., Morris, M., Davis, G., & Davis, F. (2003). User Acceptance of Information Technology: Toward A Unified View. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
Vilhena, S., & Navas, R. (2023). The impact of COVID-19 on digital banking. Journal of Entrepreneurial Researchers, 1(1). https://doi.org/10.29073/jer.v1i1.11
Younus, A., & Abumandil, M. (2022). Role of smart contract technology blockchain services in finance and banking systems: Concept and core values. Advanced Engineering Informatics, 5, 1–12. https://doi.org/10.2139/ssrn.4078566
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2018). Blockchain challenges and opportunities: A survey. International Journal of Web and Grid Services, 14(4), 352–375. https://doi.org/10.1504/IJWGS.2018.095647
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Journal of Entrepreneurial Researchers
This work is licensed under a Creative Commons Attribution 4.0 International License.
