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Artificial Intelligence Adoption for FinTech Industries - An Exploratory Study About the Disruptions, Antecedents and Consequences

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The Role of Digital Technologies in Shaping the Post-Pandemic World (I3E 2022)

Part of the book series: Lecture Notes in Computer Science ((LNCS,volume 13454))

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Abstract

Artificial Intelligence (AI) with its highly cognitive features has been increasingly adopted by FinTech firms. With increasing market and economic fluctuations during the unprecedented times of Covid-19, AI offers high computational and easily accessible personalized financial solutions. During the Covid-19 pandemic, customers showed keen interest in AI-assisted financial services. AI in the FinTech industry is now gaining a lot of traction in terms of customer engagement and business prosperity. But with the benefits of availability of consumer data and automation for offering customized and personalized services, the black box effect of AI has a potential dark side affecting both consumers and employees. Lack of human intervention has questioned the accountability and transparency of these financial wealth management solutions that are susceptible to security threats and biased decisions. The purpose of this empirical study is to better understand the adoption of AI in the disruption of the FinTech ecosystem. A mixed approach of focus group and interviews for the purpose of data collection, and qualitative content analysis using natural language processing (NLP) for data analysis have been used to conduct this exploratory study. The findings of the study help to develop an understanding of the social, ethical, and economic consequences of strategic AI adoption for both consumers and businesses.

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Authors and Affiliations

  1. Department of Management Studies, Indian Institute of Technology Delhi, New Delhi, India

    Hitesha Yadav, Arpan K. Kar & Smita Kashiramka

Authors
  1. Hitesha Yadav
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  2. Arpan K. Kar
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  3. Smita Kashiramka
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Corresponding author

Correspondence to Hitesha Yadav .

Editor information

Editors and Affiliations

  1. Newcastle University Business School, Newcastle upon Tyne, UK

    Savvas Papagiannidis

  2. Newcastle University Business School, Newcastle upon Tyne, UK

    Eleftherios Alamanos

  3. Newcastle University Business School, Newcastle upon Tyne, UK

    Suraksha Gupta

  4. Swansea University, Swansea, UK

    Yogesh K. Dwivedi

  5. University of Turku, Turku, Finland

    Matti Mäntymäki

  6. University of Agder, Kristiansand, Norway

    Ilias O. Pappas

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Yadav, H., Kar, A.K., Kashiramka, S. (2022). Artificial Intelligence Adoption for FinTech Industries - An Exploratory Study About the Disruptions, Antecedents and Consequences. In: Papagiannidis, S., Alamanos, E., Gupta, S., Dwivedi, Y.K., Mäntymäki, M., Pappas, I.O. (eds) The Role of Digital Technologies in Shaping the Post-Pandemic World. I3E 2022. Lecture Notes in Computer Science, vol 13454. Springer, Cham. https://doi.org/10.1007/978-3-031-15342-6_1

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  • DOI: https://doi.org/10.1007/978-3-031-15342-6_1

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-15341-9

  • Online ISBN: 978-3-031-15342-6

  • eBook Packages: Computer ScienceComputer Science (R0)

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