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Innovative Strategies for
Implementing FinTech in
Banking

Yousif Abdullatif Albastaki

Ahlia University, Bahrain

Anjum Razzaque
Ahlia University, Bahrain

Adel M. Sarea
Ahlia University, Bahrain

A volume in the Advances in Finance, Accounting,

and Economics (AFAE) Book Series
Published in the United States of America by
IGI Global
Business Science Reference (an imprint of IGI Global)
701 E. Chocolate Avenue
Hershey PA, USA 17033
Tel: 717-533-8845
Fax: 717-533-8661
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Web site: http://www.igi-global.com

Copyright © 2021 by IGI Global. All rights reserved. No part of this publication may be reproduced, stored or distributed in
any form or by any means, electronic or mechanical, including photocopying, without written permission from the publisher.
Product or company names used in this set are for identification purposes only. Inclusion of the names of the products or
companies does not indicate a claim of ownership by IGI Global of the trademark or registered trademark.
Library of Congress Cataloging-in-Publication Data

Names: Albastaki, Yousif, 1962- editor. | Razzaque, Anjum, 1973- editor. |

Sarea, Adel M., 1979- editor.
Title: Innovative strategies for implementing FinTech in banking / Yousif
Abdullatif Albastaki, Anjum Razzaque, and Adel M. Sarea, editors.
Description: Hershey : Business Science Reference, 2020. | Includes
bibliographical references and index. | Summary: “”This book addresses
key issues, challenges, opportunities, and implementation of FinTech in
the banking sector”--Provided by publisher”-- Provided by publisher.
Identifiers: LCCN 2019049667 (print) | LCCN 2019049668 (ebook) | ISBN
9781799832577 (hardcover) | ISBN 9781799832584 (paperback) | ISBN
9781799832591 (ebook)
Subjects: LCSH: Banks and banking--Technological innovations. | Financial
services industry--Information technology. | Financial engineering..
Classification: LCC HG1708.7 .I56 2020 (print) | LCC HG1708.7 (ebook) |
DDC 332.1068--dc23
LC record available at https://lccn.loc.gov/2019049667
LC ebook record available at https://lccn.loc.gov/2019049668

This book is published in the IGI Global book series Advances in Finance, Accounting, and Economics (AFAE) (ISSN:
2327-5677; eISSN: 2327-5685)

British Cataloguing in Publication Data

A Cataloguing in Publication record for this book is available from the British Library.

All work contributed to this book is new, previously-unpublished material. The views expressed in this book are those of the
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For electronic access to this publication, please contact: eresources@igi-global.com.

100

Chapter 6
FinTech in Banks:
Opportunities and Challenges

Rabab Ebrahim
https://orcid.org/0000-0002-5081-0111
University of Bahrain, Bahrain

Sumathi Kumaraswamy
University of Bahrain, Bahrain

Yomna Abdulla
Univesity of Bahrain, Bahrain

ABSTRACT
There has been an extensive boost in the use of FinTech in the Banking sector during the last few years.
This chapter provides a comprehensive overview of the new opportunities offered by FinTech to the bank-
ing sector, its prospective risks, and the possible challenges to be faced in its adaptation. The authors
propose that the new opportunities of FinTech include better digital banking experience, personalized
customer services, high-level data security, cost-effective, and efficient services. On the other hand,
FinTech results in risks such as security risk, technical risk, regulation risk, financial risk, and reputa-
tion risk. Finally, they suggest that the possible challenges of FinTech are a technological adaptation,
risk reduction, regulations, and human capital employment.

INTRODUCTION

The banking sector globally is witnessing a potential disrupt in terms of digital technology and FinTech
evolution in the recent past. This change was driven by a host of factors including financial globalization,
technological advancement, need for innovative business models, and the competition among service
providers thrust to satisfy the rising customer expectations. The rapid rise of financial technology is
driving the banking sector towards operational innovation in gaining a competitive sustainable advantage
(Zhao, Tsai and Wang, 2019).

DOI: 10.4018/978-1-7998-3257-7.ch006

Copyright © 2021, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited.

FinTech in Banks

FinTech enables banks to revamp their traditional business model of brick and mortar business model
to technologically revolutionized ones. Technologies like Big Data Analytics, Artificial Intelligence
(AI), Machine learning, Cloud Computing, Blockchain, Fog Computing, Crowdfunding and the like are
changing how the banks are operating today. These technological and digital innovations can provide
new business opportunities, by transforming how financial institutions create value and deliver products
and services. FinTech innovations in banks are expected to reach far more beyond than what most people
thinking about online banking as technological advancement in banks. This chapter will contribute to
the existing literature as to how the data collected from customers at large is expected to change the
worldwide banking system shortly. The detailed analysis of the potential challenges, opportunities and
risks of FinTech will help stakeholders to further improve and enhance this innovation. Furthermore,
it will open more avenues for future research to investigate unexplored areas in FinTech. With this
background, this chapter presents a detailed outlook on the new opportunities offered by FinTech to the
banking sector, its potential risks in integrating the FinTech applications with the existing systems, and
the possible challenges to be faced in its successful implementation are outlined below. The most eye
captured fintech applications used in banks but not limited to be discussed below.

Artificial Intelligence

One of the most popular fintech application in financial services industry, AI includes chatbots and vir-
tual assistants in enhancing customers banking experience, machine learning in anti-money laundering
software, fraud detection and compliance. AI is expected to reduce the production cost and increase the
revenue to a greater extent in banks.

Blockchain

The blockchain technology enables faster and accurate payment process including cross border pay-
ments, corporate payments, inter and intra bank transfers with minimal errors. Blockchain enhances
data security, decreased cost and increase the efficiency of the transactions and the marginal profits.

Cloud Computing

Cloud computing solutions as a platform facilitates banks in storing, managing and accessing the data
with high level data security. Cloud systems reduces infrastructure costs and helps banks to build resil-
ient operations.

LITERATURE REVIEW

FinTech, in general, can be defined as “technologically enabled financial innovation that could result in
new business models, applications, processes or products with an associated material effect on financial
markets and institutions and the provision of financial services”(Navaretti et al.,2017). FinTech in banking
can be understood as the process of integrating or employing technology in banking products and services.
It was often believed that the history of FinTech dates back to the 17th century when telegraphs,
railroads and steamships were utilized as channels for cross border financial transactions. (Thakor,

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2019).According to a report by Forbes FinTech started gaining its momentum with the introduction of
credit cards in the 1950s and Automated teller machines that replaced bank branches and teller services
in the 1960s. Introduction of automated electronic trading platforms in the 1970s, computerization of
bank branches in the 1980s and initiation of Internet banking in the 1990s started revolutionizing the
landscape of banking business. In addition to simple FinTech products like online banking, mobile
banking, social media and networking, in recent times the banking sector is moving towards more ad-
vanced digital technologies like AI, blockchain and the like. Banks are integrating with FinTech firms
in developing/offering innovative financial products and services to provide enhanced digital banking
experiences to their customers. On the other hand, the banking customers are eagerly waiting on how the
FinTech products are going to cater to their needs or affects or how they will perceive remains cloudy.
According to Vasiljeva and Lukanova (2016) the FinTech activities can be divided into three groups.
First, the service-oriented which are traditionally provided by financial institutions, such as fund transfers
or card payments, lending and investment, P2P lending, crowdfunding, or foreign exchange. Second,
data-oriented involving technologies of collecting, processing and analyzing information. Third, process-
oriented which focuses on low-cost and efficient operating models.
Recently, a few papers have explore the adoption of FinTech in banks. Mulyani et al. (2020) find that
Fintech represents a threat to the competitiveness of conventional banks. On the other hand, Sangwan et
al. (2020) indicate that the FinTech provide various benefits to customers in terms of accessibility, costs,
decision making and choice. At the same time, there are some challenges in the adoption of FinTech
such as security and data protection.
Priya and Anusha (2019) accredits that in emerging markets like India, the huge unbanked population
provides enormous potential for thriving fintech companies. The study highlighted that notwithstanding
the fintech adoption rate of 52%, Indian markets is still facing hindrances in terms of regulatory frame-
work, infrastructure, financial literacy and the like. Lin (2019) details how Singapore mitigated new risks
of Fintech through institutional improvements and regulatory reforms, thereby practical implications to
other countries in improving their regulatory environment for the successful implementation of Fintech.

OPPORTUNITIES AND CHALLENGES IN INTEGRATING

ADVANCED TECHNOLOGY IN BANKS

The emergence of FinTech in banking industry has in store a wide array of best possible opportunities
for banks to remain stable and sustain the high rising competition. Handro (2018) argue that the adop-
tion of FinTech should be considered as an alarm for traditional financial institutions that need to adapt
by further collaboration with the FinTech and regulatory bodies to better serve the customers. Bank-
ing institutions are required to adopt technologies in providing world-class automated digital banking
experience to their customers in terms of product design and delivery. Tech firms in the global market
place are competing with each other in developing the existing technologies that could transform how
the banking services are offered today.

1. Enhanced Digital Banking Experience to Customers

Leading commercial banks around the world have embraced technological advancement by investing
in AI mostly in the areas of customer service followed by regulatory compliances and risk monitoring.

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The banking sector in all times which strives hard to meet the rising customer expectations remains itself
as a challenge. Artificial intelligence is changing this landscape with Chatbots and Conversational Inter-
faces in customer support and front offices creating an exhilaration in the banking business. Introduced
by Softbank Robotics in 2017, “pepper” the humanoid robot is one of its kind of chatbots that offers a
new type of enhanced digital retail banking experience in U.S. Studies report that these chatbots have
created excitements in public relations departments of banks and bank customers. This way the banking
sector is attempting to utilize the cutting-edge technology for the convenience of the customers.

2. Personalized Services to Clients with Big data and Fog computing

Big data analytics refers to the computational process of collecting and analyzing large datasets that
are more diversified to identify certain patterns (Riahi 2018). Banks are in general are already equipped
with an immense volume of databases of their clients. These datasets provide an opportunity for banks
to improve their operational performance by efficiently utilizing their database in new product develop-
ment and service delivery. Big data allows banks to gain insights into the client’s income levels, spend-
ing patterns and transaction behaviors and segment the customers accordingly. Based on this customer
segmentation, relative personalized products that cater to their needs could be developed and marketed
productively. In addition, fog computing technologies collects and analyse the data gathered from mobile
devices. These technologies integrates predictive systems in the process of delivering personalized cus-
tomer service and product recommendations. (Nieves et.al 2019). These tailor-made product offerings and
service deliveries develop in earnest customer relationships and boost the overall profitability for banks.

3. High-Level Data Security and Better Compliance with Cloud-Based Data

Long term and loyal relationships in the banker-customer relationship are always built on the so-
called factor of “trust”. FinTech is giving diverse options to build and perpetuate trust in its customers.
Dreaded data violations and threats, cyber and hackers attack to create a breach of trust in customers with
their banks. IT security and compliance are the two major factors that make the banking sector being
reluctant towards cloud computing according to the KPMG report on Cloud Monitor 2018. Towards that
end FinTech companies are designing cloud computing models exclusively for financial institutions that
provide high-level data security with updated, need-based technical infrastructures. Cloud technology
with a high level of data security and better compliance with the banking supervision and regulation act
will create a win-win situation for both customers and banks.

4. Cost-Effective Financial Products and Services Using Blockchain Technology

Blockchain technology is a distributed ledger that can chronologically and securely record and trans-
mit data in real-time (Jani & Shah, 2018). Banks worldwide try to implement blockchain technology in
promoting economic growth and green finance (Cocco et.al, 2017). Experts say that blockchain tech-
nology is expected to revolutionize the banking payment patterns soon. Blockchain has the potential in
creating a global network that supports the bank in transforming cross border, interbank and corporate
payments and minimizes failures. If implemented successfully, banks will able to process the payments
quick and accurate with reduced transaction costs. This cost savings advantage.

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5. Higher Efficient Transactions with Financial Innovations

With the rise of FinTech firms, innovation is the only key factor of survival for traditional financial
institutions including banks. The PWC report highlights that on average 88 percent of banks have the
threat of losing their income to FinTech firms in areas payments and personal loans. Another report by
EY announces that 60 percent of consumers prefer a single platform to access financial services. This
creates enormous opportunities for sectorial growth in banks by collaborating with FinTech firms which
invests highly in developing banking products. Such collaborations will results in innovative, economical
banking products and services offered through a single platform in real-time.

FinTech in Banks: New Challenges

Despite the benefits and opportunities of FinTech, this innovation suffers from several possible risks.
The types of risks faced by FinTech can be divided into two groups, first are related to the technology
itself, second, and are related to the nature of the financial service provided. This suggests that it is not
straightforward to deal with these types of risks because of their diversity. Banks and FinTech companies
need to be very cautious in their ways of mitigating these risks.

1. Security risk

In FinTech, similar to any IT tool, security and data privacy is always a concern especially that the
dealing here is in funds. There are several examples of data security cases, for instance, in March 2016,
the Consumer Financial Protection Bureau (CFPB) settled its first data security enforcement action against
Dwolla, an online payment processing company that was found to provide misleading cyber-security.
The company has to pay a penalty of $100,000 penalty as well enhance its data security practices for
the next 5 years (Hayashi, 2016). Credit card fraud is another example of security risk which result in
increasing concerns of people of using digital finance.

2. Technical risk

Some of the traditional banking operations may be incompatible with a new technology which is
considered a deficiency in the process of complete digitalization of the banking system. Furthermore,
like any IT-based technique, the risk of technical failure exists.

3. Regulation risk

Since many of the FinTech solutions are new to the banking industry, such as blockchain, crowdfund-
ing, crypto currencies etc., central banks worldwide have been trying to cope with these innovations
by providing them with the relevant regulations, the risk exists in case of the lag or inexistence of a
regulation. For instance, in the case of a FinTech firm conducting P2P lending, lending regulations are
usually based on the capital of financial institution, these regulations might not apply to them as it does
not technically lend. The P2P lending is an online service of matching lenders with borrowers (Lee &
Shin, 2018)

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4. Financial risk

As FinTech is used to conduct financial transactions, financial risks will always exist. However,
the type of financial risk will depend on the financial transaction (Lee & Shin, 2018). For instance,
the recent trend of employing robot-advisors in wealth management had also a degree of financial risk
exposure from an algorithmic failure of the robot-advisors. Lee & Shin (2018) indicate that there are
recent lawsuits from faulty sales of derivate products caused by inaccurate robot-advisors’ investment
advice. Another example of financial risk is the counterparty risk faced by a Fintech offering financial
services for student loans or mortgages.

5. Reputation risk

One of the main criteria for customer’s bank selection is the reputation driven by the friendliness of
bank staff. In Kuwait, businesses believe that the financial stability of a bank, efficiency, and helpful-
ness of bank staff help in financial emergencies (Edris, 1997). Similarly, Al-Mossawi (2001), reputa-
tion, friendliness of staff, and convenience are the main reasons for Bahraini students to choose banks.
With the introduction of FinTech, many bank services are now carried out online or through a robot that
removes the human element and emotions resulting in the risk of loss of reputation. It is challenging to
provide customized digital services without increased cost. Lee & Shin (2018) argue that for FinTech
companies to be successful, they should be very responsive to customer’s concerns as well as provide
enhanced accessibility, convenience, and tailored products.
As discussed above, FinTech offers a wide array of opportunities for banks to innovate, grow, compete
and sustain the global market. At the same time the banking sector is forced to overcome the possible
challenges in successfully integrating technology into the traditional business models. This section dis-
cusses the major challenges faced by the banking sector in the time of FinTech.

1. Compatibility to adapt to new technological advancement

Technology and digital innovations can provide new business opportunities, by transforming how
financial institutions create value and deliver products and services. However, keeping up with technol-
ogy innovations presents a challenge in itself. FinTech can ease the access to financial services, raising
competition by new players. To survive, traditional firms will have to react, face rising competitive
pressure and adopt new strategies. Furthermore, many FinTech are based on new technologies, and it is
challenging to integrate FinTech applications with existing systems (Lee & Shin, 2018). However, with-
out a sound integration plan and experience, traditional banking processes in many areas may become
incompatible with new technology.
Outdated IT systems are a substantial concern for global bankers as they can create blind spots. Blind
spots are areas in which IT does not have complete visibility regarding what is happening on the network
or how applications are working. Failure to invest in secure, active systems can result in the significant
loss while increasing the risk for cyber-attacks.

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2. Risk reduction

As new technologies created new security risks which can cost financial institutions millions of dol-
lars, solutions are needed to reduce security breaches and cyber theft. Jagtiani and Lemieux (2017) note
that fintechs tend to use some data sources which are disposed to more errors and thus could potentially
create further risks to consumers. Moreover, as trust represents an essential factor in adopting new
technologies, FinTech should keep security as one of its main concerns. They need to reevaluate their
old methods to protect themselves and their customers from cybercriminals. For example, FinTech may
consider the use of dynamic security solutions such as a Moving Target Defense (MTD) which helps
in disturbing attacks by constantly moving the points of attack and robbing hackers of the static targets
they’re familiar with breaching. Financial companies can also overcome the risk of cyber-attack by us-
ing several methods such as advances in biometrics, one-time and code-generated passwords which has
been proven to be more secure than traditional passwords or security questions. Furthermore, following
the trends in security breaches and ensuring employees are well trained to deal with sensitive data can
help protect against cyber-attacks.

3. Regulatory environment

The regulatory environment also represents a major challenge for the different financial institutions.
According to Rabbani et al. (2020), regulation is one of the biggest challenges for FinTech companies.
Fintech firms are associated with interaction of functionalities, consumers, technological platforms,
and emerging business models, which has challenged the regulators in many ways (Arner et al., 2015).
Both traditional financial institutions and FinTech startups face regulatory challenges in terms of capital
requirements, anti-money laundering, and privacy and security (Lee & Shin, 2018). Traditional financial
institutions and FinTech start-ups face different regulatory requirements in terms of the type of financial
services they provide. For example, according to the capital held, there are strict rules for what kind of
lending can be done by a traditional financial institution that may not apply to a lending FinTech startup.
As there is a lag between the regulatory and the innovation of the industry, FinTech firms need to be
aware of any likely changes that may impact them and find ways to deal with those changes.
Since the financial crisis of 2008, banks have been subject to heavy financial regulations. Currently,
the majority of financial regulations address traditional banking but as the world relies more on digital
solutions, banks must apply the same regulatory standards to their digital banking practices as well or
risk being out of compliance. A new derivative of FinTech called “Regulatory technology” can be used
to digitize the regulatory risk management processes, saving time, money, and resources while ensuring
greater accuracy than traditional processes (Arner et al. 2017). Many Regulatory technology solutions
are making their way into the financial industry to handle Anti-Money Laundering and detect fraud.

4. Employability of highly specialized human capital

Today’s financial firms not only find it challenging to attract and retain customers, but they are also
finding it challenging to attract employees. Haddad and Hornuf (2019) highlight the importance of hu-
man capital for fintech firms. Institutions that want to attract and retain qualified employees must change
their philosophy. No longer is it enough to offer good pay and benefits; workers now expect employers
to nurture a culture that is accommodating to the values and lifestyles of the employee.

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Most financial firms are seeking digital technologies to help them transform and innovate. However,
many do not have the data scientists, developers or IT experts they need to build their solutions. Firms
will need to continue investing in their digital talent pipeline and building the skills of their people, by
giving employees access to training to reskill for the IT era. One good example of this is the In-Residence,
which is a program launched by J.P. Morgan’s Corporate & Investment Bank in June, 2016 for fintech
startups to work side-by-side with its employees to develop innovations that enable banks to operate
faster, safer, and at a lower cost.

FUTURE RESEARCH DIRECTIONS

This chapter provides an insight into the host of opportunities, risks, and challenges in administering
FinTech in banks as a general perspective. FinTech has a broad research scope in various areas of interest.
Extensive qualitative research studies could be conducted on the customers, FinTech firms and bankers’
perspectives about FinTech in different markets around the world. Also, qualitative studies could analyze
the impact of FinTech on the operational performance of the banks.

PRACTICAL IMPLICATIONS

It might be worth examining empirically whether Fintech firms are more efficient than traditional finan-
cial institutions. Furthermore, this chapter raises a question on whether Fintech firms generate further
systemic risks that need to be addressed. Policymakers may consider the challenges identified in this
chapter, to further support the development and incubation of FinTech. Bankers should recognize that
we are moving towards a new generation of banking in which they need to cope and collaborate.

CONCLUSION

Overall, we believe that FinTech has wide array opportunities to offer in integrating technology into the
banking business. This can greatly improve the banks’ operational performance, remain competitive,
maintain sustainability, innovate new products and services, and enhance customer satisfaction levels. To
implement this successfully the banks need to strive hard to face the challenges and must try to overcome
the hurdles in its pathway. Though FinTech in the banking sector is in its nascent stage it is expected to
revolutionize the way the financial products and services are offered shortly. This chapter will be useful
to academic, industrial practitioners and households in gaining an overview of the possible opportunities,
risk, and challenges to be faced by banking institutions to put FinTech into practice.

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