Prelims

Financial Landscape Transformation

EMERALD STUDIES IN FINANCE, INSURANCE, AND RISK MANAGEMENT

Series Editor: Simon Grima

Books in this series collect quantitative and qualitative studies in areas relating to finance, insurance, and risk management. Subjects of interest may include banking, accounting, auditing, compliance, sustainability, behaviour, management, and business economics.

In the disruption of political upheaval, new technologies, climate change, and new regulations, it is more important than ever to understand risk in the financial industry. Providing high-quality academic research, this book series provides a platform for authors to explore, analyze and discuss current and new financial models and theories, and engage with innovative research on an international scale.

Previously published:

• Uncertainty and Challenges in Contemporary Economic Behaviour

  Ercan Özen and Simon Grima

• New Challenges for Future Sustainability and Wellbeing

  Ercan Özen, Simon Grima and Rebecca Dalli Gonzi

• Insurance and Risk Management for Disruptions in Social, Economic and Environmental Systems: Decision and Control Allocations within New Domains of Risk

  Simon Grima, Ercan Özen and Rebecca Dalli Gonzi

• Public Sector Leadership in Assessing and Addressing Risk

  Peter C. Young, Simon Grima, and Rebecca Dalli Gonzi

• Big Data Analytics in the Insurance Market

  Kiran Sood, B. Balamurugan, Simon Grima, and Pierpaolo Marano

• Big Data: A Game Changer for Insurance Industry

  Kiran Sood, Rajesh Kumar Dhanaraj, B. Balamurugan, Simon Grima and R.Uma Maheshwari

• The Adoption and Effect of Artificial Intelligence on Human Resources Management, Part A

  Pallavi Tyagi, Naveen Chilamkurti, Simon Grima, Kiran Sood, and B. Balamurugan

• The Adoption and Effect of Artificial Intelligence on Human Resources Management, Part B

  Pallavi Tyagi, Naveen Chilamkurti, Simon Grima, Kiran Sood, and B. Balamurugan

• Contemporary Studies of Risks in Emerging Technology, Part A

  Simon Grima, Kiran Sood, and Ercan Özen

• Contemporary Studies of Risks in Emerging Technology, Part B

  Simon Grima, Kiran Sood, and Ercan Özen

• The Framework for Resilient Industry: A Holistic Approach for Developing Economies

  Narinder Kumar, Kiran Sood, Ercan Özen, and Simon Grima

• VUCA and Other Analytics in Business Resilience, Part A

  Deepmala Singh, Kiran Sood, Sandeep Kautish, and Simon Grima

• VUCA and Other Analytics in Business Resilience, Part B

  Deepmala Singh, Kiran Sood, Sandeep Kautish, and Simon Grima

• Finance Analytics in Business: Perspectives on Enhancing Efficiency and Accuracy

  Sanjay Taneja, Pawan Kumar, Kiran Sood, Ercan Özen, and Simon Grima

• Enterprise Risk Management in Today’s World: Enterprise-Wide Risk Management and Strategy, Part A

  Author: Jean-Paul Louisot; Editor: Simon Grima

• Enterprise Risk Management in Today’s World: A Current and Futuristic View of the Complexity, Resilience, Responsibility and Tools in ERM, Part B

  Author: Jean-Paul Louisot; Editor: Simon Grima

• Green Management: A New Paradigm in the World of Business

  Swati Gupta, Sanjay Taneja, Ercan Özen, Kiran Sood and Simon Grima

• Business Challenges and Opportunities in the Era of Industry 5.0

  Simon Grima, Salih Serkan Kaleli, Mehmet Baygin, and Engin Boztepe

Financial Landscape Transformation: Technological Disruptions

EDITED BY

MANJIT KOUR

Chandigarh University, India

SANJAY TANEJA

Graphic Era Deemed to be University, India

ERCAN ÖZEN

University of Uşak, Turkey

KIRAN SOOD

Chitkara Business School, Chitkara University, Punjab, India

AND

SIMON GRIMA

University of Malta, Malta

United Kingdom – North America – Japan – India – Malaysia – China

Emerald Publishing Limited

Emerald Publishing, Floor 5, Northspring, 21-23 Wellington Street, Leeds LS1 4DL.

First edition 2025

Editorial matter and selection © 2025 Manjit Kour, Sanjay Taneja, Ercan Özen, Kiran Sood, and Simon Grima.

Individual chapters © 2025 The authors.

Published under exclusive licence by Emerald Publishing Limited.

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No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. Any opinions expressed in the chapters are those of the authors. Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters’ suitability and application and disclaims any warranties, express or implied, to their use.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-83753-751-8 (Print)

ISBN: 978-1-83753-750-1 (Online)

ISBN: 978-1-83753-752-5 (Epub)

Manjit Kour is a Professor at University Business School, Chandigarh University, Punjab, India. She completed her PhD in management from Punjab Technical University, India. Her research interests revolve around fintech, sustainable finance, and social marketing, where she has contributed significantly. Her dedication to research is evident through an impressive portfolio of 54 research papers published in renowned international and national journals, including SCOPUS, ABDC, WOS, and UGC indexed journals. She is entrusted with editorial responsibilities for several esteemed journals, including those indexed by ABDC and Scopus. As a reviewer, she plays a vital role in maintaining the quality and rigor of academic publications. She has also received International Researcher Award 2021 by International Institute of Organized Research (I2OR).

Sanjay Taneja, ICSSR Fellow, PhD MBA (University Topper) and ADBM. He is currently working as Associate professor in DOMS, Graphic Era Deemed to be University, Mohali, Punjab (India). His research areas of interest are finance, banking and insurance. He has published his dozen works in national and international journals (Scopus indexed/SCI indexed and UGC care listed) and two textbooks, two edited books on different areas of banking, social science and entrepreneurship. He received the awards from Indian University ICFAI and GKU towards the contribution in teaching and research. ORCID: 0000-0002-3632-4053

Ercan Özen, received his BSc in Public Finance (1994), MSc in Business-Accounting (1997), PhD in Business Finance (2008) from the University of Afyon Kocatepe. Now he is Associate Professor of Finance in Department of Banking and Finance, Faculty of Applied Sciences, University of Uşak, Turkey. His current research interests include different aspects of finance. He has (co-)authored 10 book chapters and more than 50 papers, more than 40 conferences participation. He is a member in International Program Committee of 3 conferences and workshops. He is chair of International Applied Social Sciences Congress. He is also certificated accountant, member of Asian Finance Association and member of TEMA (Turkey Combating Soil Erosion, for Reforestation and the Protection of Natural Resources Foundation).

Kiran Sood is a Professor at Chitkara Business School, Chitkara University, Punjab, India. She received her Undergraduate and Postgraduate degrees in Commerce from Panjab University, respectively, in 2002 and 2004. She earned her Master of Philosophy degree in 2008 and Doctor of Philosophy in Commerce with a concentration on Product Portfolio Performance of General Insurance Companies in 2017 from Panjabi University, Patiala, India. Before joining Chitkara University in July 2019, Kiran had served four organizations with a total experience of 18 years. She has published various journal articles and presented papers at various international conferences. She serves as an Editor of the refereed journal, particularly the IJBST International Journal of BioSciences and Technology, International Journal of Research Culture Society, and The Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM). Her research mainly focuses on regulations, marketing and Finance in insurance, insurance management, economics and management of innovation in insurance. She has edited more than 10 books with various international publishers such as Emerald, CRC, Taylor & Francis, AAP, WILEY Scrivener, IET, Rivers Publishers, and IEEE.

Prof. Simon Grima, is the the Deputy Dean of the Faculty of Economics, Management and Accountancy, Associate Professor and the Head of the Department of Insurance and Risk Management. Simon is also a Professor at the University of Latvia, Faculty of Business, Management and Economics a visiting Professor at UNICATT Milan and an Affiliate Professor at Haxhi Zeka University, Kosovo. He served as the President of the Malta Association of Risk Management (MARM) and was President of the Malta Association of Compliance Officers (MACO) between 2013 and 2015, and between 2016 and 2018 respectively. He is again the current President of MARM since 2023. Moreover, he is the Co-chair of the Scientific Education Committee of the Federation of European Risk Managers (FERMA) and is a member of the Strategic Risk Leaders Association (SRLA), previously the Public Risk Management Association (PRIMO). His research focus is on Governance, Regulations and Internal Controls and has over 30 years of experience varied between Financial Services, academia and public entities. He has acted as Co-chair and is a member of the scientific program committee on some international conferences and is a Chief Editor, Editor and Review Editor of some journals and book series. He has been awarded outstanding reviewer for Journal of Financial Regulation and Compliance in the 2017 and 2022 and the outstanding author contribution for the Book Series Contemporary Studies in Economic and Financial Analysis Emerald Literati Awards in 2024. Moreover, Simon acts as an Independent Director for Financial Services Firms, sits on Risk, Compliance, Procurement, Investment and Audit Committees and carries out duties as a Compliance Officer, Internal Auditor and Risk Manager. ORCID: 0000-0003-1523-5120.

Dr Anshul Agrawal has a robust background encompassing 10 years of combined experience in academia and corporate sectors, along with a dedicated tenure in research. Her specialization lies in finance, econometrics, time series analysis, security and derivative markets, and financial modelling. She has published her work in SCOPUS Indexed and ABDC category journals. She is proficient in various analytical tools such as SPSS, E-Views, Minitab, Microsoft Project Planner, and Advanced Excel. Furthermore, she has been a valuable resource, sharing her knowledge through numerous workshops.

Dr Paiman Ahmad is an Assistant Professor at the University of Raparin, Rania-Kurdistan Region-Iraq. She has research interests in energy economics, sustainable development in developing economies, climate change, energy transition, SDGs, migration, and the public sector in the developing world. She holds a PhD in Public Administration from the National University of Public Service-Budapest-Hungary-2018. Her research works have been published in reputable journals such as International Environmental Agreements, Politics, Law and Economics, Journal of Public Affairs, Sustainable Development Wiley, Journal of Cleaner Production, Gondwana Research, Renewable Energy, Environmental Science, and Pollution Research, Environmental Impact Assessment Review, Global Business Review, Public Policy and Administration, Economic Research-Ekonomska Istraživanja, and top-tier academic publishers: Elsevier, Palgrave Macmillan, Sage, Springer, Taylor & Francis, Routledge, and Wiley.

Shakil Ahmad, Assistant Professor, School of Business, University of Creative Technology Chittagong. He is pursuing PhD in Business Management (Financial Technology). He completed MBA from the University of Chittagong, Bangladesh. He teaches finance, banking, and insurance. He has been teaching for more than 7 years. He has 36 research publications in several reputed national and international peer-reviewed journals. He presented research papers in more than 20 national and international conferences. He is the member of editorial board and reviewer of several international journals and PC member of conferences.

Muhammed Akin was born in 1993 in Ankara, Turkey. He completed his high school education at Ankara Atatürk High School and graduated with a degree in English Economics from Ankara Yıldırım Beyazıt University. He earned his Master’s degree in Banking and Finance from Karabük University. An innovative entrepreneur, Akin founded his own e-commerce firm, which operates in the print-on-demand sector, serving clients in the United States. His academic background and professional experience make him a proficient expert in banking, finance, and e-commerce, with a strong track record in the industry.

Franklin Akosa is a PhD student at the Edith Cowan Business and Law School, working on a project to investigate a career in the hotel industry. Previously, he was the Head of Research, Monitoring, and Evaluation at the Ghana Library Authority within the Ministry of Education. In this role, he led a team in streamlining the Ministry’s research and evaluation practices. His expertise was further recognized through his involvement as a member of the technical working group at Ghana’s Ministry of Education, where he played a crucial role in optimizing the operations of the education sector. Franklin also brings extensive academic experience, having lectured and served as a research assistant at the University of Ghana Business School, University of Cape Coast, and MountCrest University College, Accra.

Rozina Akter is an Assistant Professor, Department of Business Administration, Daffodil International University, Dhaka, Bangladesh. She completed MBA from the University of Dhaka, Bangladesh. She teaches Finance & Banking. She has been teaching for more than 9 years. She has been doing research for more than 9 years and has a strong knack for research. She has research publications in several reputed national and international peer-reviewed journals. She is the member of editorial boards of several international journals and conferences.

S. M. Ashraful Alam received his BBA and MBA degrees from the Department of Management Information Systems, Faculty of Business Studies from the University of Dhaka, Bangladesh, in 2013 and 2014, respectively. He has been working as an Assistant Professor in the Department of Management Information Systems, Faculty of Business Studies, Begum Rokeya University, Rangpur, Bangladesh, since December 2021. His major research interest is in the fields of technology adoption, fintech, digital economy, green tech, and e-health.

Dr Alhamzah Alnoor holds a PhD in Business Administration and is currently a Senior Lecturer of Strategic Management at the Management Technical College, Southern Technical University, Basrah, Iraq. Alnoor received a BSc degree with first-class honors from Southern Technical University in 2013. After completing his BSc in Operation Management, he was awarded a Master’s degree in Business Administration from the University of Basrah, Iraq, in 2016. He obtained his PhD from the School of Management, Universiti Sains Malaysia, Malaysia 2022. His research interests lie in strategic management, business ethics, leadership, human resources management, organizational psychology, organizational sociology, innovation, entrepreneurship, SMEs, technology adaption, and social commerce. He has published numerous scientific journal articles and conference papers. He is a regular reviewer of numerous prestigious journals. He has many handbooks that were published under Springer publisher. During his career, he was engaged in more than 50 projects.

Tyrone De Alwis is a PhD student attached to the University of Colombo, Sri Lanka. He completed his Bachelor’s degree, followed by a Postgraduate Diploma in Economic Development and a Master’s in Economics from the University of Colombo, Sri Lanka. His work has been published in scholarly journals such as Heliyon, PLOS One, Asian Economic and Financial Review, Sri Lanka Journal of Management Studies, International Journal of Food Science, and Journal of the Academy of Social Sciences.

Prof Wasantha Athukorala holds a Doctorate in Economics from Queensland University of Technology, Australia, an MPhil, and a B.A. (Honours) in Economics from the University of Peradeniya, where he has been working as a Professor in Economics. He has over 50 research papers published in prestigious national and international journals. Wasantha Athukorala has been named the 2nd best Environmental Economist in Sri Lanka by the Global AD Scientific Index. Given his overall research profile, the University of Peradeniya has categorized him in the top research category (Tier 4*) in 2022. He also earned two presidential awards for scientific publication in 2023.

Neha Bansal is currently working as Research Scholar in the Department of Commerce, USB, Chandigarh University, India. Her research areas of finance, banking, and green finance. She has published her work in the national and international indexed journals and edited books.

Dr XinYing Chew received a PhD degree in Statistical Quality Control from Universiti Sains Malaysia. She is currently a Senior Lecturer at the School of Computer Sciences, Universiti Sains Malaysia. She is also a Certified Trainer with the Human Resources Development Fund (HRDF). She is also an Adjunct Research Fellow of the Swinburne University of Technology Sarawak Campus and the Professional Technologist with the Malaysia Board of Technologist (MBOT). Her research interests include advanced analytics and statistical quality/process control.

Adriana AnaMaria Davidescu is Full Professor in the Department of Statistics and Econometrics of the Bucharest Academy of Economic Studies and Senior Researcher at the National Institute for Scientific Research in Labour and Social Protection, with over 14 years of experience in socio-economic research and labour market analysis. Adriana has a PhD from the Bucharest University of Economic Studies and has been a Visiting Scholar at the University of Salerno (Italy). She has over 14 years of experience in the analysis of informal economy issues, coordinating or being a member of the research team of over 50 national and international projects. ORCID: 0000-0002-9847-1200

Dr Shweta Dewangan is an Assistant Professor at ICFAI University in Raipur, Chhattisgarh, where she has cultivated a 16-year career in academia, including 12 years post-PhD. Her expertise spans finance, human resources, economics, etc. Currently, she is working in different fields of research, such as blockchain technology, Metaverse, Fintech, and AI. She has a prolific publication record in UGC CARE, Scopus, Web of Science-recognized journals, peer-reviewed publications, and book and various book chapters. Additionally, Dr Dewangan has supervised four PhD scholars to completion and is an active member of the Indian Commerce Association and Commerce & Management Association.

Prof Dr Narayanage Jayantha Dewasiri is a Professor of Finance attached to the Department of Accountancy and Finance, Sabaragamuwa University of Sri Lanka. Furthermore, he serves as the Brand Ambassador at Emerald Publishing, UK, and the Vice President of the Sri Lanka Institute of Marketing. He is a pioneer in applying triangulation research approaches in the management discipline. He is currently serving as the Co-Editors-in-Chief of the South Asian Journal of Marketing, published by Emerald Publishing; Senior Associate Editor of the FIIB Business Review, published by SAGE Publishing; Managing Editor of the Asian Journal of Finance, and South Asian Journal of Tourism and Hospitality, published by the Faculty of Management Studies, Sabaragamuwa University of Sri Lanka.

Vlora Berisha Dranqolli is an accomplished Assistant Professor of Accounting and Finance at Business College – UHZ, with a PhD degree in Bank, Accounting and Finance from the University Hasan Prishtina, and a Fulbright Visiting Scholar post-doc degree from Northern Arizona University. She completed Postdoctoral Research in Managerial Accounting at the University of Malta. Vlora has contributed to several TEMPUS and ERASMUS + Projects, including CONSUS, T2P, and CTPE Projects. Her work has been published in numerous journals and presented at many conferences, and she is a member of the prestigious European Cooperation in Science and Technology (COST). ORCID: 0000-0002-1049-1742

Dr Mehmed Ganić, PhD, is a Full Professor of Economics specializing in Macro-Finance Theory, Applied Econometrics, and Financial Economics. He has over 12 years of academic background in the graduate and postgraduate level of various economic and finance courses and 11 years of professional experience in the finance industry. A specialist in East and Central European economics, he has published over 150 scholarly articles widely in reputable journals and has authored four books. The bulk of his research attempts to extend standard growth-finance theoretical models.

Dr Shubhangi Gautam is working as an assistant professor at Lovely Professional University. She has various publications in the field of behavioral finance, and cryptocurrency investments in different prestigious journals indexed in Scopus, ABDC listed, Web of Science, and UGC care. She is also serving as a reviewer for Scopus, ABDC-listed finance, and multidisciplinary journals. ORCID iD: 0000-0002-0236-0216.

Cristina Maria Geambasu is a PhD student at the Doctoral School of Cybernetics and Statistics and has an experience of over five years on data manipulation and analysis, currently occupying the position of senior data analyst at GfK Romania, aiming to bring innovative approaches and insightful visualizations to data collections and analysis. In the last year, she has focused on exploring the data science branch and machine learning techniques. The subject studied in the PhD is micro and macro approaches on the regional informal economy phenomenon and the main objective of the thesis is to explore the main determinants of informality and to estimate the dimension of the regional informal economy. ORCID: 0000-0003-0705-0476

Mohammad Osman Goni is a lecturer at the Department of Business Administration, Daffodil International University, Dhaka, Bangladesh. He pursued BBA and MBA from the Department of Finance, University of Chittagong. He has presented three papers at international conferences. His research area focuses on capital markets and instruments and digital financial technology.

Dr Munish Gupta, an Associate Professor at Chandigarh University’s University School of Business, specializes in Behavioural Studies related to technology adoption. His research delves into the complex decisions made by individuals and organizations when encountering new technologies, blending insights from psychology, sociology, and economics. Central to his work is understanding the cognitive aspects that shape people’s readiness to embrace technological tools. His multidisciplinary approach combines information systems, psychology, and marketing to offer a comprehensive view of the factors influencing technology adoption. His studies highlight the significance of usability, perceived benefits, and social influence in guiding technology adoption decisions, aiming to provide valuable insights for successful implementation. ORCID: 0000-0002-1982-4136

Dr Chabi Gupta, Christ University, India is an alumnus of Shri Ram College of Commerce Delhi University. She has over 21 years of rich teaching and industrial experience of working in reputable universities, banks, and financial institutions. To her credit, there are several national and international publications and presentations at conferences. Her research areas of interest are finance, banking, and analytics. She is presently affiliated to Christ University, Bengaluru, India.

Tasnim Ara Hossen pursued her MBA at the Department of Finance, University of Chittagong. She obtained her BBA from the University of Chittagong. Her research interests focus on microfinance and digital financial systems and instruments. She just started working as a Management Trainee Officer at Brac-Microfinance and is midway through her training. Soon, she will undertake project work on digital micro-financial transactions within Brac.

Dr Kshitiz Jangir is currently working as an Assistant Professor (Senior Scale), Department of Commerce, Manipal University Jaipur, Rajasthan. He received his PhD from the University of Rajasthan. His research areas are FinTech, behavioural finance, corporate governance, banking and insurance. He has published various articles and chapters in national and international peer-reviewed books and journals.

Dr Sanjeev Kadam is an Experienced Educator and Mentor with a demonstrated history of working in the management education industry. He did his PhD in Management from Symbiosis International (Deemed University), Pune, India. To his credit, he has 20 years of professional experience and has been into academics for the last 13 years. His research interests are multidisciplinary in nature specially focusing on operations. Dr Kadam is an Associate Member of The Institution of Engineers (India).

Hakan Kahyaoglu graduated from Marmara University’s Department of Econometrics in 1993. He completed his Master’s and Doctorate studies at Dokuz Eylul University and received his PhD in Economics in 2007. He is still working as an International Economics Professor at the same university. Prof Hakan contributes to the literature with his articles, books and publications in numerous refereed journals. His research interests focus on digital economy, financial economics, time series analysis, and international economics and political economy. ORCID: 0000-0002-6031-7494

Sezer Bozkus Kahyaoglu is currently Associate Professor at Izmir Bakircay University since 2018 to the present. Sezer has certifications in CIA, CFSA, CRMA, CICP, CFE and CPA. Her research interests mainly include applied econometrics, data analytics, financial markets and instruments, sustainability, corporate governance, risk management, fraud accounting, auditing, coaching, mentoring and NLP. Sezer has various refereed articles, books and book chapters published via international publishing companies. She has previously worked in a variety of management positions in the banking, audit, and risk sectors. ORCID: 0000-0003-2865-3399

Rejaul Karim is an Assistant Professor of Finance and Banking in the Department of Business Administration at Varendra University, Rajshahi, Bangladesh. He completed the Bachelor of Business Administration and Master of Business Administration in Finance and Banking from the Pabna University of Science and Technology, Pabna, Bangladesh. He is pursuing PhD in Corporate Finance from the Institute of Bangladesh Studies, University of Rajshahi, Bangladesh. Karim has teaching and research experience for over eight years in undergrad and Master’s level tertiary education. He has published more than 14 research papers in reputed national and international peer-reviewed journals in relevant fields.

Sadia Noor Khan is an Assistant Professor in the Department of Banking and Insurance, University of Dhaka. She is a PhD student in the finance section of Kobe University, Japan. She has several research publications in national and international journals. One of her research papers was awarded as the best paper at an international conference held in UAE, 2016. Her research areas focus on finance and banking.

Prof Dr Sanjeev Kumar is an Accomplished Expert in Food and Beverage. He currently holds the position of Professor in Lovely Professional University, Punjab, India. With over a decade of experience in the field, Food Service Industry, his research focuses on alcoholic beverages, event management and sustainable management practices, metaverse and artificial intelligence. He has published more than 45 research papers, articles, and chapters in Scopus Indexed, UGC Approved and peer-reviewed journals and books. Dr Sanjeev Kumar participated and acted as a resource person in various national and international conferences, seminars, research workshops and industry talks and his work has been widely cited.

Dr Pardeep Kumar is working as an Associate Professor at the University School of Business, Chandigarh University, India. He is a versatile educator, researcher, and trainer with more than 14 years of professional experience in the areas of professional teaching. He has published two books and several research papers in various international and national journals, and he has presented papers at several international and national conferences and seminars in the field of management. He is a life member of the Indian Society of Technical Education (ISTE).

Reshma Pervin Lima is an Assistant Professor, Department of Accounting, Faculty of Business Studies, Mawlana Bhashani Science and Technology University, Bangladesh. She obtained BBA and MBA degrees in Finance from Chittagong University, Bangladesh. She has been working as a Faculty Member from 2015. Her research interests focus on the areas of finance, financial instruments, financial institutions and markets, financial technology, etc. She has published some research papers in renowned national and international journals.

Eduard Mihai Manta is a PhD student at the Doctoral School of Cybernetics and Statistics and has over seven years of experience in model risk management, holding various positions in data teams. In the last few years, he focused on machine learning and data science. The subject studied in the PhD is the COVID pandemic - 19 - an accelerator of the implementation of sustainable development concepts, resilience, green and inclusive of the global economy. He has experience working with one of the principal NGOs in the field of education, working on reports that underlie decision-making within the organization. ORCID: 0000-0001-9693-8607

Akansha Mer is an Assistant Professor in the Department of Commerce and Management, Banasthali Vidyapith, Rajasthan, India. She has earned her Doctorate on Work Engagement in NPOs from Banasthali Vidyapith. She has 2.5 years of corporate and about a decade of academic work experience. Her research interests include work engagement, adoption of technology by consumers, mindfulness, workplace spirituality, working patterns of non-profit organizations and Artificial Intelligence in HRM and marketing. She has published research papers and book chapters with leading publishers like Taylor and Francis (Routledge), Sage, Wiley & Scrivener, Inderscience, etc.

Dr Md Imtiaz Mostafiz is an Associate Professor in Strategy and International Business at the University of Leicester School of Business, University of Leicester, UK. Before joining ULSB, he was a Reader in Business the Founding Director of the Centre for Global Business and Enterprise, and the Lead for UoA -17 (knowledge and understanding) – REF 2029 at Greater Manchester Business School, University of Bolton, UK. He was also a Senior Lecturer of International Business and Strategy at Sheffield Business School, Sheffield Hallam University, United Kingdom. He also served at Taylor’s Business School, Taylor’s University, Malaysia, as a Lecturer in International Business. He is a Fellow of the Higher Education Academy, UK. Dr Imtiaz received the Global Talent Award from the British Academy. He leads Early Career Research Development at ENT SIG at the British Academy of Management. He is also a Peer Review College member of the British Academy of Management, as well as the Economics and Social Research Council in the UK Research and Innovation. He won several best paper awards from the Academy of International Business Conference, the British Academy of Management Conference, and others. He also serves on several Editorial Review Boards, such as Entrepreneurship Research Journal, Journal of Business and Industrial Marketing, Business Strategy and Development, and Journal of Entrepreneurship in Emerging Economy. He also acted as a Chief Guest Editor in Special Issues in the International Journal of Entrepreneurial Behaviour & Research and the Canadian Journal of Administrative Science. He won the Best Reviewer Award from the Journal of World Business in 2023.

Shwan Mohammed Mustafa is an Orthopaedic Surgeon m.B.ch.B, F.I.C.M.S, who works in Erbil-Kurdistan Region-Iraq. An Orthopedic Medical Doctor, who has in-depth experience in the health-care system in the Iraqi Kurdistan Region and many years as a practitioner who has been experiencing and serving many different cases so far. He has been taking part in many global trainings in his specialty and health care services in Dubai, UK, and Italy.

Ram B. Ramachandran is a Professor and Vice Dean at the Jindal School of Banking & Finance, O.P. Jindal Global University. Ram teaches and conducts research in the interdisciplinary areas of emerging technologies like FinTech/Blockchain and artificial intelligence, management, leadership, and entrepreneurship. Ram is an accomplished hands-on senior executive with over 35 year’s track record of building and leading global consulting practices in the financial services sector. Most recently, he was the Managing Director at Ernst & Young, New York responsible for transformative technology solutions for his clients. His articles have been published in reputed International and Indian industry magazines.

Blake Rayfield is an Assistant Professor of Finance at the University of North Florida, boasting a robust background in higher education. He has published over ten peer-reviewed journal articles and book chapters, including works in the Journal of Financial Research and the Quarterly Review of Economics and Finance. His research spans financial technology, corporate finance, and investments, reflecting his deep engagement with the evolving finance field and community focus. He has served as a Visiting Professor at the University of Strasbourg in France and as a guest Lecturer for FGV. Blake holds a BS in Finance from Florida International University, as well as a Master’s and PhD in Financial Economics from the University of New Orleans. ORCID: 0000-0003-0390-1587

Dr Goran Ridic is a Strategy Lecturer at the Frankfurt School of Finance and Management. Dr Ridic studied Economics at Trinity College in Connecticut (USA), holds a Master of Business Administration degree in Finance from the University of Connecticut School of Business, as well as a Doctorate in Public Policy from Northeastern University in Boston, Massachusetts, USA. He worked as Consultant for several Fortune 500 companies including General Electric (GE), United Technologies – Pratt & Whitney, ING Group, The Hartford Investment Management Co. (HIMCO) and the United States Agency for International Development (USAID). In addition, Dr Ridic was a Senior Lecturer at Northeastern University in Boston (USA) and Professor at the University Sarajevo School of Science and Technology (University of Buckingham, UK) and the International University of Sarajevo (IUS).

Vikas Sharma is an associate professor at the University School of Business at Chandigarh University, holding an MBA in Finance and a Ph.D. in Management, with a focus on Finance and Accounting. With 16 years of academic and professional experience, Dr. Sharma specializes in the research areas of fintech and behavioral intention. He has published papers in Q1 and Q2 journals and has served as an editor and reviewer for several reputed publications. Additionally, he has developed expertise in administrative support and data analysis. He is actively seeking opportunities in the finance sector to further apply and expand his knowledge.

Nargis Sultana was born in Chattogram, Bangladesh. Presently, she occupies a position of an Assistant Professor in the Department of Finance and Banking, Comilla University, Cumiila, Bangladesh. Besides, she is the moderator of the Finance and Banking Debating Association and advisor of the Finance and Banking Club. She is a responsible faculty conducting all the academic activities on time which made her get a ‘Letter of Appreciation’ from the university. She completed a Bachelor of Business Administration in Finance and Banking as well as a Masters of Business Administration in Finance from Chittagong University, Chattogram, Bangladesh. Nargis has teaching and research experience of almost seven years in undergraduate and master’s level of tertiary education. She is found competent in teaching a plethora of subjects in English on multi-disciplinary subjects related to finance, banking, development studies, statistics and economics. As per the research activities considered, she is found to be highly engaged in conducting her academic activities. She has numerous publications in international peer-reviewed journals having sound impact factors. She received research grants many times from the university authority. She frequently writes for English dailies on manifold issues. She aims to play a vital role in the community in building a nation with the aid of her versatile teaching.

S. M. Sohrab Uddin is a Professor at the Department of Finance, Faculty of Business Administration (FBA), University of Chittagong, Bangladesh. He also served the Bureau of Business Research, FBA, University of Chittagong as Director. He obtained a BBA and MBA from the University of Chittagong and an MBA and PhD from Ritsumeikan Asia Pacific University, Oita, Japan. His research area focuses on financial markets, institutions, and instruments with particular emphasis on banking sector development, including Islamic finance in developing countries.

Amarpreet Singh Virdi is an Assistant Professor at the Department of Management Studies, Kumaun University Bhimtal Campus, Nainital (Uttarakhand). He has corporate experience of working with a software company dealing with share market software based on Oracle database and forms. His research interests include the self-service technologies in banking, green products/marketing, adoption of technology by consumers, working patterns of NGOs, design thinking, Fintech, Artificial Intelligence in marketing and HR, etc. He has published papers and book chapters with leading publishers like Sage, Inderscience, Wiley & Scrivener, etc.

Muhammed Ali Yetgin is an Assistant Professor at the University of Karabük which is a State University in Türkiye. He earned his Bachelor of Science in Computer Science from the State University of New York in the USA, and Master’s in Business Administration at Istanbul Bilgi University, and PhD in Business Administration at Turkish Aeronautical Association University (Ankara). He worked in the Ministry of Interior of Türkiye for many years and has been working as an academician since 2019. He teaches undergraduate and graduate (master’s and PhD classes) related to Business Administration. His research interests include digitalization in businesses, the organizational structure of institutions, and technological innovations in companies. ORCID: 0000-0002-8120-4704

This collection of academic papers explores the complex relationship between technological progress and economic occurrences in the fast-changing financial environment of the current day. The convergence of finance and technology, commonly called ‘Fintech’, has enabled groundbreaking advancements and substantial transformations in the financial sector. The authors do a comprehensive examination of the relationship between the expansion of the insurance sector and foreign direct investment (FDI) through a panel cointegration analysis. They highlight the crucial role that robust insurance markets play in fostering a conducive environment for foreign investments.

The influence of artificial intelligence (AI) on personal and business finance is a noteworthy topic of concern in this compilation. The authors comprehensively analyze the available literature to assess the present status of AI implementations in the banking sector. They meticulously assess and debate the prospective benefits and challenges predicted. This extensive inquiry provides the groundwork for future research to use the potential of AI in revolutionizing financial decision-making, risk management, and consumer contact.

An in-depth comprehension of significant price fluctuations and alterations in volatility factors is essential in financial markets. The authors employ a thorough case study on Borsa Istanbul, examining the atypical price swings and their underlying causes. Examining extraordinary events enables market participants to develop essential inferences that aid in predicting and mitigating risks linked to financial trading and investing.

Digitalization has dramatically transformed the consumer experience, notably affecting customer happiness and loyalty. This book analyses digital banking services to explore the crucial factors that impact customer involvement in the digital era. A thorough comprehension of these dynamics allows financial institutions to develop more effective strategies to enhance service delivery and foster long-lasting customer relationships.

Stock market investors are perpetually concerned about inflation and abrupt fluctuations in oil prices. This compilation employs empirical research to elucidate the intricate interrelationships between macroeconomic factors and stock market results. The authors offer crucial guidance for investors and policymakers to create more robust investment portfolios and adopt creative economic policies to address macroeconomic volatility.

This report does a comparative analysis of the regulatory frameworks in Central and Eastern Europe for fintech startups. The article highlights the different approaches countries use to overcome the regulatory challenges posed by breakthroughs in fintech. The book offers valuable perspectives on how various regulatory frameworks can either support or hinder the progress and development of fintech.

Innovation is the primary focus of the future of fintech, uncovering new opportunities and challenges. Understanding the potential of blockchain technology is crucial for enhancing the efficiency and security of fintech firms. It is essential to thoroughly analyze the significant possibilities of blockchain and develop a clear plan for integrating it into the financial ecosystem.

The advent of virtual currencies and decentralized metaverse introduces unprecedented financial dynamics and user interaction patterns. The authors examine the analytical systems present in the metaverse and uncover innovative approaches to creating and exchanging value, which have the potential to revolutionize the future of finance.

The analysis of cognitive biases in decision-making about bitcoin investments is under serious scrutiny. This study focuses on comprehending behavioural finance principles when developing investment strategies and regulatory frameworks for digital assets.

A significant field of research focuses on the impact of currency devaluation on inflation, specifically in Sri Lanka. By comprehending this association, economists and policymakers can augment their capacity to moderate inflationary forces and promote stability within their economies.

Regulatory Technology (RegTech) can revolutionize compliance and regulatory operations entirely. This book explores the policies and practices that impact the developing field of RegTech in Bangladesh. The comprehensive examination centres on the digital revolution of the insurance industry, referred to as InsurTech, and the broader financial transformation commonly known as FinTech.

Enjoy your reading!

Prof Dr Ibish Mazreku

Faculty of Business

University Haxhi Zeka

www.unhz.eu

Financial Technology has emerged as the new disruption in the world of finance. Finance technology is evolving and expanding rapidly with innovations. The scope of technology in finance is growing across the world. The integration of technology into the financial process is referred to as fintech. Fintech has enhanced the degree of automation in the financial services sector. Financial applications thrive to enhance outcomes for various stakeholders, including consumer firms, by leveraging tailor-made algorithms and computing applications. Financial technology is being employed to enhance the efficiency of operations, streamline processes, and reduce costs for the firms and ease of use for consumers. Smartphones’ rapid penetration and expansion have been instrumental in adopting financial technology.

Financial technology is a bigger umbrella, which includes machine learning, AI, blockchain, cryptocurrencies, and core banking solutions. It includes applications run on mobiles and technologies that offer automation and enhance the traditional banking financial services and insurance sector processes. The traditional approach to financial services has gone through a paradigm shift with the evolution of technology in finance. Technology has overcome the barriers of time and distance for customers by enhancing the satisfaction of financial services with better speed, convenience, and access and integrating financial transactions with other transactions across the sectors.

This book culminates discussions and interactions between finance experts, bankers, academicians, researchers, technocrats and entrepreneurs. It was observed that it is paramount to navigate and assess the developments in financial technology to explore new avenues, improve existing practices, and develop solutions for the challenges concerning fintech usage by the various stakeholders. The intention of coming out with this book is to compile and share critical insights after evaluating them for academic rigour and assessing them for the feasibility of implementation by the organizations. This book attempts to bridge the gap between theory and practice. Every chapter focuses on a specific domain and aspect of financial technology, exploring stakeholders’ understanding and experiences. The book provides a comprehensive framework for better application of technology for current usage and for addressing the needs of future generations.

We are grateful for the efforts of researchers from across the world who have shared deep insights with readers. This book will guide individuals and firms willing to explore integrating technology with financial wisdom to achieve better outcomes. The book could not have reached the final shape without the efforts of peer reviewers and stakeholders to evaluate the contributions and provide input for improvement thoroughly. We express our gratitude to all reviewers and experts.

The book will be useful for students, academicians, practitioners, and policymakers. We urge the readers to explore the insights and share their experiences after implementing them in their respective firms. Financial technology is evolving and offering opportunities and challenges. The opportunities can be converted into useful outcomes, and challenges can be overcome by precision planning, analytics debate, comprehensive evaluation, and assimilation of new ideas. The journey of fintech can be revolutionary for developing sustainable solutions for stakeholders.

Thank you for embarking on this journey with us.

Sanjay Taneja

Department of Management Studies, Graphic Era, is deemed to be a university in Dehradun, India

Kiran Sood

Chitkara Business School, Chitkara University, Punjab, India

Simon Grima

Faculty of Economics, Management and Accountancy, Department of Insurance and Risk Management, University of Malta, Malta

Faculty of Economic and Social Sciences, University of Latvia, Latvia