streams, personalize offers, target cross-selling and improve customer services through using multiple ways to improve customer experience and make the banking products material to the customers. Banking institutions are using tools like chatbots to enhance customer experience, mobile apps to give customers real-time looks into their bank accounts and machine learning to secure against fraud.
remittances are a platform of P2P that enables individuals to transfer funds in different countries.
Artificial intelligence (AI): Commonly regarded as value addition in financial services through streamlined processes and decisions made through the substitution of human intelligence using technology ranging from, credit scoring, customer interaction via chatbots, Robo-advisors, fraud detection and other automated customer interaction Belanche, Casaló & Flavián (2019).
Odinet (2018) defined AI as “the overarching field that seeks to create complex machines that can exhibit all characteristics of human intelligence”. Belanche, Casaló & Flavián (2019) noted that AI enhances a company's ability to check big data enabling business operations efficiency, restructuring business operations and improving regulatory effectiveness. Acunto et al. (2018) studied the impact of Robo-advisors on investors’ portfolio performance and found that Robo- advisors positively impacted investors’ decisions and negatively decreased behavioural biases that arise from the employee-customer relationship.
Blockchain: The advanced development of blockchain technology has enabled the widespread interest in cryptocurrencies that enabled many businesses to offer mobile payments and international remittances that are known for business value addition and cost-effectiveness (Tsao & Thanh 2021). Blockchain technology explained in literature as the “fastest-growing area of FinTech innovation and held large future potential in financial services.” (Chen et al.
2019). Adding to that, Glodsten et al. (2019) described blockchain technology as enablers to multiple applications in the area of finance like money transfer, cryptocurrency technology (e.g. Bitcoin) and digitalizing assets that facilities and secuer transactions. Moreover, Chuen (2017) opted for blockchain as “the main game-changer” used in the fourth industrial revolution, detailing its ability in cheaper transaction costs and efficient ways compared to the
traditional financial systems. Nakamoto (2008) invented the first digital currency in blockchain
“Bitcoin”, then cryptocurrencies have attracted significant attention from the regulators, investors and media (Abramova & Böhme 2016; Fry & Cheah 2016; Foley, Karlsen & Putnins 2019). The most extensively acknowledged type of Fintech products and services is the use of blockchain platforms in the financial industry including banking services, trade finance, insurance and so on (Sangwan et al. 2019; Chong e al. 2019). Polyviou, Velanas and Soldatos (2019) claimed that blockchain technology makes it easier for financial institutions to share information across the financial services value chain, such as cyber-security and physical security data in serval collaborative processes (Tsao & Thanh 2021). For example, SWIFT transactions involve two or more banks in the process that its vulnerable to cyber-criminals attack. To alleviate such attacks, blockchain technology used to facilitate financial organizations in sharing security information or cyber security. As the exchange of security information across collaborating stakeholders can be centrally acquired, processed and sharing, that improves accuracy and richness and overall credibility of the process Polyviou, Velanas
& Soldatos 2019; Tsao & Thanh 2021).
Thus, with demand to adopt technology in the banking sector and high risk of security issues, blockchain evident to support productivity of the process in transparent and efficient way and improve risk predication capabilities. According to Voshmgir (2019) that blockchain is one of the important contributions to the development of web3 and is an additional layer to the internet's transaction system.Web3, is a digital infrastructure enables users to trade directly without the need for intermediaries. The development of web 3 made the process of sending money over the web cheap and easy as sending email (Voshmgir 2019). In finance industry, most of financial institutions focused on improving online services such as internet banking and mobile banking at
the start of Fintech trends, due to the benefits of blockchain to the digital banking services, such as, enhanced security, grater transparency, transaction traceability, efficiency and speed and efficient transaction automation (Tsao & Thanh 2021).
Digital /mobile banking/ Neobanks: Advanced Internet technologies and mobile applications have enabled financial industries to apply new and more advanced methods in conducting their business. With advancements in the internet, mobile, big data technologies and cloud; digital banking is a growing area to penetrate multiple functions in the financial industry which is important for banks' survival (Sundarraj & Wu 2005; Lee & Greenly 2008). Digital banking allows the customer to have access to services conveniently (i.e anytime anywhere) without constraints. For example, now it is common for customers to trade online in the brokerage market; and also to do financial transactions on the fingertip using the mobile as well as using cardless payment via mobile payment (Zhou et al. 2018). Gomber, Koch and Siering (2017) described digital banking as a key functioning area of Fintech that shapes the future of the banking industry. Saksonova and Kuzmina-Merlino (2017) pointed out that digital banks like neo-banks improve the speed of services and provide convenient mobile services (like remittances, settlement accounts, debit cards, loans, etc). Neobanks were explained as an exclusively online bank operation without an intermediary bank branch network (Saksonova
& Kuzmina-Merlino, 2017). Barberis (2014) and Ryu (2018) stressed that, in the digital banking context, digital banking products (such as online banking, personal finance, digital wallets, mobile payments, mobile remittance, loan requests, purchasing insurance, managing assets, etc.)