Innovations in Finance and the Future of Finance

Abstract

Technological innovation in the financial sector has brought significant development in the list of baskets of financial products available and convenience in delivery of financial services. This is reflected in terms of payment services, lending activities, management of assets, third party administrators, etc., among others that form the new business models and strategic management in financial sectors. FinTech or digital innovations in the financial sector has emerged as one of the qualitative changes in the financial markets across the globe with its associated potential specifically with regard to efficiency and performance of financial institutions. However, the financial innovations and its services are no exception to different form of risks for the customers in particular and to financial institutions at large. In this connection, this chapter attempts to give a critical review of the risks and uncertainties that may arise in the access and uses of FinTech-based platform in delivering digital financial products across the globe.