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FinTech is in general, a financial industry that operates primarily on ordinal platforms that use expertise to enable convenient, enhanced, and secure financial activity. FinTech is an inventive technology introduced after the global financial crisis. It is fully cohesive with innovative e-finance, internet, artificial intelligence, social networks and networks, and analytics services. Big data has gone beyond outdated financial institutions like banks to create a more integrated and applied business model within the digital paradigms. FinTech services are helping to fill financial gaps in UK SMEs through the use of peer-to-peer (P2P) lending and digital crowdfunding. FinTech strategy naturally allows to increase potential growth opportunities. Another aspect refers to reducing the problem of information asymmetry in the loan disbursement process. Alternative lending institutions provide a better platform to examine the loan pool of potential lenders using big data technology and artificial intelligence analytics. The Key Data Collection is a questionnaire survey that is primarily concerned with an individual’s understanding of FinTech innovation prospects in crowdfunding and peer-to-peer lending and how this will help facilitate their business models. Small and medium-sized economies (SMEs) are also important factors in the global economy, but they are often overlooked
Content:

The Role of Financial Technologies in SMEs in the UK

Davide Parrilli

S5230204

ABSTRACT

FinTech is in general, a financial industry that operates primarily on ordinal platforms that use expertise to enable convenient, enhanced, and secure financial activity. FinTech is an inventive technology introduced after the global financial crisis. It is fully cohesive with innovative e-finance, internet, artificial intelligence, social networks and networks, and analytics services. Big data has gone beyond outdated financial institutions like banks to create a more integrated and applied business model within the digital paradigms. FinTech services are helping to fill financial gaps in UK SMEs through the use of peer-to-peer (P2P) lending and digital crowdfunding. FinTech strategy naturally allows to increase potential growth opportunities. Another aspect refers to reducing the problem of information asymmetry in the loan disbursement process. Alternative lending institutions provide a better platform to examine the loan pool of potential lenders using big data technology and artificial intelligence analytics. The Key Data Collection is a questionnaire survey that is primarily concerned with an individual’s understanding of FinTech innovation prospects in crowdfunding and peer-to-peer lending and how this will help facilitate their business models. Small and medium-sized economies (SMEs) are also important factors in the global economy, but they are often overlooked. They represent more than half of the world’s gross domestic product (GDP) and employ almost two-thirds of the world’s workforce. The financial crisis of 2007-08, combined with higher interest rates and higher investment costs for SME lending, made it even more difficult for SMEs to access the UK and the rest of the world (Alkadhi, 2018).

Keywords: FinTech, SMEs, Peer to Peer, crowd funding feasibility, open banking, small business borrowing, and adequate financing.

TABLE OF CONTENTS

TOC \h \u \z ABSTRACT PAGEREF _Toc66198781 \h 2

CHAPTER 1:INTRODUCTION PAGEREF _Toc66198782 \h 4

1.1Background PAGEREF _Toc66198783 \h 5

1.2Rationale PAGEREF _Toc66198784 \h 6

1.3Aims of the Study PAGEREF _Toc66198785 \h 7

1.5 Objectives of the Study PAGEREF _Toc66198786 \h 8

1.6 Hypothesis PAGEREF _Toc66198787 \h 8

1.7 Organisation of the Study PAGEREF _Toc66198788 \h 9

REFERENCES PAGEREF _Toc66198789 \h 10

INTRODUCTION

The purpose of this research is to analyse the program and technologies in the UK in the field of financial incentives. The topic of the article is relevant, since it is devoted to describing the sources of financial incentives, which are currently the locomotive of the development of the modern economy (Ashton, 2017). The research provides an overview of financial resources and types of funding sources for organisations and small and medium-sized enterprises (SMEs) in the UK. It also describes modern methods of creating an innovative climate for the development of SMEs, supporting innovative ideas and internal entrepreneurship. It also describes the direction and forms of financing small and medium-sized enterprises (SMEs) in the UK. As people continue to use their mobile devices, FinTech technologies and teach cars to drive without human intervention, the financial sector has also been influenced by innovation. This fusion of technology and financial services is now commonly referred to as “FinTech” (Ashton, 2015). 

FinTech has become so popular that the Merriam-Webster dictionary in 2018 introduced the word with the definition: Products and companies that use newly developed digital and online technologies in banking and financial services. This makes FinTech a very wide area, because today technology has penetrated so deeply into our daily life that it is simply impossible to clearly define where traditional banking ends and FinTech begins (Biancone, 2019). To improve financial incentives and credit support for small businesses, it is necessary to study and fund the structure of (SMEs) and to assess the Peer-to-Peer lending market in the promotion of small business in the presence of UK governmental policies.

In 2008, FinTech was an inventive technology introduced after the global financial crisis. It is fully cohesive with innovative e-finance, internet, artificial intelligence, social networks and networks, and analytics services (Bergström, 2015). Big data has gone beyond outdated financial institutions like banks to create a more integrated and applied business model within the digital paradigms. FinTech services are helping to fill financial gaps in UK SMEs through the use of peer-to-peer (P2P) lending and digital crowdfunding (Cicchiello, 2020).

Background

Great Britain has established itself as the world’s most important centre of operations for the financial technology industry, mainly thanks to the attraction of capital to this sector by the emerging companies that operate there (Del Giudice, 2020). Thus, in the last three years, the FinTech ecosystem -which brings together all those service companies in the field of finance that use the latest technology to offer innovative financial products and services- has captured flows worth more than 4,500 million of pounds sterling (5,145 million euros at the current exchange rate). London, for its part, continues to lead the influx of high-growth technology investments within the country, receiving in the order of 9,000 million pounds (10,285 million euros) between 2015 and 2018. Next is Cambridge with 583 million pounds (665 million euros), according to the latest report by the start-up body Tech Nation (Ferretti, 2018).

Financial technology start-ups based in the capital have grown at rates of over 56% between December 2018 and February 2019, more than anywhere else in the world. In statements collected by City AM , the president of Tech Nation, Eileen Burbidge, affirms that “the United Kingdom plays a very important role in the global technological scene”. In no sector is it more evident than in FinTech, where our country occupies the first global position, an enviable position product of decades of hard work, entrepreneurial talent, innovation, and legislators open to guaranteeing supportive policies (Gai, 2018). The British

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