Chapter 1: Introduction

1.1 Introduction
The advent of Fintech is a contributor to financial services distribution automation in a
scenario guided by a relentless need to reinvent and renovate consumer interactions. The
technologies protested specifically to support conglomerates, vendors and clients to handle
and process financial activities with computer-friendly applications or smartphones and
algorithms (Micu et al., 2018). The goal was initially to serve back positions in financial
institutions by expanding the applicableness across educational, retail banking and
investment administration to more customers covering regions, for instance.

This dissertation would investigate the financial services industry in Ireland, with an
examination of the effect of technology on this business as the subject of research. We are
both mindful of the rapid pace of development and success of technology in the last decade.
The evolution from the Internet to a much quicker wireless infrastructure, the advent of
mobile telephones and smartphones also stormed the planet. The digital transformation will
begin to progress worldwide and the technology in the financial services field is rising and
expanding like a storm across the industry. Financial technologies today named FinTech
transforms the world's conventional paradigm of financial services. This research would
analyze the effect FinTech has both now and in the future on our financial divisions here in
Ireland.

The financial services industry has experienced significant changes since its origins in 1860
and 1990 and after financial crisis of ‘2008’. Moreover the financial services industry has
experienced seismic transformations with the emergence and rebirth of modern
technologies and imagination. Since President Richard Nixon's (1971) move to shut the
gates to the gold standard and to implement, for the first time in human history, a
worldwide infrastructure of unregulated paper money the planet experienced a major
transition in financial resources. In the White Paper, Mike Laven CEO for The Currency
Cloud," a foreign payment portal, explains how online banking has not established tablets,
social networks and cloud storage, even though banks have been responsible for progress in
payment, such as credit card technology. Financial markets are emerging in more than one
way and financial technology is transforming the world in more than one way. FinTech is
literally the omnipresent term used in the financial services sector for technology. The
finance technology witnessed an unprecedented influx of funding in financial services
technology after the 2008 financial crisis. This number is projected to triple to over €3
trillion and cross €8 trillion by 2018. This ambitious spending has been drawn to the
technical, regulatory and consumer-led prospects and developments in the financial services
sector.

Fintech is part of the mechanism of emerging financial disruption, and has been seen to be
dangerous but of importance technically ( Thakor, 2012) with recent data supporting that it
brings considerable value to investors.

Fintech-protected fields which can be described loosely are:

i. Services to invest, deposits and collect capital;

ii. Payments, clearance and payment, digital currency included;
iii. Control of wealth services (including trade);
iv. Insurancing (Calzolari and Loranth, 2017b).

Blockchain infrastructure is part of Fintech's technical foundation (Leeuw, 2020).

Along with other scientific advancements, the usage of this technology is planned for:

i. Lower expense of matching transacting parties for searches.

ii. Achieve economies of scale with massive data storage and usage.
iii. Achieving cheaper and more reliable transfer of information.
iv. Reduce expenditures for authentication.

It has been suggested that fintech has been in three stages and we are now in the third
stage (Senatore, 2017). (Fig: 1)
 Fig: Three phases of FinTech

Source: Consumers International (2017)

When Fintech bypasses traditional intermediaries in the delivery of financial resources, it

still creates so much excitement and interest in science. Therefore the nearly 12,000 or so
advanced fintech businesses pose a potential existential threat to mainstream financial
intermediation, and others have asked whether the next financial services paradigm is
fintech.

Investment banks hold important roles in the financial industry. The rapid technological
evolution, however has pushed the world ‘economy to shift gradually to the digital
channels. The disturbed capital markets also quickly altered financial technology (Fintech)
businesses (Skan, Dickerson & Masood 2015). Via advanced financial based technology,
various business models and new consumer specifications have been created. Various areas
of economy, including-- payment services, financial regulation and banking industry are
affected.

In, early months of ‘Covid-19 pandemic, while several industries encountered sluggish
expenditure, the Irish fintech sector saw a record $328.6m transaction duration reported in
the first half of 2020(Earley, 2020). The new pulse study on the Irish fintech industry by
KPMG, which centered on the first half of 2020, was published on Monday 7th September. A
Fintech Pulse survey, released twice a year, monitors global venture capital (VC), private
equity (PE) and funding developments in fusion and acquisitions (M&A), professional
services firms.

1.2 Problem statement/ Rationale

The design of Fintech is frequently publicized with promises of revolutionizing conventional
banking operations and serving even more as it races to understand its true potential (Blanco
and Guerrero Blanco, 2013). Nevertheless, not much has been researched on the actual effects
it has delivered to clients and other stakeholders, or the opinions that have been instigated
in its usefulness factor, thus adding to the study motivation.

1.3 Aims
The research seeks to evaluate the change in the investment banking experience of Irish
customers following the emergence of the Fintech architecture.

1.4 Objectives
 Understanding the influence of the Fintech architecture on the investment banking
structure in Ireland
 To consider the change in client views and preferences since the launch of Fintech in
investment banking
 Analyze steps taken by conventional banks to solve problems after the launch of
Fintech

1.5 Research Questions

 How does the Fintech architecture in the investment banking structure of Ireland
work?
 How did the preferences and attitudes of consumers adjust with the advent of
Fintech in investment banking?
 What steps have conventional banks taken to deal with problems after the launch of
Fintech?
Chapter 2: Literature Review
As we know, IS researchers have only recently begun to use the term in their study to
determine what FinTech exactly means and where its roots lie. The term "FinTech" will be
identified (Lee, 2020) and analyzed in Korea by FinTech industry, focusing their study of the
crowdfunding case in particular. (Pigalev, 2020) discuss the evolution of FinTech in three
main eras and from a regulatory perspective, focus on the challenges it faces. (Amstad,
2019) define five business model principles that are to contribute to FinTech's success story.
When we look at these few papers, we conclude that the topic of the research community is
hardly introduced but attracts the increasing interest of scientists. For example, a call for
papers on 'Specific Issuer: Financial IS, Underlying Technology and FinTech Revolution' has
recently been published by the Journal of Management Information System (JMIS). It is no
surprise that companies and companies from finance, consulting, business and technology
have been keeping an eye on FinTech's rapidly expanding business and publishing
professional reports that structure the sector with the goal of identifying challenges and
obstacles and taking advantage of the opportunities created.

For instance, (Sloboda and Demianyk, 2020) address potential challenges and opportunities
for banks to be disrupted, while (Minin, 2018) looks at FinTech in relation to digitalization
and modern transformation of the financial services especially in the banking sector and
state that there are three current successive phases of digitalization of bank’s processes:
reaction to the new market, technical adaptation and strategic positioning. (Monkiewicz,
2020) report shows that technological innovation is inevitable and will have a greater impact
on the banking sector. In addition, disruption is viewed as an ongoing process that leads the
industry to innovate according the needs and behavior of its customers.

FinTech has been recognized as a new spectrum that brings financial industry technologies
to a new level that enables them to innovate and revolutionize the concepts of money
thinking and banks (Kubasik, 2017). However the term “hype” itself carries derogatory
connotation in public, press and science by often being compared with such words as
“hope”, “reality” or even “dawn of a new era” (Ante, Sandner and Fiedler, 2018), in our
analysis we aim for neutrality when speaking of a hype. Several studies in organizational
administration, biology, medicine confirm the connections between the popular media
hyping a research phenomenon (Journalists still ignoring federal hounding of US scientists,
2017). However the findings of the experiments are somewhat unclear. Even if the data
indicates that a popular press is a good reflection of results published in scientific journals
(Bhandari, 2018) and that miscommunication can be avoided between research and then
the media takes a different approach to providing and highlighting information compared to
academic studies (Finet and Rioufol, 2016). In addition, popular media have a continuous
increase in impact on theories and practices, particularly in Europe (Pierazzo, 2019).
Therefore we cannot compare our analysis and the ones before discussed to the
phenomenon that the academy is little-researched, but is widely covered by the press. We
recognize FinTech as a hyped and related concept in the early 2000s as E-Business as it
became noticeable in the press and expanded into science (Funk, 2020). This helps us to
look back at our study topic and see what Fintechnology really entails and what underpins
its growth from a public media viewpoint and move beyond hype.

FinTech has a deep relation to and connected with financial progress. (Khan, 2017) outline
how financial technologies have changed in three classes: innovative goods and facilities,
new manufacturing methods and new modes of organisation. Financial invention can also
be seen as "the act in which new financial instruments and new financial technologies,
institutions and markets are created and then popularized" (Lloyd-Sherlock, 2017).
Moreover, there is no question (Zubritskaya, 2019) that FinTech is part of global
digitalisation, which is why digital disruption is still essential to be described, which we
further refer to. Digital innovation (van den Berg, 2018) is described as a new product,
process or business model which calls for some major changes from adopters, is
implemented in or activated by IT.

We therefore plan to offer FinTech an understanding from mainstream media viewpoints.

This helps to establish the connections between the overall debate on innovation and the
FinTech phenomena. In our analysis, we are also interested in understanding the factors
behind and inspiring the FinTech movement in the second and third sections of this research
issue, hence the literature focusing on major forces pushing financial progress forward is in
particular. The drivers mentioned below do not preclude each other and overlap each other
very normally. Studies accept that fiscal improvements and adjustments in government laws
are not the only pushes for developments that generate fresh possibilities for "successful
innovations (Lee, Wang and Ho, 2020). Taxes or laws can be viewed as economically,
positively and negatively in terms of financial innovation. The underlying technology, e.g.
telecommunications or data treatment, are another engine of financial advancement
indicated by the literature, which render risk management more effective and productive
(Nassreddine, 2015).

Another aspect that may stimulate financial creativity, unpredictable macroeconomic

environments that cause great instability and threats, such as the recession of the global
economy. Moreover the literature on financial creativity outlined (Ellul and Pagano 2019)
contributes to other factors. This involves business loss, including the lack of satisfaction by
market players; the difficulties of the agency and its asymmetries of knowledge, referring to
conflicts of interests between the parties concerned; transactions, quest and marketing
costs, which imply inventions aimed at lowering costs. These are key factors which affect
and promote literature-related financial developments. We therefore may not evaluate
them from this point of view. They are not listed and addressed in order of their
significance, weight or effect on inventions. Here it is worth admitting, that they all appeal
to complex, evolving definitions instead of the stable structures, which correlates to our
approach – the FinTech approach is changing over the century.

(Arner, Barberis and Buckley, 2015) says that 2000 was the year that marked the turning
point of the internet's unbelievable growth. It was because in most countries across the
world, the Internet could communicate and be commonly used and of course, become a
useful platform for the continuous growth of Fintech. In many financial sectors, for example
financial management threats, Cash processing, data mining systems and automated online
trading systems, many Fintech's infrastructures were invented with complex functions and
technologically specialized software. In several years, this major development on the
Internet has been a requirement for the creation of several Fintech firms.

Probably Fintech's greatest shift in the global economy was the exceptional credit
breakthrough. Only banks were historically permitted to pursue loans with individuals or
companies (News Briefing: Money & Markets - Investment: Can fintech change the way the
money business works, 2016). In order to borrow the money from banks, individuals and
corporations, all required loan conditions, including company paper, mortgaged land,
evidence of potential financing capability and other similar paperwork will have to be
enforced. Banks earned revenue by charging their customers' loans monthly interest rates
where the lending cost was normally smaller than the bank deposit interest rate. But for
most people and companies, the method of financing from banks remained relatively
complicated and challenging. Particularly for people or small businesses with poor credit
scores or no collateral, there was a very low possibility that they might borrow money from
banks (PayPal reports record end-of-year charitable giving, 2016).

As a consequence, this has generated several barriers and threats for both organisations
and individuals in raising investment and market resources. Fintech's sector has introduced
various technological solutions and financial aid programs to solve these issues with a view
to developing a modern loan market that solves all problems and serves and satisfies the
bulk of customer needs.

In addition, the applicant will purchase capital from several various lenders at a lower
interest rate than the banks in the P2P loan model. In the other side, if an investor wishes to
diversify his savings by participating in different loan funds that are much more than
depositary interest in banks, he can even be a creditor of several other borrowers. (Milne &
Parboteeah 2016.) Lending Club and Prosper have become two active companies in the P2P
sector in leveraging technology to run a financial market with low-country lending platforms
that offer more options for consumers to access loans than to borrow capital from the
banks (Everything you need to know about unannounced GPhC inspections, 2019). In action
two firms are very close in supplying consumers with a loan of up to 35000 USD for cheap
priced. They still, though have a variety of main distinctions, to be observed and understood
by investors when making lending decisions.
Chapter 3: Methodology
Quantitative analysis:
We can conduct qualitative analysis for two variables and those are how much investment has
your company raised to date? And how much investment is your company looking to raise
over the next 18 months? For descriptive statistics if we observe the average investment has
your company raised to date is 1018040.12, and the average investment is your company
looking to raise over the next 18 months is 721693.3333333334. The descriptive statistics
table is shown below
F3 F4

count 7.500000e+01 7.500000e+01

mean 1.018040e+06 7.216933e+05

std 1.600921e+06 1.217157e+06

min 1.000000e+04 2.000000e+04

25% 4.500000e+05 2.000000e+05

50% 6.000000e+05 5.000000e+05

75% 9.050000e+05 8.250000e+05

max 9.000000e+06 8.700000e+06

Qualitative analysis:
It is not possible to conduct quantitative analysis here for some variables as they are in
numerical format and we need to find descriptive statistics for that, and we are continuing
with qualitative analysis for rest of the variables based on the article by Braun and Clarke
(2006). Based on the research objective we formulated some questions and the survey is
conducted with many participants. The survey is consisting of 28 questions with multiple
choices and filling blanks. To apply qualitative analysis we are following the paper by Braun
and Clarke (2006), and it is a way to define, evaluate, organize, explain, and report themes
identified in a data set. Via conducting different surveys with different individuals, this file is
gathered and we will review these data with various questions.
RESULTS:
The participants are doing different jobs, and majority of participants are in chief digital
officer position. Next to that, Regional technology officers are participated on the survey.
Apart from these two roles, chief technology officers and chief information officers also
participated in the survey. These results we can observe from below figure and this tells us
that people who are in good position in life are participated in the survey.
On to the next, this survey is conducted in the Ireland Company and here we can observe
people participated from different regions present in Ireland. Majority of participants are
from Republic of Ireland. These results are observed from below snap.

Also we need to know Ireland is an easy place to raise investment for Fintech from
participants, and we can observe that it is true. Ireland is really an easy place to raise the
investment and to get profits also and majority of people are accepting this statement and on
the other hand some people are disagreeing this statement as well. These we can observe
from below snap.
Also we want to know Number of respondents' company like Fintech Ireland to connect them
to investors, and out of 75, 60 respondents are connect to the investors and remaining
investors are not connected to the investors. These results we can observe from below figure.

Also we need to know how many companies are regulated by the Central Bank of Ireland.
The majority of firms are registered with Central bank of Ireland. Out of 75, 50 companies
are registered with central bank of Ireland and Out of 75, 50 companies are registered with
central bank of Ireland and 4 companies are not registered with Ireland. We don’t know the
details of one company and the answer for that company is maybe. These results we can
observe from below visualization.
Also, we need to know whether the companies changed its focus on technology over the last
12 months. For this, 35 participants are saying yes, there has been a greater focus, 14
participants are saying yes, it has dramatically improved and 13 participants are saying the
emphasis on technology was already high. These results we can observe from below figure.

Based on our survey, the best descriptions for business in Ireland to invest are Business and
investment bank, Broad global bank, Global retail bank, Regional retail bank and other. From
these majorities of people are choosing Business and investment bank as their business.
These results we can observe from below figure.
The organization's focus areas for the expenditures are so many areas and the top 5 focus
areas in these are Trading, Payments/transaction banking, Big data projects/analytics,
Customer/client experience, Payments/transaction banking, Mobile solutions Compliance,
Large IT infrastructure revamps, Big data projects/analytics, Trading, Large IT infrastructure
revamps, Cyber security and Large IT infrastructure revamps, Big data projects/analytics,
Mobile solutions. We sorted all the results to get most focused areas. Out of these,
organizations are mainly focusing on Trading, Payments/transaction banking, big data
projects/analytics.
On to next, we need to know what are the problems that are faced by organization with
technology. Here we got more than 100 problems and that are faced by organization and the
most common problems faced by organization are Cyber security activities, Changing needs
of clients, Keeping up with current statutory standards , Cyber security activities: Keeping up
with current statutory standards, Lack of the board's buy-in, Adapting legacy technology to
satisfy current standards for enterprise, Recruiting and maintaining best talent for technology,
Limitations on budget and capital, Adapting legacy technology to satisfy current standards
for enterprise, Keeping up with current statutory standards, Lack of the board's buy-in and
Changing needs of clients, Keeping up with current statutory standards, Limitations on
budget and capital. These are the common problems faced by company with technology.
On to the next, we need to know whether the company been more inclined to embrace
vendors' technologies and systems in last 12 months. For this, 34 participants are saying they
are increasingly introducing more solutions from vendors, 20 participants are saying their
vendor technologies is accelerating
12 participants are saying they are now implementing vast volumes of vendor solutions and
are contemplating outsourcing essential portions of our IT infrastructure. 9 participants are
saying no. We do favor constructing in-house homes. This we can observe from below
figure.
We need to observe the mind set of companies towards the evolving Fintech scene,
entrepreneurs, and smaller enterprises offering financial institutions modern technology.
Different companies are having different mindsets the similar mindsets between some
companies are shown below.11 companies are In the next 12 months, plan to purchase
technology, 8 companies are Investing in Fintech businesses, 7 companies are Participating in
programs in business such as accelerators or mentoring, 6 companies are developed liaison
roles and 5 companies are purchased Technology already .
Now we need to know the opinion of Organizations that are participating in new Fintech
firms in the next 12 months, we need to observe the behavior of organizations here. Majority
of people, i.e., 32 organizations are participating in new Fintech firms if there are successful
possibilities. 31 organizations are very keen to participate in new Fintech firms in coming 12
months and only 12 organizations are unlikely to participate in new Fintech firms. These
results we can observe from below snap.
Also we need to know why an organization to invest in some Fintech business in coming 12
months or in a year. There are many possible reasons for this and the top most reasons to
participate in the survey are new Fintech firms are having innovative solutions that
organizations can't build in-house, Faster to acquire than to build and Cheaper to purchase
than to build, Other reasons are Prevention of access to premium technologies for rivals,
Faster to acquire than to build Prevention of access to
premium technologies for rivals, Entry to intellectual potential and thought innovatively and
Faster to acquire than to build, the next reason is Prevention of access to premium
technologies for rivals, Entry to intellectual potential and thought innovatively and Cheaper
to purchase than to build, the next most familiar reason is to Allow a yield on investment.
These are the top 5 reasons that are intended organizations to invest in new Fintech business
in Ireland. Once organizations invested in the new Fintech terms and business is involved in
utilizing Fintech technologies, the areas more likely to be utilized are more in number. The
top 5 areas that are more likely to be involved in utilizing Fintech technologies are
Experience of the client/client, Trading and Cloud computing, Compliance, Trading and
Cloud computing, Mobile-based solutions, Banking for payments/transactions and
Experience of the client/client, Mobile-based solutions, Projects/analytics on big data,
Revamps of broad IT facilities Banking for payments/transactions, Projects/analytics on big
data and Cyber security activities.
Also, if your business is looking at using a young Fintech company's technologies, what will
be companies approach towards becoming their first big customer? And there are many ways
to become this but majority of companies following the consistency of approach. The other
possible ways of approach are with extra tests to analyze the capacity of new Fintech firms
companies is ready to utilize the technologies. But around 20 companies are not likely to
invest on new Fintech companies and these results we can observe from below figure.
And if Companies were looking to buy technology from a smaller company, the factors
would company look at are Ease of deployment, The technology on offer, Amount of work to
adapt your existing systems, Whether they’d offer an exclusivity period, How long the
organization had remained in existence for, Whether they would be prepared to let you take a
stake in the business, Ease of maintenance, Track record with similar projects at other
institutions, Career history/quality of management, Quality of the firm’s shareholder/funding
base
And we need to check the importance of each factor and how it is important and response of
companies about that variable; we will check the importance of variables one by one.
Ease of deployment:
Ease of deployment would be considered as a factor by most of the companies buy
technology from a smaller company. The results we can observe from below figure.

The technology on offer:

The technology on offer would be considered as a factor by most of the companies buy
technology from a smaller company in Ireland . The results we can observe from below
figure.
Amount of work to adapt your existing systems:
Amount of work to adapt your existing systems would be considered as a factor by most of
the companies buy technology from a smaller company in Ireland . The results we can
observe from below figure.

Whether they’d offer an exclusivity period:

Whether they’d offer an exclusivity period would be considered as a factor by majority of the
companies buy technology from a smaller company in Ireland . The results we can observe
from below figure.

How long the organization had remained in existence for:

How long the organization had remained in existence for would be considered and it is
important factor by majority of the companies buy technology from a smaller company in
Ireland . The results we can observe from below figure.

Whether they would be prepared to let you take a stake in the business:
Whether they would be prepared to let you take a stake in the business would be considered
and it is important factor by majority of the companies buy technology from a smaller
company in Ireland . This results we can observe from below snap.

Ease of Maintenance:
Ease of Maintenance would be considered and it is important factor by majority of the
companies buy technology from a smaller company in Ireland . This results we can observe
from below snap.
Track record with similar projects at other institutions:
Track record with similar projects at other institutions would be considered and it is
important factor by majority of the companies buy technology from a smaller company in
Ireland . This results we can observe from below snap.

Career history/quality of management:

Career history/quality of management would be considered and it is important factor by
majority of the companies buy technology from a smaller company in Ireland . This results
we can observe from below snap.
Quality of the firm’s shareholder/funding base:
Quality of the firm’s shareholder/funding base would be considered and it is important factor
by majority of the companies buy technology from a smaller company in Ireland . This
results we can observe from below snap.

On to the next, we need to check attitude of institutions towards buying technology from a
firm which has one or more rivals as shareholders,and companies are looking into many
factors as stated above. By considering above factors and companies are saying OK if it’s a
consortium rather than a single investor and OK with additional safeguards on
confidentiality, It’s not a problem if we can have a stake too.
Conclusion:
So our objective is to understand the impact of Fintech architecture in Ireland investment
banking system, and from our analysis we can say with many conditions and by considering
factors like Ease of deployment, The technology on offer, Amount of work to adapt your
existing systems, Whether they’d offer an exclusivity period, How long the organization had
remained in existence for, Whether they would be prepared to let you take a stake in the
business, Ease of maintenance, Track record with similar projects at other institutions, Career
history/quality of management, Quality of the firm’s shareholder/funding base even large
investment banking systems are looking towards the new Fintech industries in Ireland. Also
we can say that the large Fintech companies are not able to quickly adapt the technologies
and they are taking more time to implement the new technologies in their organization when
compared to new fin tech companies in Ireland. In coming years there may be a chance of
occupying major share by new Fintech firms in investment banking market.
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