Unlocking financial innovation through strategic investments in information management: a systematic review
Abstract Purpose The purpose of this study is to explore strategic investment in information management and its crucial role in driving financial innovation. By examining the integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Big Data Analyt...
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| Format: | Article |
| Language: | English |
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Springer
2024-11-01
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| Series: | Discover Sustainability |
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| Online Access: | https://doi.org/10.1007/s43621-024-00542-6 |
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| author | Askar Garad Hosam Alden Riyadh Abdullah M. Al-Ansi Baligh Ali Hasan Beshr |
| author_facet | Askar Garad Hosam Alden Riyadh Abdullah M. Al-Ansi Baligh Ali Hasan Beshr |
| author_sort | Askar Garad |
| collection | DOAJ |
| description | Abstract Purpose The purpose of this study is to explore strategic investment in information management and its crucial role in driving financial innovation. By examining the integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Big Data Analytics, Cloud Computing, Large Language Models (LLMs), Robotic Process Automation (RPA), Internet of Things (IoT), Cybersecurity Technologies, and Quantum Computing, this research aims to highlight how these technologies enhance decision-making, operational effectiveness, risk management, and compliance within the financial sector. Methodology The study employs a comprehensive literature review of existing research to analyze the impact of strategic investment in information management on financial innovation. Key technologies are identified and their applications in finance are discussed. The methodology includes synthesizing findings from various sources to present a cohesive understanding of the relationship between information management, technology, and financial innovation. Results The results indicate that strategic investment in information management significantly enhances financial innovation by leveraging advanced technologies. AI and ML improve predictive analytics and customer personalization, Blockchain ensures secure transactions and transparency, Big Data Analytics enables data-driven decision-making, and Cloud Computing provides scalable solutions. LLMs enhance natural language processing capabilities, RPA automates repetitive tasks, IoT facilitates real-time monitoring, Cybersecurity Technologies protect financial data, and Quantum Computing offers potential breakthroughs in financial modeling and encryption. Implication The implications of this study suggest that financial institutions should prioritize strategic investments in information management and the adoption of advanced technologies to stay competitive and resilient in the evolving financial landscape. Effective information management practices enable better decision-making, improved operational efficiencies, enhanced risk management, and regulatory compliance, ultimately fostering financial innovation. Contribution This study contributes to the existing body of knowledge by providing a detailed analysis of the role of strategic investment in information management and its impact on financial innovation. It highlights the importance of integrating advanced technologies in financial practices and offers insights into how these technologies can be leveraged to achieve innovative solutions and improvements in the financial sector. The findings serve as a valuable resource for financial institutions, policymakers, and researchers interested in the intersection of technology and finance. |
| format | Article |
| id | doaj-art-68bcf739ba6d449182853e8aa4a37cc6 |
| institution | OA Journals |
| issn | 2662-9984 |
| language | English |
| publishDate | 2024-11-01 |
| publisher | Springer |
| record_format | Article |
| series | Discover Sustainability |
| spelling | doaj-art-68bcf739ba6d449182853e8aa4a37cc62025-08-20T02:13:54ZengSpringerDiscover Sustainability2662-99842024-11-015112010.1007/s43621-024-00542-6Unlocking financial innovation through strategic investments in information management: a systematic reviewAskar Garad0Hosam Alden Riyadh1Abdullah M. Al-Ansi2Baligh Ali Hasan Beshr3Master Management Program, University Muhammadiyah YogyakartaSchool of Economics and Business, Telkom UniversityCollege of Commerce and Business Administration, Dhofar UniversityDepartment of Administrative Sciences, College of Administrative and Financial Science, Gulf UniversityAbstract Purpose The purpose of this study is to explore strategic investment in information management and its crucial role in driving financial innovation. By examining the integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Big Data Analytics, Cloud Computing, Large Language Models (LLMs), Robotic Process Automation (RPA), Internet of Things (IoT), Cybersecurity Technologies, and Quantum Computing, this research aims to highlight how these technologies enhance decision-making, operational effectiveness, risk management, and compliance within the financial sector. Methodology The study employs a comprehensive literature review of existing research to analyze the impact of strategic investment in information management on financial innovation. Key technologies are identified and their applications in finance are discussed. The methodology includes synthesizing findings from various sources to present a cohesive understanding of the relationship between information management, technology, and financial innovation. Results The results indicate that strategic investment in information management significantly enhances financial innovation by leveraging advanced technologies. AI and ML improve predictive analytics and customer personalization, Blockchain ensures secure transactions and transparency, Big Data Analytics enables data-driven decision-making, and Cloud Computing provides scalable solutions. LLMs enhance natural language processing capabilities, RPA automates repetitive tasks, IoT facilitates real-time monitoring, Cybersecurity Technologies protect financial data, and Quantum Computing offers potential breakthroughs in financial modeling and encryption. Implication The implications of this study suggest that financial institutions should prioritize strategic investments in information management and the adoption of advanced technologies to stay competitive and resilient in the evolving financial landscape. Effective information management practices enable better decision-making, improved operational efficiencies, enhanced risk management, and regulatory compliance, ultimately fostering financial innovation. Contribution This study contributes to the existing body of knowledge by providing a detailed analysis of the role of strategic investment in information management and its impact on financial innovation. It highlights the importance of integrating advanced technologies in financial practices and offers insights into how these technologies can be leveraged to achieve innovative solutions and improvements in the financial sector. The findings serve as a valuable resource for financial institutions, policymakers, and researchers interested in the intersection of technology and finance.https://doi.org/10.1007/s43621-024-00542-6Financial innovationInformation managementStrategic investmentsCollaborationPartnershipsBest practices |
| spellingShingle | Askar Garad Hosam Alden Riyadh Abdullah M. Al-Ansi Baligh Ali Hasan Beshr Unlocking financial innovation through strategic investments in information management: a systematic review Discover Sustainability Financial innovation Information management Strategic investments Collaboration Partnerships Best practices |
| title | Unlocking financial innovation through strategic investments in information management: a systematic review |
| title_full | Unlocking financial innovation through strategic investments in information management: a systematic review |
| title_fullStr | Unlocking financial innovation through strategic investments in information management: a systematic review |
| title_full_unstemmed | Unlocking financial innovation through strategic investments in information management: a systematic review |
| title_short | Unlocking financial innovation through strategic investments in information management: a systematic review |
| title_sort | unlocking financial innovation through strategic investments in information management a systematic review |
| topic | Financial innovation Information management Strategic investments Collaboration Partnerships Best practices |
| url | https://doi.org/10.1007/s43621-024-00542-6 |
| work_keys_str_mv | AT askargarad unlockingfinancialinnovationthroughstrategicinvestmentsininformationmanagementasystematicreview AT hosamaldenriyadh unlockingfinancialinnovationthroughstrategicinvestmentsininformationmanagementasystematicreview AT abdullahmalansi unlockingfinancialinnovationthroughstrategicinvestmentsininformationmanagementasystematicreview AT balighalihasanbeshr unlockingfinancialinnovationthroughstrategicinvestmentsininformationmanagementasystematicreview |