Browsing by Subject "open banking"

Background: The digital transformation of the financial industry led by technological advances, together with changes in regulations, have created opportunities for companies to provide innovative new financial services. Fintech applies latest technological innovations to provide better and more efficient financial products and business models, disrupting the traditionally rigid banking industry. Objective: The objective of this study was to find out what kind of digital services are provided by the fintech industry, what software or technology related competencies and skills are needed in the development of fintech software, and the special requirements of fintech software. Method: The method of this study was systematic literature review. Following the defined review protocol, 31 primary studies published between the years of 2015 and 2021 were identified as relevant for this review by queries to three scientific databases. The selected primary studies were categorized by services, competencies and requirements. Results: Most of the identified digital services were payment applications but also robo-advisors, budgeting tools and compliance automation tools were found. The technologies and related skills extracted from the studies were divided to software development skills and data science skills and further categorized. Compliance with laws and regulations and various reporting and auditing practices were found to be unique domain requirements for fintech. Security was the most mentioned non-functional requirement of a financial system. Conclusions: Fintech is a cross-disciplinary field with unique requirements for business critical software. However, research on fintech software development is still limited.