The Uprising of FinTech – Is Ireland Ready?

Mehdi, Saira (2022) The Uprising of FinTech – Is Ireland Ready? Undergraduate thesis, Dublin, National College of Ireland.

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Abstract

Banking is an indispensable component of our everyday lives. Irish citizens use banking applications, both physical and digital on a daily basis. Since the Global Financial Recession of 2008, public perceptions of the banking sector have shifted. With the advancement of technology, the banking sector is changing in dynamics through ‘FinTech’, which has digitalised and disrupted traditional financial services, on a global and national scale. FinTech pertains to software, applications and algorithms, and modern digitalised banking services called Neo-banks, such as Revolut and Monzo. This research seeks to evaluate their influence on the traditional Irish banking system.

The rise of FinTech has been accelerated through the current Covid-19 pandemic, which prompted a disruption to people’s everyday living. This has formulated a necessity for additional technological advancements due to lockdowns and a lack of in-person services. Societal perceptions of concepts such as FinTech have changed, but can Ireland physically adapt to a shift in the banking system? This study will administer a critical analysis of the current framework to find new ways to digitalise the banking industry.
This gives rise to the question: ‘The Uprising of FinTech – Is Ireland Ready?’

Based on a comprehensive view of current literature and primary research into the sector, this study pertains to answer this question. Ireland is physically, not equipped for this drastic change into a digitalised market. This is demonstrated through a lack of infrastructure as well as a lack of urgency in the transition of traditional banking into a digitalised era. However, society as demonstrated through the younger generation of banking is ready for this leap into a non-traditional banking world. The results show the high demand for technology-based financial services. The world of FinTech is not a foreign concept for banking users, as it’s creeping into the daily lives of users in Ireland. Change is craved by society, but how can this shift be made?

Item Type:	Thesis (Undergraduate)
Subjects:	H Social Sciences > HG Finance > Banking > E-banking H Social Sciences > HG Finance > Financial Services D History General and Old World > DA Great Britain > Ireland
Divisions:	School of Business > BA (Honours) in Business Studies
Depositing User:	Clara Chan
Date Deposited:	21 Sep 2022 13:18
Last Modified:	21 Sep 2022 13:18
URI:	https://norma.ncirl.ie/id/eprint/5780

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