Pengaruh Financial Technology Terhadap Perbankan Syariah: Pendekatan ANP-BOCR (The Influence of Financial Technology on Islamic Banking: ANP-BOCR Approach)
-
(1) * Helmi Muhammad
Universitas Islam Raden Rahmat
Indonesia
(2) Niki Puspita Sari
Universitas Islam Raden Rahmat
Indonesia
(*) Corresponding Author
Abstract
The objective of this study was to examine the influence of financial technology (FinTech) on Islamic banking from the aspects of benefit, opportunity, cost and risk (BOCR). The research data were obtained through in-depth interviews and questionnaires from respondents which consisted of experts from academia, FinTech practicioners, Islamic banking practitioners and financial services authorities who were chosen by purposive sampling. The data analysis method of this research was Analytical Network Process (ANP) with the BOCR network structure approach. The results show that based on the priority aspects of the respondents' answers, rapid development of the FinTech industry provides positive opportunities for Islamic banking to implement strategic cooperation with the FinTech industry as a customer-oriented integral part.
References
Aaron, M., Rivadeneyra, F., & Sohal, S. (2017). Fintech: Is this time different? A framework for assessing risks and opportunities for central banks (Working Paper No. 2017–10). Bank of Canada Staff Discussion Paper. Retrieved from Bank of Canada Staff Discussion Paper website: https://www.econstor.eu/handle/10419/200480
Alam, N., Gupta, L., & Zameni, A. (2019a). Challenges and Success Factors for Islamic Fintech. In N. Alam, L. Gupta, & A. Zameni, Fintech and Islamic Finance (pp. 159–173). Cham: Springer International Publishing. doi: 10.1007/978-3-030-24666-2_9
Alam, N., Gupta, L., & Zameni, A. (2019b). Fintech Regulation. In N. Alam, L. Gupta, & A. Zameni, Fintech and Islamic Finance (pp. 137–158). Cham: Springer International Publishing. doi: 10.1007/978-3-030-24666-2_8
Ali, H., Abdullah, R., & Zaki Zaini, M. (2019). Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia. International Journal of Islamic Economics and Finance (IJIEF), 2(1). doi: 10.18196/ijief.2116
Alt, R., & Puschmann, T. (2012). The rise of customer-oriented banking—Electronic markets are paving the way for change in the financial industry. Electronic Markets, 22(4), 203–215. doi: 10.1007/s12525-012-0106-2
Anagnostopoulos, I. (2018). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7–25. doi: 10.1016/j.jeconbus.2018.07.003
Anshari, M., Almunawar, M. N., & Masri, M. (2020). An Overview of Financial Technology in Indonesia [Chapter]. doi: 10.4018/978-1-5225-9183-2.ch012
Arner, D. W., Barberis, J. N., & Buckley, R. P. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm? SSRN Electronic Journal. doi: 10.2139/ssrn.2676553
Awrey, D. (2013). Toward a supply-side theory of financial innovation. Journal of Comparative Economics, 41(2), 401–419. doi: 10.1016/j.jce.2013.03.011
Bank for International Sattlements. (2018). Sound Practices: Implications of fintech developments for banks and bank supervisors. Retrieved from https://www.bis.org/bcbs/publ/d431.htm
CB Insights. (2019). Fintech Trends & Industry Overview | CB Insights. Retrieved August 3, 2020, from CB Insights Research website: /research/report/fintech-trends-2019/
Dapp, T. F. (2014). Fintech – The digital (r)evolution in the financial sector Algorithm-based banking with the human touch. Deutsche Bank Research. Retrieved from https://www.finextra.com/finextra-downloads/featuredocs/prod0000000000345837.pdf
Drummer, D., Jerenz, A., Siebelt, P., & Thaten, M. (2016). FinTech – Challenges and Opportunities. Retrieved from http://cryptochainuni.com/wp-content/uploads/McKinsey-Company-FinTech-Challenges-and-Opportunities.pdf
Fetai, B. (2015). Financial Integration and Financial Development: Does Financial Integration Matter? EUROPEAN RESEARCH STUDIES JOURNAL, XVIII(Issue 2), 97–106. doi: 10.35808/ersj/447
Financial Stability Board. (2017, June 27). Financial Stability Implications from FinTech. Retrieved August 7, 2020, from https://www.fsb.org/2017/06/financial-stability-implications-from-fintech/
Frame, W., Wall, L., & White, L. (2018). Technological Change and Financial Innovation in Banking: Some Implications for Fintech. Federal Reserve Bank of Atlanta, Working Papers. doi: 10.29338/wp2018-11
Hadad, M. D. (2017). Financial Technology (FinTech) di Indonesia. Retrieved from http://www.ibs.ac.id/img/doc/MDH%20-%20FinTech%20IBS%20June%202017.pdf
Kaount. (2018). Mobile Payments & Fraud: 2018 Report. Retrieved from https://www.jhacanada.com/White-Paper-Mobile-Payments-and-Fraud-2018-Report.pdf
Khan, S., & Kannapiran, T. (2019). Indexing Issues in Spatial Big Data Management. SSRN Electronic Journal. doi: 10.2139/ssrn.3387792
Malyshev, A. (2020). Top FinTech Trends to Watch in 2020. Retrieved August 3, 2020, from Core Banking Software Solution & Wallet Engine | SDK.finance website: https://sdk.finance/top-fintech-trends-2020/
Navaretti, G. B. mname, Calzolari, G. mname, Mansilla-Fernandez, J. M. mname, & Pozzolo, A. F. mname. (2018). Fintech and Banking. Friends or Foes? SSRN Electronic Journal. doi: 10.2139/ssrn.3099337
Oseni, U. A., & Ali, S. N. (Eds.). (2019). Fintech in Islamic finance: Theory and practice. London ; New York: Routledge/Taylor & Francis Group.
Otoritas Jasa Keuangan. (2020). Statistik Fintech Lending Periode Mei 2020. Retrieved from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/-Statistik-Fintech-Lending-Periode-Mei-2020.aspx
Petralia, K., Philippon, T., Rice, T., & Veron, N. (2019). The disruptive impact of new technology on the banking industry. Retrieved August 21, 2020, from World Economic Forum website: https://www.weforum.org/agenda/2019/09/disruptive-impact-new-technology-banking-industry/
Romānova, I., & Kudinska, M. (2016). Banking and Fintech: A Challenge or Opportunity? In S. Grima, F. Bezzina, I. Romānova, & R. Rupeika-Apoga (Eds.), Contemporary Studies in Economic and Financial Analysis (Vol. 98, pp. 21–35). Emerald Group Publishing Limited. doi: 10.1108/S1569-375920160000098002
Saaty, T. L., & Vargas, L. G. (2013). Decision Making with the Analytic Network Process. Boston, MA: Springer US. doi: 10.1007/978-1-4614-7279-7
Schueffel, P. (2017). Taming the Beast: A Scientific Definition of Fintech. Journal of Innovation Management, 4(4), 32–54. doi: 10.24840/2183-0606_004.004_0004
Shang, J. S., Tjader, Y., & Ding, Y. (2004). A Unified Framework for Multicriteria Evaluation of Transportation Projects. IEEE Transactions on Engineering Management, 51(3), 300–313. doi: 10.1109/TEM.2004.830848
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41, 100833. doi: 10.1016/j.jfi.2019.100833
Todorof, M. (2018). Shariah-compliant FinTech in the banking industry. ERA Forum, 19(1), 1–17. doi: 10.1007/s12027-018-0505-8
Treleaven, P. (2015). Financial Regulation of Fintech (SSRN Scholarly Paper No. ID 3084015). Rochester, NY: Social Science Research Network. Retrieved from Social Science Research Network website: https://papers.ssrn.com/abstract=3084015
Vives, X. (2017). The Impact of Fintech on Banking. EUROPEAN ECONOMY, 9.
World Economic Forum. (2016). The future of financial infrastructure An ambitious look at how blockchain can reshape financial services. Retrieved from
http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf
Alam, N., Gupta, L., & Zameni, A. (2019a). Challenges and Success Factors for Islamic Fintech. In N. Alam, L. Gupta, & A. Zameni, Fintech and Islamic Finance (pp. 159–173). Cham: Springer International Publishing. doi: 10.1007/978-3-030-24666-2_9
Alam, N., Gupta, L., & Zameni, A. (2019b). Fintech Regulation. In N. Alam, L. Gupta, & A. Zameni, Fintech and Islamic Finance (pp. 137–158). Cham: Springer International Publishing. doi: 10.1007/978-3-030-24666-2_8
Ali, H., Abdullah, R., & Zaki Zaini, M. (2019). Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia. International Journal of Islamic Economics and Finance (IJIEF), 2(1). doi: 10.18196/ijief.2116
Alt, R., & Puschmann, T. (2012). The rise of customer-oriented banking—Electronic markets are paving the way for change in the financial industry. Electronic Markets, 22(4), 203–215. doi: 10.1007/s12525-012-0106-2
Anagnostopoulos, I. (2018). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7–25. doi: 10.1016/j.jeconbus.2018.07.003
Anshari, M., Almunawar, M. N., & Masri, M. (2020). An Overview of Financial Technology in Indonesia [Chapter]. doi: 10.4018/978-1-5225-9183-2.ch012
Arner, D. W., Barberis, J. N., & Buckley, R. P. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm? SSRN Electronic Journal. doi: 10.2139/ssrn.2676553
Awrey, D. (2013). Toward a supply-side theory of financial innovation. Journal of Comparative Economics, 41(2), 401–419. doi: 10.1016/j.jce.2013.03.011
Bank for International Sattlements. (2018). Sound Practices: Implications of fintech developments for banks and bank supervisors. Retrieved from https://www.bis.org/bcbs/publ/d431.htm
CB Insights. (2019). Fintech Trends & Industry Overview | CB Insights. Retrieved August 3, 2020, from CB Insights Research website: /research/report/fintech-trends-2019/
Dapp, T. F. (2014). Fintech – The digital (r)evolution in the financial sector Algorithm-based banking with the human touch. Deutsche Bank Research. Retrieved from https://www.finextra.com/finextra-downloads/featuredocs/prod0000000000345837.pdf
Drummer, D., Jerenz, A., Siebelt, P., & Thaten, M. (2016). FinTech – Challenges and Opportunities. Retrieved from http://cryptochainuni.com/wp-content/uploads/McKinsey-Company-FinTech-Challenges-and-Opportunities.pdf
Fetai, B. (2015). Financial Integration and Financial Development: Does Financial Integration Matter? EUROPEAN RESEARCH STUDIES JOURNAL, XVIII(Issue 2), 97–106. doi: 10.35808/ersj/447
Financial Stability Board. (2017, June 27). Financial Stability Implications from FinTech. Retrieved August 7, 2020, from https://www.fsb.org/2017/06/financial-stability-implications-from-fintech/
Frame, W., Wall, L., & White, L. (2018). Technological Change and Financial Innovation in Banking: Some Implications for Fintech. Federal Reserve Bank of Atlanta, Working Papers. doi: 10.29338/wp2018-11
Hadad, M. D. (2017). Financial Technology (FinTech) di Indonesia. Retrieved from http://www.ibs.ac.id/img/doc/MDH%20-%20FinTech%20IBS%20June%202017.pdf
Kaount. (2018). Mobile Payments & Fraud: 2018 Report. Retrieved from https://www.jhacanada.com/White-Paper-Mobile-Payments-and-Fraud-2018-Report.pdf
Khan, S., & Kannapiran, T. (2019). Indexing Issues in Spatial Big Data Management. SSRN Electronic Journal. doi: 10.2139/ssrn.3387792
Malyshev, A. (2020). Top FinTech Trends to Watch in 2020. Retrieved August 3, 2020, from Core Banking Software Solution & Wallet Engine | SDK.finance website: https://sdk.finance/top-fintech-trends-2020/
Navaretti, G. B. mname, Calzolari, G. mname, Mansilla-Fernandez, J. M. mname, & Pozzolo, A. F. mname. (2018). Fintech and Banking. Friends or Foes? SSRN Electronic Journal. doi: 10.2139/ssrn.3099337
Oseni, U. A., & Ali, S. N. (Eds.). (2019). Fintech in Islamic finance: Theory and practice. London ; New York: Routledge/Taylor & Francis Group.
Otoritas Jasa Keuangan. (2020). Statistik Fintech Lending Periode Mei 2020. Retrieved from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/-Statistik-Fintech-Lending-Periode-Mei-2020.aspx
Petralia, K., Philippon, T., Rice, T., & Veron, N. (2019). The disruptive impact of new technology on the banking industry. Retrieved August 21, 2020, from World Economic Forum website: https://www.weforum.org/agenda/2019/09/disruptive-impact-new-technology-banking-industry/
Romānova, I., & Kudinska, M. (2016). Banking and Fintech: A Challenge or Opportunity? In S. Grima, F. Bezzina, I. Romānova, & R. Rupeika-Apoga (Eds.), Contemporary Studies in Economic and Financial Analysis (Vol. 98, pp. 21–35). Emerald Group Publishing Limited. doi: 10.1108/S1569-375920160000098002
Saaty, T. L., & Vargas, L. G. (2013). Decision Making with the Analytic Network Process. Boston, MA: Springer US. doi: 10.1007/978-1-4614-7279-7
Schueffel, P. (2017). Taming the Beast: A Scientific Definition of Fintech. Journal of Innovation Management, 4(4), 32–54. doi: 10.24840/2183-0606_004.004_0004
Shang, J. S., Tjader, Y., & Ding, Y. (2004). A Unified Framework for Multicriteria Evaluation of Transportation Projects. IEEE Transactions on Engineering Management, 51(3), 300–313. doi: 10.1109/TEM.2004.830848
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41, 100833. doi: 10.1016/j.jfi.2019.100833
Todorof, M. (2018). Shariah-compliant FinTech in the banking industry. ERA Forum, 19(1), 1–17. doi: 10.1007/s12027-018-0505-8
Treleaven, P. (2015). Financial Regulation of Fintech (SSRN Scholarly Paper No. ID 3084015). Rochester, NY: Social Science Research Network. Retrieved from Social Science Research Network website: https://papers.ssrn.com/abstract=3084015
Vives, X. (2017). The Impact of Fintech on Banking. EUROPEAN ECONOMY, 9.
World Economic Forum. (2016). The future of financial infrastructure An ambitious look at how blockchain can reshape financial services. Retrieved from
http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf
Picture in here are illustration from public domain image (License) or provided by the author, as part of their works
Published
2020-09-17
Section
Articles
Copyright (c) 2020 Helmi Muhammad, Niki Puspitasari
This work is licensed under a Creative Commons Attribution 4.0 International License.
