School of Information Systems

SAP as Fintech n E-Business


Fintech is today not only a hot mass media discussion of the future of the financial sector, but also real projects that change banking and financial services. The paper describes features and characteristics of contemporary Russian fintech landscape and ecosystem. 


I. Introduction 

Fintech stands for Financial Technology. When finance collaborate with technology for better products and efficient processes, the term Fintech is used in general sense. It is being used as a noun to address start up associated with Fintech and as a verb. There is no proper definition of Fintech since the term is evolving within its scope and has extended itself from banking to other activities like insurance, mutual funds and personal finance management. 

The term “financial technology” can apply to any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping. Since the internet revolution and the mobile internet/smartphone revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance. 



II.Literature Review 


“Fintech” is a term that has been set to describe the digitalization of the financial sector. Fintech is a tool used for advanced technology, mostly internet-based in the financial sector. This term describes modern technology to enable or provide financial services, such as internet-based technology in the fields of e-commerce, mobile payments or early-stage crowd-based financing or it can be called crowdfunding and crowd investing (Dapp, Slomka, & Hoffmann, 2014). In the other meaning, Fintech is a financial industry that applies technology to increase financial activity (Schueffel, 2016). 

The term of Fintech is not confined to specific industries, such as financial industry or specific business models such as peer-to-peer (P2P) lending, nevertheless it includes all of financial products and services that were traditionally supplied by the financial industry (Mello, 2018). Therefore, Fintech has many meanings according to experts. 


The History of Fintech 

The history of modern financial business started in: 

  1. In 1967: the launch of the ATM (Automated Teller Machine)
  2. In 1967-1987: the financial services industry changes from analog to digital industry 
  1. In 1987-2008: the financial services industry was largely transformed into a digital industry, supported by the emergence of the internet  around 2000 (Arner, Barberis and Buckley, 2015). 

Types of Fintech 

There are several types of Fintech, namely: 

  1. Lending tech (alternative lending)
  2. Payments/billing tech
  3. Personal finance/wealth management (Wealth Tech)
  4. Money transfer/remittance
  5. Blockchain/bitcoin (Cryptocurrencies)
  6. Institutional/capital market tech
  7. InsurTech
  8. Equity crowdfunding.


III.Research Method 


The research methodology is the science and philosophy behind all research and the methods or techniques that were used for conduction of research (Adams, Khan, Raeside, & White 2007, 25). It provides the researcher with a way to systematically solve the research problem (Kothari 2004, 8) and creates knowledge, which satisfies the research objectives and answers the research questions (Adams, Khan, Raeside, & White 2007, 25). The methodology considers the logic behind the choice of research design and creates the criteria for choosing the research methods and techniques. A clear research methodology is especially important in adopting a critical and analytical view of the information gathered during the research and allows the researcher to generate trustworthy results. (Kothari 2004, 8.) To define the research methodology the research philosophy and approach should be chosen. 



Others pointed to how sustainability data is already being used to inform financial decisions, with this set to increase in the future. 

According to Refinitiv Head of Sustainable Investing & Fund Ratings, Leon Saunders Calvert: “Sustainability-related data is on a journey to becoming a fundamental dataset in supporting and augmenting existing data sources for capital allocation decisions.” 

While data can show us which businesses act ethically, it is also able to identify unethical companies. 



This chapter of the thesis is aimed to summarize and clarify the results of the research findings as well as to answer the research questions and underline the interconnection of the research results obtained through different research methods. The goal of the chapter is also to discuss the limitations of the research and provide the recommendations for the further practical implication of this research in the business field, as well as for the following research possibilities.