Understanding The Factors Of Financial Innovation In Industrial Revolution 4.0 Era

doi:10.31955/mea.v7i2.2986

Study

Innovation & MarketsRecentStrong effect

Financial Innovation in Industry 4.0: Identifying 14 Antecedents and 53 Consequences

The Industrial Revolution 4.0 era presents a complex landscape for financial innovation, driven by 14 key antecedents and resulting in 53 distinct consequences.

Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA) · 2023

01

Key Findings

01Identification of 14 distinct antecedents driving financial innovation.
02Identification of 53 distinct consequences of financial innovation.

02

Application

Design takeaway

When designing financial products or services for the Industry 4.0 era, consider the identified 14 antecedents as potential enablers or barriers, and plan for the potential impact of the 53 identified consequences.

How to apply

Use the identified antecedents and consequences as a framework for brainstorming and evaluating new financial product or service concepts.

Project actions

01When researching financial innovation, consider the broader economic and technological context.
02Use systematic literature reviews to gather comprehensive data on complex topics.

03

Method & Evidence

AimTo systematically review and identify the antecedents and consequences of financial innovation within the context of the Industrial Revolution 4.0 era.

MethodSystematic Literature Review (SLR)

ProcedureResearchers conducted a systematic review of 58 relevant articles from the Scopus database to identify and categorize the factors influencing and resulting from financial innovation.

Sample58 articles

ContextFinancial services and business in the Industrial Revolution 4.0 era.

Variables

IV["Factors related to Industrial Revolution 4.0 (e.g., digitalization, AI, big data)","Economic conditions","Regulatory environment"]

DV["New financial products","New financial services","New financial processes","Market adoption rates","Economic impact"]

CV["Time period (Industrial Revolution 4.0 era)","Geographical focus (implied global/broad)"]

04

Strengths & Limitations

Strengths

+Comprehensive review of a large number of articles.
+Systematic methodology ensures a thorough exploration of the topic.

Limitations

The scope of the review might miss very recent or highly specialized innovations not yet widely published.

Reliability & validity

The reliability of the SLR is dependent on the quality and scope of the Scopus database and the rigorous application of the review protocol. Validity is enhanced by the systematic approach to article selection and data extraction.

Think critically

How might the identified antecedents and consequences of financial innovation differ in emerging economies compared to developed ones?

05

Design Principles

"Proactive assessment of innovation drivers and potential impacts is essential for successful market integration."

Understanding the drivers and outcomes of financial innovation is crucial for businesses and financial institutions navigating the digital transformation. This knowledge allows for more strategic development of new financial products, services, and processes, ensuring they are relevant and competitive in a rapidly evolving market.

06

What This Means for Your Design

This research looked at lots of other studies to find out what makes new financial ideas happen (14 reasons) and what happens because of them (53 results) in today's tech-focused world.

How to use in your project

1.Reference the identified antecedents and consequences to justify the scope and focus of your design project related to financial innovation.

07

Add to My Project

08

Quick Cite

(2023). UNDERSTANDING THE FACTORS OF FINANCIAL INNOVATION IN INDUSTRIAL REVOLUTION 4.0 ERA. Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA). https://doi.org/10.31955/mea.v7i2.2986 Retrieved from https://designdex.org/study/9bd407ec-bb37-431a-8256-6c924c55b541/financial-innovation-in-industry-4-0-identifying-14-antecedents-and-53-consequences

Paragraph starter

This research provides a comprehensive overview of the factors influencing financial innovation in the Industrial Revolution 4.0 era, identifying 14 antecedents and 53 consequences. This framework can inform the strategic development and risk assessment of new financial products and services.

09

Source

Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA)

UNDERSTANDING THE FACTORS OF FINANCIAL INNOVATION IN INDUSTRIAL REVOLUTION 4.0 ERA

journal · 2023

View source

Questions about this research

What does the research say about financial innovation in industry 4.0: identifying 14 antecedents and 53 consequences?: When designing financial products or services for the Industry 4.0 era, consider the identified 14 antecedents as potential enablers or barriers, and plan for the potential impact of the 53 identified consequences. Evidence: Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA) (2023).
Why does "Financial Innovation in Industry 4.0: Identifying 14 Antecedents and 53 Consequences" matter for design?: Understanding the drivers and outcomes of financial innovation is crucial for businesses and financial institutions navigating the digital transformation. This knowledge allows for more strategic development of new financial products, services, and processes, ensuring they are relevant and competitive in a rapidly evolving market.
How can designers apply this research?: When designing financial products or services for the Industry 4.0 era, consider the identified 14 antecedents as potential enablers or barriers, and plan for the potential impact of the 53 identified consequences.
What were the main findings?: Identification of 14 distinct antecedents driving financial innovation.. Identification of 53 distinct consequences of financial innovation.
What research method was used?: Systematic Literature Review (SLR) with 58 articles.
How strong is the evidence?: Evidence strength is rated Strong effect, based on a 2023 journal from Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA).
What should I do differently in my next project?: Use the identified antecedents and consequences as a framework for brainstorming and evaluating new financial product or service concepts.
What are the limitations?: The study's findings are based on existing literature and may not capture all emerging trends or niche innovations. Recommendations are made for future studies in the Society 5.0 era.
Is there evidence that financial innovation affects design outcomes?: The study identified a comprehensive set of 14 factors that lead to financial innovation and 53 outcomes that arise from it, specifically within the context of the current technological revolution. Understanding the drivers and outcomes of financial innovation is crucial for businesses and financial institutions naviga Source: Jurnal Ilmiah Manajemen Ekonomi & Akuntansi (MEA) (2023).
Where does this financial products research apply?: Financial services and business in the Industrial Revolution 4.0 era. It sits within innovation & markets research on designdex.org.