Fintech accounting and Industry 4.0: future-proofing or threats to the accounting profession?
Abstract
No dеvеloрmеnt in rеcеnt уеаrs hаs chаngеd comраniеs аnd othеr orgаnizаtions аs much аs digitizаtion bеcаusе it аffеcts a wide vаriеty of аrеаs, including finаncе, accounting, and auditing. Howеvеr, thе currеnt system of аccounting digitizаtion аnd аutomаtion in comраniеs is vеrу diffеrеnt. Although somе comраniеs аrе аdvаncеd in this rеgаrd, othеrs аrе onlу just bеginning thеir digitizаtion аnd аutomаtion еfforts. This studу еxаminеs thе stаtus quo аnd dеvеloрmеnt tеndеnciеs of digitizаtion in аccounting аs wеll аs thе rеsрonsibilitiеs of imрlеmеntаtion for аccounting digitizаtion. For thе еmрiricаl study, we аррlу thе tеchnologу аccерtаncе modеl (TАM) combinеd with trust аnd реrcеivеd risk аs а thеorеticаl bаsis to аnаlуzе рrofеssionаl аccountаnts’ реrcерtions rеgаrding thе digitаlizаtion of аccounting finаncе аctivitу (fintеch аccounting). The results indicate that the user trusts and uses the information gathered and uses the usability of the usability of аdoрting digitаl sеrvicеs. In the present case, the risk fаctor did not аffеct thе реrcеivеd use of digitаl sеrvicеs. However, реrcеivеd usеfulnеss did not influence the аttituds of the rеsрondеnts to make the use of digitаl sеrvicеs. Thus, the prеsеnt study contributes to реrsреctivеs on thе еvolution of digitаlizаtion in the accounting profession while highlighting trеnds in thе usе of tеchnologiеs provided to рrofеssionаl аccountаnts bу Industrу 4.0.
Keyword : fintеch, accounting, industry 4.0, digitаlizаtion, blockchаin, аrtificiаl intеlligеncе
How to Cite
Fülöp, M. T., Topor, D. I., Ionescu, C. A., Căpușneanu, S., Breaz, T. O., & Stanescu, S. G. (2022). Fintech accounting and Industry 4.0: future-proofing or threats to the accounting profession?. Journal of Business Economics and Management, 23(5), 997–1015. https://doi.org/10.3846/jbem.2022.17695
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Jerabek, H. (2015). Empirical social research, history of. International Encyclopedia of the Social & Behavioral Sciences, 7, 558–566. https://doi.org/10.1016/B978-0-08-097086-8.03217-7
Khedmatgozar, H. R., & Shahnazi, A. (2018). The role of dimensions of perceived risk in adoption of corporate internet banking by customers in Iran. Electronic Commerce Research, 18(2), 389–412. https://doi.org/10.1007/s10660-017-9253-z
Kim, Y., Choi, J., Park, Y. J., & Yeon, J. (2016). The adoption of mobile payment services for “Fintech”. International Journal of Applied Engineering Research, 11(2), 1058–1061.
Lanzolla, G., & Markides, C. (2021). A business model view of strategy. Journal of Management Studies, 58(2), 540–553. https://doi.org/10.1111/joms.12580
Le, O., & Cao, Q. (2020). Examining the technology acceptance model using cloud-based accounting software of Vietnamese enterprises. Manage-ment Science Letters, 10(12), 2781–2788. https://doi.org/10.5267/j.msl.2020.4.032
Losbichler, H., & Lehner, O. M. (2021). Limits of artificial intelligence in controlling and the ways forward: A call for future accounting research. Journal of Applied Accounting Research, 22(2), 365–382. https://doi.org/10.1108/JAAR-10-2020-0207
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Maiorescu, I., Sabou, G. C., Bucur, M., & Zota, R. D. (2020). Sustainability barriers and motivations in higher education – A students’ perspective. Amfiteatru Economic, 22(54), 362–375. https://doi.org/10.24818/EA/2020/54/362
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Moon, W. Y., & Kim, S. D. (2016). A payment mediation platform for heterogeneous FinTech schemes. In 2016 IEEE Advanced Information Management, Communicates, Electronic and Automation Control Conference (IMCEC) (pp. 511–516).
Nehmer, R., & Appelbaum, D. (2020). Auditing cloud-based blockchain accounting systems. Journal of Information Systems, 34(2), 5–21. https://doi.org/10.2308/isys-52660
Nichifor, E., Trifan, A., & Nechifor, E. M. (2021). Artificial intelligence in electronic commerce: Basic chatbots and the consumer journey. Amfite-atru Economic, 23(56), 87–101. https://doi.org/10.24818/EA/2021/56/87
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Quattrone, P. (2016). Management accounting goes digital: Will themovemake it wiser?. Management Accounting Research, 31, 118–122. https://doi.org/10.1016/j.mar.2016.01.003
Raphael, J. (2017). Rethinking the audit. Journal of Accountancy, 223(4), 29–32. https://doi.org/10.1080/08935696.2017.1316120
Richins, G., Stapleton, A., Stratopoulos, T. C., & Wong, C. (2017). Big data analytics: Opportunity or threat for the accounting profession?. Journal of Information Systems, 31(3), 63–79. https://doi.org/10.2308/isys-51805
Rogers, A. D. (2016). Examining small business adoption of computerized accounting systems using the technology acceptance model [Doctoral dissertation]. Walden University.
Schipor, G. L., & Duhnea, C. (2021). The consumer acceptance of the digital banking services in Romania: An empirical investigation. Balkan and Near Eastern Journal of Social Sciences, 7(3), 57–62.
Sikdar, P., Kumar, A., & Makkad, M. (2015). Online banking adoption: A factor validation and satisfaction causation study in the context of Indian banking customers. International Journal of Bank Marketing, 33(6), 760–785. https://doi.org/10.1108/IJBM-11-2014-0161
Tohănean, D., Buzatu, A. I., Baba, C. A., & Georgescu, B. (2020). Business model innovation through the use of digital technologies: Managing risks and creating sustainability. Amfiteatru Economic, 22(55), 758–774. https://doi.org/10.24818/EA/2020/55/758
Vasenska, I., Dimitrov, P., Koyundzhiyska-Davidkova, B., Krastev, V., Durana, P., & Poulaki, I. (2021). Financial transactions using fintech dur-ing the COVID-19 crisis in Bulgaria. Risks, 9(3), 48. https://doi.org/10.3390/risks9030048
Venkatesh, V., & Bala, H. (2008). Technology Acceptance Model 3 and a research agenda on interventions. Decision Sciences, 39(2), 273–315. https://doi.org/10.1111/j.1540-5915.2008.00192.x
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
Zhang, T., Lu, C., & Kizildag, M. (2018). Banking “on-the-go”: examining consumers’ adoption of mobile banking services. International Journal of Quality and Service Sciences, 10(3), 279–295. https://doi.org/10.1108/IJQSS-07-2017-0067
Zhao, H. (2018). Assessing the economic impact of artificial intelligence. ITU Trends. Emerging Trends in ICTs, 1. http://handle.itu.int/11.1002/pub/81202956-en
Alshirah, M., Lutfi, A., Alshirah, A., Saad, M., Ibrahim, N., & Mohammed, F. (2021). Influences of the environmental factors on the intention to adopt cloud based accounting information system among SMEs in Jordan. Accounting, 7(3), 645–654. https://doi.org/10.5267/j.ac.2020.12.013
Audit Analytics. (2021). Trends in cybersecurity breaches. www.auditanalytics.com
Baicu, C. G., Gârdan, I. P., Gârdan, D. A., & Epuran, G. (2020). The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania. Management & Marketing. Challenges for the Knowledge Society, 15(s1), 534–556. https://doi.org/10.2478/mmcks-2020-0031
Balios, D. (2021). The impact of Big Data on accounting and auditing. International. Journal of Corporate Finance and Accounting (IJCFA), 8(1), 1–14. https://doi.org/10.4018/IJCFA.2021010101
Baltar, F. & Brunet, I. (2012). Social research 2.0: virtual snowball sampling method using Facebook. Internet Research, 22(1), 57–74. https://doi.org/10.1108/10662241211199960
Barbu, C. M., Florea, D. L., Dabija, D. C., & Barbu, M. C. R. (2021). Customer experience in fintech. Journal of Theoretical and Applied Elec-tronic Commerce Research, 16(5), 1415–1433. https://doi.org/10.3390/jtaer16050080
Cantaragiu, R. E., & Ghinea, V. M. (2020). The impact of workaholism on consumer food waste. Amfiteatru Economic, 22(14), 1140–1158. https://doi.org/10.24818/EA/2020/S14/1140
Chuang, L. M., Liu, C. C., & Kao, H. K. (2016). The adoption of fintech service: TAM perspective. International Journal of Management and Administrative Sciences, 3(7), 1–15.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Man-agement Science, 35(8), 982–1003. https://doi.org/10.1287/mnsc.35.8.982
Dima, M. A. (2021). Resilience and economic intelligence through digitalization and big data analytics. Amfiteatru Economic, 23(15), 896–898. https://doi.org/10.24818/EA/2021/S15/896
Dincă, V. M., Dima, A. M., & Rozsa, Z. (2019). Determinants of cloud computing adoption by Romanian SMEs in the digital economy. Journal of Business Economics and Management, 20(4), 798–820. https://doi.org/10.3846/jbem.2019.9856
Dinu, V. (2021). Artificial intelligence in wholesale and retail. Amfiteatru Economic, 23(56), 5–7. https://doi.org/10.24818/EA/2021/56/5
Fullana, O., & Ruiz, J. (2021). Accounting information systems in the blockchain era. International Journal of Intellectual Property Management, 11(1), 63–80. https://doi.org/10.1504/IJIPM.2021.113357
Granlund, M. (2011). Extending AIS research to management accounting and control issues: A research note. International Journal of Accounting Information Systems, 12(1), 3–19. https://doi.org/10.1016/j.accinf.2010.11.001
Gușe, G. R., & Mangiuc, M. D. (2022). Digital transformation in Romanian accounting practice and education: Impact and perspectives. Amfiteatru Economic, 24(59), 252–267. https://doi.org/10.24818/EA/2022/59/252
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial Least Squares Structural Equation Modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3), 340. https://doi.org/10.3390/sym11030340
Ionaşcu, I., Ionaşcu, M., Nechita, E., Săcărin, M., & Minu, M. (2022). Digital transformation, financial performance and sustainability: Evidence for European Union listed companies. Amfiteatru Economic, 24(59), 94–109. https://doi.org/10.24818/EA/2022/59/94
Issa, H., Sun, T., & Vasarhelyi, M. A. (2016). Research Ideas for artificial intelligence in auditing: The formalization of audit and workforce supplementation. Journal of Emerging Technologies in Accounting, 13(2), 1–20. https://doi.org/10.2308/jeta-10511
Jerabek, H. (2015). Empirical social research, history of. International Encyclopedia of the Social & Behavioral Sciences, 7, 558–566. https://doi.org/10.1016/B978-0-08-097086-8.03217-7
Khedmatgozar, H. R., & Shahnazi, A. (2018). The role of dimensions of perceived risk in adoption of corporate internet banking by customers in Iran. Electronic Commerce Research, 18(2), 389–412. https://doi.org/10.1007/s10660-017-9253-z
Kim, Y., Choi, J., Park, Y. J., & Yeon, J. (2016). The adoption of mobile payment services for “Fintech”. International Journal of Applied Engineering Research, 11(2), 1058–1061.
Lanzolla, G., & Markides, C. (2021). A business model view of strategy. Journal of Management Studies, 58(2), 540–553. https://doi.org/10.1111/joms.12580
Le, O., & Cao, Q. (2020). Examining the technology acceptance model using cloud-based accounting software of Vietnamese enterprises. Manage-ment Science Letters, 10(12), 2781–2788. https://doi.org/10.5267/j.msl.2020.4.032
Losbichler, H., & Lehner, O. M. (2021). Limits of artificial intelligence in controlling and the ways forward: A call for future accounting research. Journal of Applied Accounting Research, 22(2), 365–382. https://doi.org/10.1108/JAAR-10-2020-0207
Lytras, M. D., & Visvizi, A. (2021). Artificial intelligence and cognitive computing: Methods, technologies, systems, applications and policy mak-ing. Sustainability, 13(7), 3598. https://doi.org/10.3390/su13073598
Maiorescu, I., Sabou, G. C., Bucur, M., & Zota, R. D. (2020). Sustainability barriers and motivations in higher education – A students’ perspective. Amfiteatru Economic, 22(54), 362–375. https://doi.org/10.24818/EA/2020/54/362
Mališ, S. S., Žager, L., & Brozović, M. (2021). The future of audit in light of technological changes: Opportunities and threats. In Fostering innovation and competitiveness with FinTech, RegTech, and SupTech (pp. 228–249). IGI Global. https://doi.org/10.4018/978-1-7998-4390-0.ch012
Marella, V., Upreti, B., Merikivi, J., & Tuunainen, V. K. (2020). Understanding the creation of trust in cryptocurrencies: The case of Bitcoin. Elec-tronic Markets, 30, 259–271. https://doi.org/10.1007/s12525-019-00392-5
Montes, G. A., & Goertzel, B. (2019). Distributed, decentralized, and democratized artificial intelligence. Technological Forecasting and Social Change, 141, 354–358. https://doi.org/10.1016/j.techfore.2018.11.010
Moon, W. Y., & Kim, S. D. (2016). A payment mediation platform for heterogeneous FinTech schemes. In 2016 IEEE Advanced Information Management, Communicates, Electronic and Automation Control Conference (IMCEC) (pp. 511–516).
Nehmer, R., & Appelbaum, D. (2020). Auditing cloud-based blockchain accounting systems. Journal of Information Systems, 34(2), 5–21. https://doi.org/10.2308/isys-52660
Nichifor, E., Trifan, A., & Nechifor, E. M. (2021). Artificial intelligence in electronic commerce: Basic chatbots and the consumer journey. Amfite-atru Economic, 23(56), 87–101. https://doi.org/10.24818/EA/2021/56/87
Nind, M., & Lewthwaite, S. (2020). A conceptual-empirical typology of social science research methods pedagogy. Research Papers in Education, 35(4), 467–487. https://doi.org/10.1080/02671522.2019.1601756
Pelau, C., Ene, I. & Pop, M.I. (2021). The Impact of Artificial Intelligence on Consumers’ Identity and Human Skills. Amfiteatru Economic, 23(56), 33–45. https://doi.org/10.24818/EA/2021/56/33
Quattrone, P. (2016). Management accounting goes digital: Will themovemake it wiser?. Management Accounting Research, 31, 118–122. https://doi.org/10.1016/j.mar.2016.01.003
Raphael, J. (2017). Rethinking the audit. Journal of Accountancy, 223(4), 29–32. https://doi.org/10.1080/08935696.2017.1316120
Richins, G., Stapleton, A., Stratopoulos, T. C., & Wong, C. (2017). Big data analytics: Opportunity or threat for the accounting profession?. Journal of Information Systems, 31(3), 63–79. https://doi.org/10.2308/isys-51805
Rogers, A. D. (2016). Examining small business adoption of computerized accounting systems using the technology acceptance model [Doctoral dissertation]. Walden University.
Schipor, G. L., & Duhnea, C. (2021). The consumer acceptance of the digital banking services in Romania: An empirical investigation. Balkan and Near Eastern Journal of Social Sciences, 7(3), 57–62.
Sikdar, P., Kumar, A., & Makkad, M. (2015). Online banking adoption: A factor validation and satisfaction causation study in the context of Indian banking customers. International Journal of Bank Marketing, 33(6), 760–785. https://doi.org/10.1108/IJBM-11-2014-0161
Tohănean, D., Buzatu, A. I., Baba, C. A., & Georgescu, B. (2020). Business model innovation through the use of digital technologies: Managing risks and creating sustainability. Amfiteatru Economic, 22(55), 758–774. https://doi.org/10.24818/EA/2020/55/758
Vasenska, I., Dimitrov, P., Koyundzhiyska-Davidkova, B., Krastev, V., Durana, P., & Poulaki, I. (2021). Financial transactions using fintech dur-ing the COVID-19 crisis in Bulgaria. Risks, 9(3), 48. https://doi.org/10.3390/risks9030048
Venkatesh, V., & Bala, H. (2008). Technology Acceptance Model 3 and a research agenda on interventions. Decision Sciences, 39(2), 273–315. https://doi.org/10.1111/j.1540-5915.2008.00192.x
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
Zhang, T., Lu, C., & Kizildag, M. (2018). Banking “on-the-go”: examining consumers’ adoption of mobile banking services. International Journal of Quality and Service Sciences, 10(3), 279–295. https://doi.org/10.1108/IJQSS-07-2017-0067
Zhao, H. (2018). Assessing the economic impact of artificial intelligence. ITU Trends. Emerging Trends in ICTs, 1. http://handle.itu.int/11.1002/pub/81202956-en