Exploring Potential Application Industry for Fintech Technology by Expanding its Terminology: Network Analysis and Topic Modelling Approach

Mingyu Park, Byeongmin Jeon, Jongwoo Kim, Youngjung Geum

Abstract


FinTech has been discussed as an important business area towards technology-driven financial innovation. The term fintech is a combination of finance and technology, which means ICT technology currently associated with all finance areas. The popularity of the fintech industry has significantly increased over time, with full investment and support for numerous startups. Therefore, both academia and practice tried to analyze the trend of the fintech area. Despite the fact, however, previous research has limitations in terms of collecting relevant databases for fintech and identifying proper application areas. In response, this study proposed a new method for analyzing the trend of Fintech fields by expanding Fintech’s terminology and using network analysis and topic modeling. A new Fintech terminology list was created and a total of 18,341 patents were collected from USPTO for 10 years. The co-classification analysis and network analysis was conducted to identify the technological trends of patent classification. In addition, topic modeling was conducted to identify the trends of fintech in order to analyze the contents of fintech. This study is expected to help both managers and investors who want to be involved in technology-driven financial services seize new FinTech technology opportunities.


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