Application of Management Information Systems in the Financial Sector : An Overview of FinTech Innovations

Technological innovation is transforming the world quickly, especially in the Fourth Industrial Revolution (4IR) age. The financial sector is also changing overwhelmingly with technology. This sector is considered the backbone of an economy. It is evident that without the direct support of Management Information Systems (MIS) in this sector, commonly known as Financial Management Information System (FMIS), or Financial Information System (FIS), or Financial Technology (FinTech), this milestone cannot be reached. Moreover, it is Information Technology (IT) that facilitates the rapid development of this sector while ensuring a high level of safety and security through the application of FinTech. The development of this sector demands security, transparency, efficiency, integrity, and accountability. The most widely adopted FinTech innovations include virtual currencies, instant payments, digital lending, Wealth Technology (WealthTech), Insurance Technology (InsurTech), Islamic FinTech or ShariahTech, Regulatory Technology (RegTech), Supervisory Technology (SupTech), etc., which are shaping the future of the financial sector. For instance, one of the major revolutions in the financial sector is green banking, made possible through FinTech, which creates a win-win situation for multiple stakeholders by accelerating financial services and preserving the environment. Therefore, embracing MIS not only facilitates the growth of the financial sector but ensures sustainable practices