Journal of Iranian Public Administration Studies

Journal of Iranian Public Administration Studies

A Meta Model for AI Policy Development in the Fintech Industry

Document Type : Original Article

Authors
Ali Eskandari 1
Amir Manian 2
Morteza Soltani 3
Hamidreza Yazdani 3
1 Ph.D. Candidate of Information Technology Management, School of Management, University of Tehran, Iran.
2 Professor, Faculty of Industrial and Technology Management, School of Management, University of Tehran, Iran.
3 Associate Professor, Faculty of Management and Accounting, Farabi School, University of Tehran, Iran.
10.22034/jipas.2024.440482.1691
Abstract
Artificial Intelligence (AI), as a transformative technology, plays a crucial role in smartening the financial technology (fintech) industry, leading to the expansion of its applications. However, this widespread adoption is accompanied by various legal, ethical, social, and financial challenges. Issues such as innovation, business, organizational, and operational complexities, human and social concerns, environmental factors, dynamic data, and integration pose significant obstacles. If not adequately addressed, these challenges can not only hinder the applications of AI in society but also lead to more profound issues. The root cause of many of these conflicts lies in policymaking. Given that existing public policy models are insufficient to confront these challenges, this study aims to present a meta model for AI development in the fintech industry, formulated at the public policy level. This meta model serves as a prerequisite for the policymaking process, facilitating the development of necessary models for this domain. To achieve this, public policy models were first reviewed, and 25 models were identified. Through the use of indicators extracted from the literature, suitable models were selected. Subsequently, by analyzing the selected models and combining them with the cross-sectoral methodology, the AI policy development meta model for the fintech industry was presented in five steps. These steps include: Assessment and Identification, Option Analysis, Policy Formulation, Policy Implementation, and Evaluation and Review, each consisting of specific stages.
Keywords
Financial Technology
Fintech
Artificial Intelligence
Smart Fintech
Public Policy Making
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  • Receive Date 17 April 2024
  • Revise Date 31 July 2024
  • Accept Date 14 August 2024