Two Essays On The Role Of Financial Technologies In Societal Change, An Institutional Logics Perspective
COM3 Level 1
SR11, COM3 01-20
Abstract:
As Financial Technologies (FinTechs) become even more pervasive in established markets, as well as continue to expand to previously untapped users in Low- and Middle-Income Countries (LMICs); incumbent societal characteristics become apparent, and new ones arise that appear to change the relation that individuals have with their own identities, each other, as well as with their overall assets. This thesis seeks to illuminate how technology affordances brought by FinTechs, in conjunction with the different institutional logics prevailing in society, enable overall societal change.
The first study of this thesis draws on institutional logic theory to study the link between affordances of NFTs in reshaping the institutional logics of Art Markets. We accomplish this by adopting a qualitative approach to explore the intrinsic characteristics of Art NFT and its market, focusing on the differentiating logics of Art NFT artitsts and collectors that motivate the choice of this emerging digital medium over traditional art. We conclude that the Art NFT market operates under a community-based institutional logic, where value and reputation are primarily established through support from the Art NFT community. This shift deviates from the professional institutional logic of the traditional art market. This is made possible by the material properties that endow NFTs with individual and intrinsic value, which sheds a light on how blockchain technology and NFTs are shaping digital transformation at a societal level.
The second study also draws on institutional logic theory to achieve a better understanding into the reasons as to why Fintech-based Remittances Apps (FbRAs) are not a highly used money transfer channel amongst Bangladeshi guest workers in Singapore and their families. Adopting a qualitative study approach, centered around the use of FbRA remittances as well as other competing remittance solutions; we uncover the sociocultural advantages that cause Bangladeshi foreign guest workers to favor traditional remittance solutions, instead of FbRA based ones. Additionally, we describe how execution of transactions and connection enhancement between family members are affordances provided by FbRAs under a family institutional logic.
keywords:
Institutional logics, Affordances, FinTech, NFTs, Art NFTs, Remittances, Hundi, Hawala, Digital Transformation, Societal change, Qualitative Study.