The impact of online accounting through the expansion of financial technologies on improving the performance of financial institutions and banks

Economic Annals-XXI: Volume 215, Issue (5-6), Pages: 16-21

Citation information
Mohammad, A. A. Sh., Salinas, L., Muzrapova, Sh., Baxriddinov, N., Ahrorov, Z., & Boronov, B. (2025). The impact of online accounting through the expansion of financial technologies on improving the performance of financial institutions and banks. Economic Annals-XXI, 215(5-6), 16-21. doi: https://doi.org/10.21003/ea.V215-03

Anber Abraheem Shlash Mohammad
PhD (Marketing),
Digital Marketing Department,
Faculty of Administrative and Financial Sciences,
University of Petra
Airport Rd., Amman, 961343, Jordan
ashlash@uop.edu.jo
ORCID ID: https://orcid.org/0000-0003-3513-3965

Luis Salinas
PhD (Economics),
Department of Computers Techniques Engineering,
College of Technical Engineering
2975+9RM, Al-Mahafath Str., Najaf, 54001, Iraq;
Department of Industrial Engineering,
New Jersey Institute of Technology
Dr. Martin Luther King Jr Blvd., Newark, New Jersey, 07102, USA
usclw2013@gmail.com
ORCID ID: https://orcid.org/0000-0002-3264-6805

Shaxnoza Muzrapova
PhD (Economics),
Researcher,
Department of Accounting and Statistics,
Termez University of Economics and Service
4-B Farovon Str., Termiz Surkhandarya, Termez, 190111, Uzbekistan
shahnoza_muzrapova@tues.uz
ORCID ID: https://orcid.org/0009-0001-7942-2454

Nodirbek Baxriddinov
PhD (Economics),
Associate Professor,
Department of Economics,
Namangan State Technical University
12 Islam Karimov Str., Namangan city, 160100, Uzbekistan
nbahriddinov@lincolnucasf.edu
ORCID ID: https://orcid.org/0000-0002-3765-5778

Zarif Ahrorov
D.Sc. (Finances),
Professor,
Department of Finance,
Taxation and Banking, Samarkand Branch,
Tashkent State University of Economics
51 Professorlar Str., Samarkand, 140100, Uzbekistan
zarif_akhrorov@sbtsue.uz
ORCID ID: https://orcid.org/0000-0003-4403-9137

Bobur Boronov
D.Sc. (Accounting and Audit),
Associate Professor,
Department of Accounting,
Samarkand Institute of Economics and Service
9 A. Temura Str., Samarkand, 140100, Uzbekistan
bobur-boronov@mail.ru
ORCID ID: https://orcid.org/0000-0002-2597-4755

The impact of online accounting through the expansion of financial technologies on improving the performance of financial institutions and banks

Abstract. This paper studies the impact of the expansion of online accounting based on financial technologies on the improvement of performance in financial institutions and banks in four Asian countries: Malaysia, Singapore, the UAE, and India. The quantitative results of the study, which are obtained from data analysis of 120 institutions in 2024 and structural equation modeling, reveal a strong positive and significant relationship between the maturity of online accounting systems and performance indicators. Specifically, the correlation coefficient of -0.72 of the maturity index with the cost-to-income ratio, and the path coefficient of 0.68 in the model, express the profound impact of this technology on operational efficiency and profitability. Also, variance analysis confirms the significant difference in the return on assets and customer satisfaction between leading and lagging institutions in this area. Besides, the qualitative results also shed light on the key role these systems play in risk management and regulatory compliance.

Keywords: Online Accounting; Financial Technology; Financial Performance; Asian Financial Institutions; Risk Management; Regulatory Compliance; ROI; Malaysia; Singapore; The United Arab Emirates; UAE; India

JEL Classifications: Е24; Е41; Е64; I18; J28; J31

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

Data Availability Statement: The dataset is available from the authors upon request.

DOI: https://doi.org/10.21003/ea.V215-03

References

1. Anestiawati, C. A., Amanda, C., Khantinyano, H., & Agatha, A. (2025). Bank FinTech and credit risk: comparison of selected emerging and developed countries. Studies in Economics and Finance. https://doi.org/10.1108/SEF-12-2023-0714
2. Dewi, N. H. U., & Rokhmania, N. (2021). Investment in Accounting Information Systems, Financial Performance and Productivity of Malmquist and IFR as Intervening in the Banking and Financial Industry. Jurnal ASET (Akuntansi Riset), 13(1), 89-108. https://doi.org/10.17509/jaset.v13i1.33971
3. Goyal, N., Saxena, D., & Bajaj, P. K. (2025). A Comparative Study of Regulatory Approaches to Fintech in India and Global Markets. Advances in Consumer Research, 2(4), 3165-3175. https://doi.org/10.61336/acr/25-04-29
4. Huong, A. Y.-Z., Puah, Ch.-H., & Chong, M.-T. (2021). Embrace Fintech in ASEAN: A Perception Through Fintech Adoption Index. Research in World Economy, 12(1), 1-12. https://doi.org/10.5430/rwe.v12n1p1
5. Kolinets, L., & Homotiuk, A. (2023). FinTech market of Asia countries. The Economic Discourse, 3-4, 115-121. https://doi.org/10.36742/2410-0919-2023-2-12 (in Ukr.)
6. Le, H. Th. Th. (2022). Impact of digital technology on banking business in Southeast Asia countries. VNUHCM Journal of Economics – Law and Management, 6(3), 2922-2931. https://doi.org/10.32508/stdjelm.v6i3.1022
7. Reddy, M. S. (2024). Exploring the Transformative Impact of Fintech on Banking, Finance and Insurance Industries. International Journal of Scientific Research in Engineering and Management, 8(4), 1-29. https://doi.org/10.55041/IJSREM31044
8. Supramaniam, T., Zulkefli, N. A., Piaralal, Sh. K., Raghavan, S., & Veretharajoo, R. (2025). What drives FinTech adoption? Examining key predictors among Malaysian users. Journal of Academia, 13(2), 251-262. https://doi.org/10.24191/joa.v13i2.8461
9. Verma, S. Sh., Sreenu, N., & Kushwaha, G. S. (2025). Exploring the impact of financial technology on commercial banking efficiency. Journal on Innovation and Sustainability RISUS, 16(2), 94-106. https://doi.org/10.23925/2179-3565.2025v16i2p94-106
10. Warokka, A., Setiawan, A., & Aqmar, A. Z. (2025). Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis. FinTech, 4(2), 17-23. https://doi.org/10.3390/fintech4020017

Received 10.04.2025
Received in revised form 2.05.2025
Accepted 12.05.2025
Available online 27.06.2025