EXAMINING THE ROLE OF FINTECH IN IMPROVING FINANCIAL TRANSPARENCY AND ACCOUNTABILITY IN THE HOSPITALITY INDUSTRY
Abstract:
The hospitality industry plays a vital role in the global economy, encompassing various sectors such as hotels, restaurants, tourism, and travel. However, the industry faces challenges related to financial transparency and accountability, which can hinder its growth and sustainability. This study aims to examine the role of Financial Technology (Fintech) in addressing these challenges and improving financial transparency and accountability in the hospitality industry.
The advent of Fintech has revolutionized the financial landscape by leveraging technological advancements to offer innovative solutions. Fintech encompasses a wide range of technologies, including blockchain, artificial intelligence, mobile applications, and data analytics, among others. These technologies have the potential to streamline financial processes, enhance data accuracy, and provide real-time insights, thereby improving transparency and accountability in the hospitality industry.
This research will employ a mixed-methods approach, combining qualitative and quantitative methodologies. Qualitative data will be collected through interviews and focus groups with industry professionals, including hotel managers, financial officers, and Fintech experts. The quantitative data will be obtained through surveys distributed to hospitality industry stakeholders.
The study will investigate several key areas where Fintech can contribute to enhancing financial transparency and accountability in the hospitality industry. These areas include payment systems, fraud detection and prevention, supply chain management, and financial reporting. Through the analysis of qualitative and quantitative data, the research aims to identify the specific Fintech solutions that have been implemented in the industry and their impact on financial transparency and accountability.
The findings of this study will provide insights into the benefits and challenges associated with integrating Fintech solutions in the hospitality industry. Additionally, it will contribute to the existing literature by highlighting best practices and recommendations for industry stakeholders, regulators, and policymakers to foster the adoption of Fintech and improve financial transparency and accountability.
Overall, this research aims to shed light on the transformative potential of Fintech in the hospitality industry and its ability to address the persistent challenges of financial transparency and accountability. By leveraging technological innovations, the industry can enhance its competitiveness, attract investment, and build trust among stakeholders, ultimately contributing to its sustainable growth and development.