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FinTech Solutions Assignment Sample

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Medavia Aviation Ltd. popularly known as Medavia was founded in 1978 and started operating in 1979. The headquarters of Medavia is based in Malta. Medavia falls under the airlines or aviation industry and it is involved in providing aviation services like aircraft operations, maintenance, and repair of aircraft, design engineering, ground handling, and many more. The organization has a purpose to continue providing aviation services and developing this over time. The company has an objective to add more aircraft to enhance its operational capabilities. Medavia aims to be flexible regarding rapidly changing consumer demands in the aviation industry for being able to effectively continue being at the top and providing high-quality services. Medavia is looking ahead to being a part of 21J Design Approval Organizations based in Malta- in the middle of the Mediterranean Sea (Medavia, 2021). For this, the company is fully involved in the development of advanced design projects going on in Europe. 

This report will discuss different FinTech solutions to identify one correct solution to be applied in Medavia Aviation Ltd. Three different FinTech solutions including Artificial Intelligence (AI), Distributed Ledger Technology, and Cryptocurrency will be discussed in detail along with the merits of each solution. Once all these solutions will be evaluated, one solution will be chosen for Medavia among these. Critical evaluation of the chosen solution will be done for its application in Medavia. The recommendations for the application of chosen FinTech Solution will also be given to Medavia in the end section of this report. 

FinTech or FinTech technology can be called software or a combination of various modern technologies used by organizations of different industries which are indulged in providing financial services (Gai, Qiu and Sun, 2018). The word FinTech is a combination of Finance and Technology which means applying modern technologies for the development of financial solutions for organizations. 

History of FinTech

FinTech Wave 1.0

FinTech is a concept that combines both finance and technology, so, it is not something very new because it has been done years ago when the concept of commodity money has come in. But the modern FinTech or the modern technologies which have been combined with Finances has introduced in the 19th century with the foundation of the first transatlantic cable. This period was known as 'FinTech 1.0’ (Narang, 2021). 

FinTech Wave- 2.0

The period of ‘FinTech 2.0’ has started when the first ATM machine was introduced and started operating for the very first time in 1967 at Barclays Bank of Enfield. Then, in 1973, the first digital stock market was started by Nasdaq (Paston and Harris, 2019). After that, SWIFT has been created which means the Society for Worldwide Interbank Communications. The purpose of SWIFT was to communicate information regarding international funds and fund transfers. 

FinTech Wave- 3.0

The third wave of FinTech was begun in 2008 with GFC i.e., the Global Financial Crisis. GFC was the first launch of smartphones and it was a breakthrough in the areas like cloud computing and artificial intelligence. Post-2008, FinTech 3.0 continued in which modern FinTech has been rising till now (Mirchandani, Gupta and Ndiweni, 2020). It has been estimated by Deloitte that the start-ups using Fintech attracted investment in billions in the US in 2019. 

Discussion of Three FinTech Solutions

AI- Artificial Intelligence 

AI is basically the mimic of human intelligence done by machines and systems to perform tasks. Simple tasks can be improved with the application of AI in which these tasks are performed by machines using human intelligence by collecting some particular information (Acemoglu and Restrepo, 2019). Few examples of AI include:

  • Recommendation engines recommend the content to viewers based on their viewing habits. These engines are completely automated and these recommend things like particular TV shows, series, and others 

  • Chatbots allow resolving customer problems very fast as it is an automated system. Chatbots understand the problems of customers well and quick and then provide them effective solutions/answers

  • Intelligent Assistants analyze critical information or data from big datasets for making improvements in schedule 

Artificial Intelligence is a type of FinTech as it makes improvements in the outcome of tasks of the organizations for making these achieve opportunities and success faster. The basis of AI is the machines that recognize the patterns in information and data with which the tasks can be done by using human intelligence (Shneiderman, B., 2020). AI is helpful for organizations by automating the regular tasks which takes much time if done manually

Pros of AI

  • Artificial Intelligence reduces the time taken to perform an activity or task. It is because it reduces the workload and allows multi-tasking with available resources

  • It allows the company to perform tasks that are highly complex and seems difficult to perform

  • It makes the company perform particular tasks 24*7 without any break 

Cons of AI

  • The cost of implementing Artificial Intelligence within the organization is extremely high It is because all AI-based machines need to set up, systems, computers need to be updated, etc. 

  • Artificial Intelligence lacks creativity because it makes everything machinery and process based. No doubt it makes things easier and faster, but not creative

  • As AI reduces the need of having many employees, it may enhance the rate of unemployment 


It is a digital currency that is used usually to buy services and goods. The organizations which accept cryptocurrencies use an online ledger and not the manual one. To secure online transactions which involve payment through cryptocurrencies, the organizations use strong cryptography. Bitcoin is one of the most popular cryptocurrencies. Many organizations use their developed cryptocurrencies which they call tokens (Bouri, Shahzad and Roubaud, 2019). These tokens are created and accepted only for the goods and services which the particular organization provides. 

To make cryptocurrencies work, a technology called blockchain is required. It is a modern technology that allows to record and manage transactions online. As blockchain is modern technology, and cryptocurrency involves the exchange of payment/finances online, it is a type of FinTech Solutions. Cryptocurrencies are not regulated by the government (Lovell 2018). The nature of cryptocurrencies is decentralized which itself means that it is not controlled or regulated by the government. The central authority has no interference in it, unlike the traditional currencies. 

Pros of Cryptocurrencies

  • These are virtual currencies that are highly secured. So, it helps to reduce the online frauds

  • Cryptocurrencies provide opportunities for organizations to unlock and tap new markets 

  • These virtual currencies make the transfer of money easier and highly efficient 

Cons of Cryptocurrencies 

  • The market of cryptocurrencies is highly unpredictable. Any estimation in change of cryptocurrencies graph for future is difficult and complex

  • Cryptocurrencies cannot be prevented from loss. There is a high risk of loss

  • Illegal activities and payments can be done online easily with the help of cryptocurrencies

Distributed Ledger Technology

It is an online or digital system that allows companies to record asset transactions in multiple places at a time. The details of the transaction of assets can be easily stored in multiple locations at the same time with the help of Distributed Ledger Technology or DTL. The traditional databases have a central data store but as DTL is a FinTech solution, as it is based on modern technology, it does not have a central store or an administration (Maull et al, 2017). DTL can be called a technological infrastructure that helps to access the data, validate and record it, and update the same across an online network that is spread to multiple locations. DTL was launched by Bitcoin and this digital ledger technology is also known as blockchain technology. 

DTL is a highly secured protocol that ensures the functioning of a digital database (Kuhn, Yaga and Voas, 2019). This technology allows the storage of data and information by using cryptography. To access the information stored with DTL, one needs to have a cryptographic signature or digital keys. 

Pros of Digital Ledger Technology (DTL)

  • It eliminates the involvement of the government or the central authority to keep an eye on the information transfer and storage 

  • It allows the organizations to have a completely secured base to store information from third parties

  • One of the benefits is that the DTL is immutable 

Cons of Digital Ledger Technology (DTL)

  • There is always a lack of clarity on governance of DTL i.e., digital ledger technology 

  • Regulation of digital ledger technology is highly uncertain

  • Maintaining privacy and security od data is a big challenge 

Critical Evaluation of Implementation of FinTech Solution in Medavia Aviation

Three different FinTech solutions have been discussed above such as artificial intelligence (AI), cryptocurrencies, and digital ledger technology (DTL). It has been identified that all these technologies work differently and provides different advantages if get applied within the organization. In Medavia, one Fintech Solution is needed to be applied to make improvements within the organization. This solution is needed to be chosen from the above discussed three solutions. 

If artificial intelligence will get applied, it will help Medavia to make its routine tasks automated. If cryptocurrencies will be applied, Medavia will be able to take finances from external people in the form of these virtual currencies. If the third solution, DTL will be applied, Medavia Aviation will be able to store the information digitally at multiple locations with this. As Medavia aviation limited provides aviation services, it can be said that it needs to simplify and digitalize its routine activities the most to have an improvement in the results of the processes executed within the organization. So, Artificial Intelligence (AI) can be chosen for Medavia (Shmelova, Sterenharz and Dolgikh, 2020). It is because this will be highly helpful for the company as compared to the other two FinTech solutions discussed. 

Artificial Intelligence (AI) as discussed above, is a branch of computer science that allows simulating human intelligence by systems and machines to perform regular tasks of the organization. AI will make it possible for machines to perform human tasks in Medavia Aviation. The process of artificial intelligence highly relies upon natural language processing and deep learning (Gardner et al, 2018). With this technology, it will be possible to train the computer systems of Medavia Aviation for the accomplishment of particular tasks. AI will allow to process a large amount of data at ease and also allow to recognize the data better. 

When AI came into notice in 1956 for the very first time, it was not as relevant as it is today. The relevance and popularity of artificial intelligence got high because of advanced algorithms, improvements in digital storage, enhanced data volumes, and high computing powerThe technologies like Alexa, Siri, are also examples of this artificial intelligence technology (Buteau and Lee, 2021). Machine learning became popularly majorly between the period of1980s to 2010. 

The Fintech Solution- Artificial Intelligence (AI) is changing the face of the airlines/aviation industry by making lots of improvements in its processes and making it advanced. Through AI, the aviation industry is evolving and a big change can be seen in this field. Big aviation companies are investing much amount in the implementation of FinTech solutions especially Artificial intelligence in the organization for enhancing the quality of their services and products (Abduljabbar et al, 2019). For serving the customers up to their expectations or more than that, aviation companies are implementing artificial intelligence. 

Financial Impacts of AI in aviation 

Artificial Intelligence in Aviation Market by Offering, Technology, Application, and Geography - Global Forecast to 2025

Figure 1: AI impacts on aviation

Source: Research and Markets, 2020

The application of artificial intelligence impacted the aviation market especially the financial aspect. The impacts are positive and can be seen as a market forecast demonstrated in the above figure. It has been forecasted that after the implementation of AI, the aviation market is likely to crow at a CAGR of 46.65% by the year 2025. This figure reflects the market share of AI as a Fintech solution in the aviation industry. 

Aviation IoT Market Size, Share & Growth Report, 2021-2028

Figure 2: Growth of Medavia aviation predicted with usage of AI

Source: Grandview research, 2021

Ai will overall impact the aviation market positively in terms of its ground operations, the experience of passengers, aircraft operations, and the asset management of Medavia Aviation. The above chart demonstrates a growing consistency predicted in all these aspects with the application of AI by the year 2028. Growing ground and aircraft operations will help Medavia Aviation to have more profit which will expand its financial capacity. 

In terms of pricing as well, the aviation industry- the organizations like Medavia Aviation get impacted with AI. With the application AI, the pricing of aviation companies will be more dynamic to gain more market share and for enhancement of revenue. AI will allow to dynamize the price even at the end moment if the seats will not fill up till the date of aircraft departure (Boffey 2018). When the high prices of Medavia aviation will fail to have the tickets sold out, AI will allow to make the pricing more dynamic and will help to sell the tickets on lower price but still with being in profit. 

SWOT Analysis of Medavia Aviation

This analysis will help to identify the company’s strengths to support AI, its weakness which need to be improved, the opportunities and threats. 


  • Highly trained and skilled staff, perfect enough to deal with advanced technologies like AI

  • Low-cost services to serve better to customers at low price

  • Prioritize the safety of customers over anything 


  • Lack of infrastructure to support advancement of technology

  • Provides low-cost service but still expensive from many airlines 

  • Lack of social presence 


  • Can update the technology more to enhance the ability and capabilities of operations both on-ground and on-flight 

  • Many investment opportunities in foreign markets by being updated

  • Revenue enhancement opportunities with implementation of technologies to make customer experience better


  • Shortage of skilled staff members including the front and back staff

  • Threats of economic downturn

  • Increased cost of aircraft fuels to due to shift in external environmental factors 

Need of AI application as a FinTech solution in Medavia Aviation

As Medavia Aviation prioritize customer safety, AI is needed to be implemented to make the passengers feel more safer while being on the aircrafts. Also, as the infrastructure is not advanced, implementing AI will raise a need of updating the infrastructure and management will have to take the action. It will also be helpful for overall growth of the company. The company has enough resources to implement AI within the organization, plus the firm culture is also supportive to it. 

The implementation of AI- the FinTech solution can be implemented in Medavia Aviation limited in the following ways:

Virtual Assistants

The virtual assistants based on AI will help Medavia aviation to improve the efficiency and productivity of their pilots who operate the aircraft. This FinTech solution will do it in a way by lessening the repetitive tasks of the pilots like reading wind forecasts, changing the radio channels, providing the information regarding the position of aircraft while flying it, and many more small tasks. It is because, with the application of this FinTech solution in Medavia, all these tasks can be handled in an automated manner by artificial intelligence. 

Artificial intelligence-based virtual assistants can also be used by Medavia to make improvements in the company's customer services. It is because these virtual assistants can serve customers for resolving their simple problems and answering their basic queries (Bernard and Arnold, 2019). These are like taking information about the status of aircraft, services get offered on the flights, etc. Along with solving these basic problems, virtual assistants will also help the passengers of Medavia Aviation to plan their trips and book the tickets. 

The implementation of Artificial Intelligence in Medavia Aviation will allow the company to make its customer support system better and faster (Kashyap 2019). It is believed by the aviation experts that in a further five to six years, more than half of the aviation companies will enable this FinTech solution in the company to serve their customers well and to improve their experience. 

The benefits of implementing AI in the customer support segment of Medavia are minimization in operational time, reduced labor cost, and effective utilization of resources. The AI applications will allow Medavia Aviation Limited to resolve customer issues by providing the correct information quickly without making them wait for much time. 

Monitoring of Aircrafts

Medavia Aviation monitors their aircrafts time-to-time and also ensures repair if any problem gets found. To take care of the passengers, monitoring the health of aircraft is important for the company. The application of the AI system in Medavia will help the company to easily and quickly identify the maintenance needed in aircraft. This FinTech solution will help the company to allow quick repair of aircraft and also help to lessen the time on the ground. 

The monitoring of aircraft using artificial intelligence will help Medavia Aviation to analyze the data faster and in a more accurate manner by preventing negative actions. The AI technology allows conveying urgent information to the company immediately. Implementing this AI technology into these parts will help to enhance the life of aircraft, reduce disruptions, and allow the company to save finances. 

The application of AI will not just help to save money and to help in project repairs, but it will also help to keep the passengers/customers of Medavia Aviation safe during their travel time. (Rajapaksha and Jayasuriya, 2020). With the application of this technology, the company can easily reduce the waiting time of passengers which they need to face because of malfunction of aircraft. Operating the aircraft smoothly with no delay improves in services of Medavia Aviation. 

Implementing this FinTech solution will help the company to enhance the reliability of its aircraft monitoring and maintenance process. It is because the data collected through artificial intelligence systems are processed and stored in cloud servers that have high accuracy and security. 

Designing Engineering

It is one of the major services provided by Medavia Aviation. As mention in the report above, Medavia is involved in the design engineering of aircraft very much. Implementation of AI- one of the popular FinTech Solutions will help Medavia in this area as well. While designing the aircraft, the aviation companies find challenges like human errors, high labor costs, safety and security issues, etc. (Rajapaksha and Jayasuriya, 2020). These all can be minimized and resolved just with the application of AI. With these problems, Medavia faces issues in the manufacturing and development of Aircraft because all the processes are manual which is very time-consuming. The inspections were done manually to check whether the components of an aircraft match the set specifications or not takes much time. Implementation of AI in the design engineering of aircraft of Medavia will help the company to make this process effective, faster, and provide improved results. 

Using FinTech solutions will also allow eliminating the safety issues in the manufacturing and development of aircraft because it will minimize human involvement in the process. Usage of AI helps to maximize the operational efficiency of aircraft by identifying the abnormal behavior of any part of the aircraft and fixing the same (Gisario et al, 2019). The threats can also be identified with the implementation of AI, with the help of machine and system vision. 


  • Have a structure: It is recommended to Medavia Aviation that when the company will apply the chosen FinTech solution, a planned structure will be needed to integrate it within the process and activities of Medavia. To incorporate any FinTech Solution in Medavia, a structure will be recommended. If it will be done in a structure, it will become easier for the employees to understand and work with it. 

  • Have a plan to measure outcomes: Medavia Aviation Limited will apply the chosen FinTech Solution to make their outcomes better. So, it is recommended to the company to have a plan for measuring those outcomes that any improvement will be achieved with the FinTech solution or not. It means Medavia will need to decide what improvement means to the company, define it, and have a strategy to measure it. 

  • Ensure security: FinTech solutions offer digital technological solutions to have benefits. The threat gets higher to the organization when technologies get involved when things become automated. So, it is highly recommended for Medavia to have a highly secured mechanism to ensure the security of data gets identified, used, and stored online in the application of FinTech.


It can be concluded with the report that FinTech solutions are the combination of modern technologies with Finance. It has been identified that implementing these solutions in an organization means using modern technology to make improvements and to tap external opportunities. The history of FinTech has been discussed in the report in which it has been identified that FinTech had three waves and the third wave is still ongoing in which technologies are on peak. Three FinTech solutions have been discussed in the report. The first one has been identified as AI technology, the second is a cryptocurrency, and the third one is a digital technology ledger. All three technologies have been analyzed carefully with their merits. After evaluation and analysis, it has been identified that Artificial Intelligence will be the best Fintech Solution for Medavia Aviation Limited as its implementation will give immense benefit to the organization. It has been identified that AI as a FinTech solution can be applied in Medavia for effective customer support, monitoring and maintenance of aircraft, and design engineering. Recommendations have also been given to Medavia for the implementation of this Fintech Solution. 


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