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The financial technology market and its development trends
... Ештокин [11] определяет финтех, с одной стороны, как набор технологий, используемый участниками финансового рынка для повышения эффективности операций с финансовыми активами, а с другой стороныкак новейшего институционального актора, объединяющего наиболее технологически продвинутые финансовые бизнесы, являющегося прямым конкурентом традиционным участникам финансового рынка. Координации развития финансовых технологий посвящены работы [7][8][9][10][11][12][13][14][15][16][17]. ...
Subject. This article discusses the issues of applying innovation in the financial sector and digitalization of the global economy. Objectives. The article aims to identify and classify the main differences between financial technologies and traditional financial and economic categories. Methods. For the study, I used a comparative analysis. Results. The article finds that financial technologies do not mediate the processes of value movement, but create value through modeling of the external environment and the use of information. Conclusions. The results of the study can be used to design programmes for the development of network management models in the financial sector.
... Policy of implementing the model of such Bank proceeds from the understanding that the area of operation of the credit institution goes far beyond the boundaries of the banking sector and increasingly interpenetrates into the diversity of tangible and intangible services. A certain parallel in understanding of the general and special factor in the development of digitalization in banking sector can be compared with the practice of business structures in context of their conjugation with the adaptation to the digital economy (authors O.V. Chistyakov and A.V. Babkin) [17,18]. The authors identify distinctive features of entrepreneurship due to the use of digital technologies: a high level of automation; electronic internal document management; accounting and management accounting systems; electronic data storage; the presence of corporate social networks [17]. ...
The area of banks activity goes far beyond the borders of the banking sector and increasingly penetrates the functioning of the whole variety of material and non-material services. Analysis of key areas and assessment of the capabilities of domestic banking institutions in the process of transition to a new business model of "digital" Bank, show that the characteristic trends are: focus on remote services; competition for banking products of innovative digital solutions; investing in artificial intelligence technologies and reducing cyber risks. The Bank, like any other financial service provider, should create financial processing capabilities that can be integrated into customer interaction systems. Major players in the digital financial economy are already taking initial steps in this direction in form of creating omnichannel platform, a modern ecosystem of remote servicing of corporate clients, the integration of banking business with social networks, the accelerated introduction of blockchain technologies in customer relations with banks. However, these innovations are fragmented and reproduced only by individual banking institutions. On the example of Sberbank and Gazprombank innovations, technological solutions that have become sufficiently operational and replicated in the activities of business partners are characterized. The study contains estimates and reference directions in system adaptation of banks to new requirements and features of the transformation traditional business of universal credit institutions in to the new model forms of digital Bank with corporate-investment content.
This paper is aimed at studying the problem of methodology development of threats and challenges to society, the economy and people that arise in the course of human-digital interaction in the financial sphere.
The goal is global in scope, allowing linking the financial activity of individuals (micro-level) with the financial security of the country (macro-level) from “Cifrogenic” (“digital-genous”, derived from causes related to digital technology) challenges and threats, with a supranational character.
Design/methodology/approach: The tools of systemic, structural functional and institutional approaches were used in the process of substantiation of theoretical provisions, data analysis, conclusions and recommendations that allowed analyzing and taking the complex areas of financial development of digital technology and human interaction and digital technology in the financial sector are analyzed as the studied material.
A review of the literature on the selected topic has shown that relations arising in the course of human-digital interaction in the financial sphere are discussed in many papers of such scholars as Alifanova et. al. (2019), Alifanova et. al. (2018), Reshetnikova et al. (2019), Zmiyak et al. (2019), Reshetnikova andMagomedov (2020).
Findings: There are opportunities to form a “digital financial profile” of a person who becomes an object of advertising, marketing, sociological, political research, and ultimately can become a subject of social rating and a source of information for managing the financial behavior of a person and the country's population as a whole.
Originality/value: The functionality of digital technologies creates a new platform for human financial activity: supporting the adoption of credit and investment decisions, the availability of financial products and services and their personification through processing and analysis of big data, new types of investment assets resulting from blockchain technology and much more. At the same time, moving ever-increasing volumes of financial activity into virtual space, changing the format of interaction (from traditional Business-to-Customer to Peer-to-Peer and even Digital Profile-Digital profile), the emergence of Fintech companies, digitalization of the financial sector has wide range of consequences. So, financial organizations no longer interact with a person, but with his “digital profile”, with a psychological-digital portrait.
Keywords
Financial globalization Financial safety Threats and challenges “Cifrogenic”/“digital-genous” Digital economy Fintech
The financial industry has been strongly influenced by digitalization in the past few years reflected by the emergence of “FinTech,” which represents the marriage of “finance” and “information technology.” FinTech provides opportunities for the creation of new services and business models and poses challenges to traditional financial service providers. Therefore, FinTech has become a subject of debate among practitioners, investors, and researchers and is highly visible in the popular media. In this study, we unveil the drivers motivating the FinTech phenomenon perceived by the English and German popular press including the subjects discussed in the context of FinTech. This study is the first one to reflect the media perspective on the FinTech phenomenon in the research. In doing so, we extend the growing knowledge on FinTech and contribute to a common understanding in the financial and digital innovation literature. These study contributes to research in the areas of information systems, finance and interdisciplinary social sciences. Moreover, it brings value to practitioners (entrepreneurs, investors, regulators, etc.), who explore the field of FinTech.
IntroductionSince 2015 is the year of FinTech in Taiwan, it is worth investigating the challenges that emerged when banks were encouraged to invest in FinTech companies for collaboration. This study aims to identify the strategic considerations in the process of searching for FinTech investment targets. Case descriptionThis study used a case study investigation of a top-5 bank in Taiwan. The major data sources include the meeting notes of the FinTech investment task force and interviews with the team members. Co-opetition theory was adopted as the theoretical framework and interview questions were derived from the PARTS strategies in co-petition theory. The results relate to: (1) the strategic goals of FinTech investment, (2) the added value from FinTech companies, (3) criteria in selecting candidates in the same FinTech area, (4) choosing to work as either a cooperator or a competitor, and (5) barriers from policies and regulations. Discussion and evaluationThis study has several findings: (1) regulations and policies shape FinTech’s development; (2) banks, technology companies, and customers are not “FinTech ready;” (3) Compare top-down with bottom up strategies; (4) banks and FinTech companies have complex relationships; (5) it is unlikely that Taiwan will produce FinTech disruptors in the near future. Conclusion
The findings and discussion can benefit researchers and administrators in finance-related industries. More studies are desired to observe long-term development in terms of how companies collaborate or compete in specific FinTech areas.
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