IDEAS home Printed from https://ideas.repec.org/a/bas/econth/y2017i4p124-142.html
   My bibliography  Save this article

The emerging FinTech companies - challenge and chance for banks

Author

Listed:
  • Ilija Ploshtakov

Abstract

The influence of information technologies and the accompanying digitalization of the public life on the activities of the banks is analyzed. The widespread penetration of information technology in people's daily routine and the decline in confidence in banking institutions as a result of the 2008 financial crisis in the United States have led to a transformation in the way financial products and services are being adopted and delivered. As a result of this change, financial and technological firms (FinTech) appear to offer equivalent banking products and become a direct competitor of banks. In this connection, the specificities of FinTech companies are examined, by which their business model is distinguished from that of the banks.

Suggested Citation

  • Ilija Ploshtakov, 2017. "The emerging FinTech companies - challenge and chance for banks," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 124-142.
    • Handle: RePEc:bas:econth:y:2017:i:4:p:124-142
    as

    Download full text from publisher

    File URL: https://etj.iki.bas.bg/storage/app/uploads/public/62f/8c0/534/62f8c0534f806709790805.pdf
    Download Restriction: Fee access (Bulgarian)
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Kuo Chuen, David LEE & Teo, Ernie G.S., 2015. "Emergence of FinTech and the LASIC principles," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 24-36.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Constantin Schmidt & Stefan Tewes, 2021. "Developing New Things: Implications of the Platform Economy for Intrapreneurship," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 7(6), pages 34-44, September.
    2. Md. Qamruzzaman & Rajnish Kler, 2023. "Do Clean Energy and Financial Innovation Induce SME Performance? Clarifying the Nexus between Financial Innovation, Technological Innovation, Clean Energy, Environmental Degradation, and SMEs Performa," International Journal of Energy Economics and Policy, Econjournals, vol. 13(3), pages 313-324, May.
    3. Henner Gimpel & Daniel Rau & Maximilian Röglinger, 2018. "Understanding FinTech start-ups – a taxonomy of consumer-oriented service offerings," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 245-264, August.
    4. Małgorzata Hałasik-Kozajda & Martyna Olbryś, 2020. "Analiza ewolucji i struktury sektora fintech," Bank i Kredyt, Narodowy Bank Polski, vol. 51(5), pages 549-586.
    5. Deli Wang & Ke Peng & Kaiye Tang & Yewei Wu, 2022. "Does Fintech Development Enhance Corporate ESG Performance? Evidence from an Emerging Market," Sustainability, MDPI, vol. 14(24), pages 1-21, December.
    6. Kowalewski, Oskar & Pisany, Paweł, 2023. "The rise of fintech: A cross-country perspective," Technovation, Elsevier, vol. 122(C).
    7. Nisha Mary Thomas, 2023. "Modeling key enablers influencing FinTechs offering SME credit services: A multi-stakeholder perspective," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-27, December.
    8. Ascarya & Ali Sakti, 2019. "Designing Micro-Fintech Models For Islamic Micro Financial Institution In Indonesia," Working Papers WP/09/2019, Bank Indonesia.
    9. Anjum Razzaque & Richard Thomas Cummings & Magdalena Karolak & Allam Hamdan, 2020. "The Propensity to Use FinTech: Input from Bankers in the Kingdom of Bahrain," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-22, March.
    10. Juma Buhimila Mabula & Han Dong Ping & Moshi James, 2023. "The Impact of African Firms’ Utilization of Financial and Technology Resource on Innovation: A Simple Mediation," SAGE Open, , vol. 13(1), pages 21582440231, February.
    11. Péter Fáykiss & Dániel Papp & Péter Sajtos & Ágnes Tõrös, 2018. "Regulatory Tools to Encourage FinTech Innovations: The Innovation Hub and Regulatory Sandbox in International Practice," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 17(2), pages 43-67.
    12. Sigit Setiawan, 2018. "Negative List in Services Liberalization for ASEAN Developing Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 8(5), pages 11-20.
    13. Stefan Cristian, 2018. "Tales from the crypt: might cryptocurrencies spell the death of traditional money? - A quantitative analysis -," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 12(1), pages 918-930, May.
    14. Farida S. Rasiwala & Bindya Kohli, 2021. "Artificial Intelligence in FinTech: Understanding Stakeholders Perception on Innovation, Disruption, and Transformation in Finance," International Journal of Business Intelligence Research (IJBIR), IGI Global, vol. 12(1), pages 48-65, January.
    15. Andrei-DragoÅŸ POPESCU, 2019. "Empowering Financial Inclusion Through Fintech," Social Sciences and Education Research Review, Department of Communication, Journalism and Education Sciences, University of Craiova, vol. 6(2), pages 198-215, November.
    16. Campanella, Francesco & Serino, Luana & Battisti, Enrico & Giakoumelou, Anastasia & Karasamani, Isabella, 2023. "FinTech in the financial system: Towards a capital-intensive and high competence human capital reality?," Journal of Business Research, Elsevier, vol. 155(PA).
    17. Chunling Li & Nosherwan Khaliq & Leslie Chinove & Usama Khaliq & Judit Oláh, 2023. "Consumers’ Perception of Risk Facets Associated With Fintech Use: Evidence From Pakistan," SAGE Open, , vol. 13(4), pages 21582440231, October.
    18. Luiz Antonio Joia & Rodrigo Proença, 2022. "The social representation of fintech from the perspective of traditional financial sector professionals: evidence from Brazil," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-27, December.
    19. Francesca Bartolacci & Andrea Cardoni & Piotr Å asak & Wojciech Sadkowski, 2022. "An analytical framework for strategic alliance formation between a cooperative bank and a fintech start-up: An Italian case study," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 18(4), pages 115-156.
    20. Abbasi, Kaleemullah & Alam, Ashraful & Du, Min (Anna) & Huynh, Toan Luu Duc, 2021. "FinTech, SME efficiency and national culture: Evidence from OECD countries," Technological Forecasting and Social Change, Elsevier, vol. 163(C).

    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bas:econth:y:2017:i:4:p:124-142. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Diana Dimitrova (email available below). General contact details of provider: https://edirc.repec.org/data/ikbasbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.