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Considerations on Financial Technology and the Impact on Financial System

In: Organizations and Performance in a Complex World

Author

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  • Monica-Ionelia Mărgărit

    (University of Craiova)

Abstract

As a result of digital evolution, business innovations have had a strong impact on economic growth. This paper aims to highlight the influence of technological developments, and especially the impact that financial technology has had and/or it will have on the financial system. The first part of the paper focuses on the main developments of financial system. Further, I introduced the notion of FinTech and the impact that this technology has on financial system, followed by an analysis of the benefits and risks implied. Understanding the threats and opportunities brought by FinTech to the financial sector is essential, especially from central bank’s point of view which needs to protect the interests of society, as well as the financial stability and macroeconomic stability. Even though it is currently unlikely that virtual coins will overwhelm sovereign currency, this hypothesis is not excluded, and it is necessary for the central banks to pay more attention to these issues.

Suggested Citation

  • Monica-Ionelia Mărgărit, 2021. "Considerations on Financial Technology and the Impact on Financial System," Springer Proceedings in Business and Economics, in: Ramona Orăștean & Claudia Ogrean & Silvia Cristina Mărginean (ed.), Organizations and Performance in a Complex World, pages 133-143, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-50676-6_11
    DOI: 10.1007/978-3-030-50676-6_11
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