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The Impact of the Fintech Phenomenon – Radical Change Occurs in the Financial Sector?

Author

Listed:
  • Ádám Kerényi

    () (Centre for Economic and Regional Studies, Hungarian Academy of Sciences)

  • Júlia Molnár

    () (Corvinus University of Budapest)

Abstract

As a result of technological progress, the spread of the Internet and digitalisation, several sectors of the economy have undergone a major transformation. This study focuses on the changes in the financial sector. It presents the new players that emerge, i.e. the increasing prominence of the so-called fintech solutions, which is supported by the demand from consumers and the supply side as well, and it also describes the new solutions and introduce some successful examples of fintech services in payment and lending. Although the new players and solutions have introduced several innovations to the market, often making the use of financial products and services easier, more efficient or providing a more widespread access to them, they entail many potential dangers. We believe that fintech firms are not yet likely to trigger radical changes in financial intermediation.

Suggested Citation

  • Ádám Kerényi & Júlia Molnár, 2017. "The Impact of the Fintech Phenomenon – Radical Change Occurs in the Financial Sector?," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(3), pages 32-50.
  • Handle: RePEc:mnb:finrev:v:16:y:2017:i:3:p:32-50
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    File URL: http://english.hitelintezetiszemle.hu/letoltes/adam-kerenyi-julia-molnar.pdf
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    References listed on IDEAS

    as
    1. Barrdear, John & Kumhof, Michael, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England working papers 605, Bank of England.
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    More about this item

    Keywords

    fintech; financial technology; innovation; financial service; competition;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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