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Development Of Fintech Solutions In The Macedonian Banking Sector

Author

Listed:
  • Elena Parnardzieva Stanoevska

    (International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia)

  • Andrijana Bojadzievska Danevska

    (International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia)

  • Luljeta Sadiku

    (International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia)

  • Savica Dimitrieska

    (International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia)

Abstract

Fintech is radically changing the financial landscape in the 21st century. It emerged because of three significant driving factors, the 4th Industrial revolution, the Covid-19 pandemic, and the changed needs of consumers. Covid-19 accelerated the fintech industry’s growth. The Internet of Things, artificial intelligence, augmented reality, and the cloud exerted tremendous pressure on traditional financial technologies. Embodied in advanced technology that provides better and more efficient financial services, fintech is intensively used by reformed financial institutions, start-ups, scale-ups, and unicorn companies. Consumers also benefit from the new digital financial services. The paper analyses the trends and perspectives for fintech development of the Macedonian financial sector. Extensive empirical research was performed regarding past and current levels of the bank’s digitization with a focus on legislation and the level of outsourcing of e-banking products and services as an obstacle or incentive for the development of the fintech industry.

Suggested Citation

  • Elena Parnardzieva Stanoevska & Andrijana Bojadzievska Danevska & Luljeta Sadiku & Savica Dimitrieska, 2023. "Development Of Fintech Solutions In The Macedonian Banking Sector," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 20(1), pages 78-105.
    • Handle: RePEc:neo:journl:v:20:y:2023:i:1:p:78-105
    DOI: 10.37708/em.swu.v20i1.6
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    More about this item

    Keywords

    bank digitization; industrial revolution; Covid-19; fintech companies; consumers;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • 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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