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Fintechs and their emergence in banking services in CESEE


  • Caroline Stern

    () (Oesterreichische Nationalbank (OeNB), Foreign Research Division)


Over the last years, the development of financial technology in the banking sector got a new twist with the emergence of numerous small start-ups called fintechs. Some of the new technologies will probably make specific areas of the banking business more efficient, while others may have the potential to disrupt the traditional banking sector. This paper presents the outcome of a stocktaking exercise and shows that most of the new financial technologies are still being used on a small scale. Given that the CESEE region is usually omitted in discussions of fintechs, this paper aims at closing this gap by giving an idea of which activities exist in this region with regard to financial technology. Focusing on three business areas – (1) financial services, (2) payments and (3) financing – this study finds that the level of adoption of new technologies varies across the CESEE countries. Also, a handful of countries seem to have a more active fintech scene in some areas (e.g. peer-to-peer lending) than many of their Western neighbors.

Suggested Citation

  • Caroline Stern, 2017. "Fintechs and their emergence in banking services in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/17, pages 42-58.
  • Handle: RePEc:onb:oenbfi:y:2017:i:q3/17:b:3

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    References listed on IDEAS

    1. repec:hhs:bofitp:2011_004 is not listed on IDEAS
    2. Rajeev K. Goel & Aaron N. Mehrotra, 2012. "Financial payment instruments and corruption," Applied Financial Economics, Taylor & Francis Journals, vol. 22(11), pages 877-886, June.
    3. Demirguc-Kunt,Asli & Klapper,Leora & Singer,Dorothe & Van Oudheusden,Peter, 2015. "The Global Findex Database 2014 : measuring financial inclusion around the world," Policy Research Working Paper Series 7255, The World Bank.
    4. Riza Emekter & Yanbin Tu & Benjamas Jirasakuldech & Min Lu, 2015. "Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending," Applied Economics, Taylor & Francis Journals, vol. 47(1), pages 54-70, January.
    5. de Roure, Calebe & Pelizzon, Loriana & Tasca, Paolo, 2016. "How does P2P lending fit into the consumer credit market?," Discussion Papers 30/2016, Deutsche Bundesbank.
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    1. repec:onb:oenbfs:y:2018:i:36:b:1 is not listed on IDEAS

    More about this item


    fintech; nonbank financial institutions; banks;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors


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