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Digitalization of Banking Services and Methodology for Building and Functioning of Fintech Companies

Author

Listed:
  • Pavel Petrov

    (University of Economics - Varna)

  • Nikolay Valov

    (University of Ruse "A. Kanchev")

Abstract

In the world of banking services, some sustainable trends have been observed globally in recent years, which strongly influence the forms of banking organization. In many cases, fintech companies are joining forces with banks to pursue a new common business, in which customer interaction is mainly through electronic means of communication. Very often it relies on the synergistic effect that leads to an increase in the efficiency of work of each business partner and the work on the common project as a whole. A major component in the digitization of banking services is the mobile or web-based information system through which employees and customers work. Fintech companies place qualitatively new requirements on the managers who manage such business structures. In addition to knowledge and experience in the field of financial instruments, a thorough knowledge of information technology is also required.

Suggested Citation

  • Pavel Petrov & Nikolay Valov, 2019. "Digitalization of Banking Services and Methodology for Building and Functioning of Fintech Companies," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 8(1), pages 110-117, April.
    • Handle: RePEc:vra:journl:v:8:y:2019:i:1:p:110-117
    DOI: 10.36997/IJUSV-ESS/2019.8.1.110
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    File URL: http://su-varna.org/journal/IJUSV-ESS/2019.8.1/110-117.pdf
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    References listed on IDEAS

    as
    1. Inna Romānova & Marina Kudinska, 2016. "Banking and Fintech: A Challenge or Opportunity?," Contemporary Studies in Economic and Financial Analysis, in: Contemporary Issues in Finance: Current Challenges from Across Europe, volume 98, pages 21-35, Emerald Group Publishing Limited.
    2. Latinka Todoranova, 2013. "Trends In The Development Of Business Intelligence Systems," Business & Management Compass, University of Economics Varna, issue 1, pages 98-106.
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    Cited by:

    1. Pavel Petrov & Georgi Dimitrov & Oleksii Bychkov, 2020. "Real Time Big Data Analysis by Using Apache Kudu and NoSQL Redis in Web Applications," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 9(1), pages 26-34, April.

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    More about this item

    Keywords

    Fintech; mobile banking; online banking; web banking; digitalization; banking services;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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