Consultancy General Economics and Teaching

The emerging FinTech companies - challenge and chance for banks

Ilija Ploshtakov - University of National and World Economy

Received: 14 Aug 2022

Revised:

Published:

Downloads: 0

Citations: 0

Issue 4/2017

JEL А10

DOI https://doi.org/10.56497/etj1762406

Abstract

The paper analyses the impact of information technologies and the accompanying digitalization of public life on the activities of banks. The widespread penetration of information technology into people's everyday lives and the decline in trust in banking institutions following the 2008 financial crisis in the US are leading to a transformation in the way financial products and services are perceived and delivered. As a result of this change, financial technology companies (FinTech) have emerged, offering products equivalent to those of banks and becoming a direct competitor to banks. In this context, the specific features of FinTech firms that distinguish their business model from that of banks are examined.

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