Fintechs and their emergence in banking services in CESEE

Caroline Stern (caroline.stern@oenb.at)
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Caroline Stern: Oesterreichische Nationalbank (OeNB), Foreign Research Division

Focus on European Economic Integration, 2017, issue Q3/17, 42-58

Abstract: 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.

Keywords: fintech; nonbank financial institutions; banks (search for similar items in EconPapers)
JEL-codes: G21 G23 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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