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Digital innovation the new paradigm for financial services industry

Vlad Brătăşanu
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Vlad Brătăşanu: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2017, vol. XXIV, issue Special, 83-94

Abstract: Financial services industry is facing a disruptive innovation phase, driven by automation and social media connectivity, changing the fundamentals of small business access to financial products and services. The rapid development of technological innovation applied to financial services, also known as financial technology or FinTech, created new products and delivery channels. The aim of the article is to analyze the financial industry competitive dynamics drift. Competitive factors are changed by the new players redefining the financial services products proposition for clients through data management and digital platforms. The digital tools have a broad impact over the traditional business models, creating a new type of access to financial services market –characterized by speed, efficiency and client oriented strategies and redefining client experience form face to face to on-line automated interactions. The trends suggest that full automation of client relationship, advanced predictive analytics and machine learning software, will create improved client experience and increasing efficiency of risk management process. Fintech key competitive advantage is built on operational excellence, integrating different business models, big data optimization analytics.

Keywords: financial technology; banking; microfinance; financial inclusion; small business; operational management. (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:agr:journl:v:xxiv:y:2017:i:special:p:83-94