The emerging FinTech companies - challenge and chance for banks

Ilija Ploshtakov

Economic Thought journal, 2017, issue 4, 124-142

Abstract: The influence of information technologies and the accompanying digitalization of the public life on the activities of the banks is analyzed. The widespread penetration of information technology in people's daily routine and the decline in confidence in banking institutions as a result of the 2008 financial crisis in the United States have led to a transformation in the way financial products and services are being adopted and delivered. As a result of this change, financial and technological firms (FinTech) appear to offer equivalent banking products and become a direct competitor of banks. In this connection, the specificities of FinTech companies are examined, by which their business model is distinguished from that of the banks.

JEL-codes: G20 G21 O16 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2017:i:4:p:124-142

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