DEVELOPMENT OF FINTECH SOLUTIONS IN THE MACEDONIAN BANKING SECTOR

Elena Parnardzieva Stanoevska (), Andrijana Bojadzievska Danevska (), Luljeta Sadiku () and Savica Dimitrieska ()
Additional contact information
Elena Parnardzieva Stanoevska: International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia
Andrijana Bojadzievska Danevska: International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia
Luljeta Sadiku: International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia
Savica Dimitrieska: International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia

Economics and Management, 2023, vol. 20, issue 1, 78-105

Abstract: Fintech is radically changing the financial landscape in the 21st century. It emerged because of three significant driving factors, the 4th Industrial revolution, the Covid-19 pandemic, and the changed needs of consumers. Covid-19 accelerated the fintech industry’s growth. The Internet of Things, artificial intelligence, augmented reality, and the cloud exerted tremendous pressure on traditional financial technologies. Embodied in advanced technology that provides better and more efficient financial services, fintech is intensively used by reformed financial institutions, start-ups, scale-ups, and unicorn companies. Consumers also benefit from the new digital financial services. The paper analyses the trends and perspectives for fintech development of the Macedonian financial sector. Extensive empirical research was performed regarding past and current levels of the bank’s digitization with a focus on legislation and the level of outsourcing of e-banking products and services as an obstacle or incentive for the development of the fintech industry.

Keywords: bank digitization; industrial revolution; Covid-19; fintech companies; consumers (search for similar items in EconPapers)
JEL-codes: G21 G28 O33 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://em.swu.bg/images/SpisanieIkonomikaupload/S ... nal_compressed-4.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:neo:journl:v:20:y:2023:i:1:p:78-105

DOI: 10.37708/em.swu.v20i1.6

Access Statistics for this article

More articles in Economics and Management from Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD Contact information at EDIRC.
Bibliographic data for series maintained by Vladislav Krastev ().