New technologies in the financial industry: Case of Poland

Małgorzata Iwanicz-Drozdowska, Cichowicz Ewa (), Cicirko Marianna (), Kawiński Marcin () and Nowak Agnieszka K. ()
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Cichowicz Ewa: SGH—Warsaw School of Economics, Collegium of Management and Finance, Financial System Department, al. Niepodległości 162, 02-554 Warszawa, Poland
Cicirko Marianna: SGH—Warsaw School of Economics, Collegium of Socio-Economics, Institute of Social Economy, Social Insurance Department, al. Niepodległości 162, 02-554 Warszawa, Poland
Kawiński Marcin: SGH—Warsaw School of Economics, Collegium of Socio-Economics, Institute of Social Economy, Social Insurance Department, al. Niepodległości 162, 02-554 Warszawa, Poland
Nowak Agnieszka K.: SGH—Warsaw School of Economics, Collegium of Management and Finance, Financial System Department, al. Niepodległości 162, 02-554 Warszawa, Poland

Economics and Business Review, 2023, vol. 9, issue 3, 98-123

Abstract: This study evaluates the scope and consequences of the application of new technologies (NTs) within the Polish banking and insurance sectors and thus contributes to the knowledge of CEE financial market development. The goal is to understand the implementation of particular NTs in two different sectors and identify the motivations, strategies, phases of realisation and cost efficiency depending on the institution’s size. The detail of the study requires the use of qualitative research methods. In-depth interviews are employed to figure out the criteria based on which decisions to implement NTs are made. The findings indicate that the primary objective of NT implementation is to respond to customers’ needs, followed by cost-cutting and achieving more efficient internal processes. The application of artificial intelligence (AI) and machine learning (ML) in risk management areas is still a work in progress. In the next five years cloud computing is expected to become the most important NT and thus will have to meet numerous regulatory requirements.

Keywords: innovation; new technologies; artificial intelligence; cloud computing (search for similar items in EconPapers)
JEL-codes: G21 G22 O33 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecobur:v:9:y:2023:i:3:p:98-123:n:2

DOI: 10.18559/ebr.2023.3.926

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