Impact of Covid-19 Pandemic on Financial Innovation, Cashless Society, and Cyber Risk

Fabris Nikola ()
Additional contact information
Fabris Nikola: Belgrade University, Faculty of Economics and Central Bank of Montenegro, Montenegro

Economics, 2022, vol. 10, issue 1, 73-86

Abstract: The global pandemic, as an unprecedented event in the recent past, has significantly changed the modern world. Numerous companies and individuals have faced various challenges that are still present. The aim of this paper is to review the impact of pandemic on financial innovation, fintech companies, cryptocurrencies, the development of a cashless society, and cyber risk. It tests two already confirmed hypotheses: H1: COVID-19 pandemic has affected the development of financial innovations and cashless society; and H2: COVID-19 pandemic has led to increased cyber risk. The method applied is desk research, i.e. a review of the existing studies and their unification. The paper shows that fintech companies proved to have been resilient during the crisis since they have managed to change their business model and offer new products and services (financial innovations). It also indicates that it is obvious that the number of cashless transactions have increased due to the pandemic, but that it is still not reasonable to expect a completely cashless society in the near future. The paper highlights that cyber risks are on the rise owing to the growth of cashless transactions and digitalisation of businesses driven by the global pandemic.

Keywords: Cashless Society; COVID 19; Financial Innovation; Cyber risk (search for similar items in EconPapers)
JEL-codes: E44 G2 L1 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/eoik-2022-0002 (text/html)

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:vrs:econom:v:10:y:2022:i:1:p:73-86:n:3

DOI: 10.2478/eoik-2022-0002

Access Statistics for this article

Economics is currently edited by Stelios Bekiros

More articles in Economics from Sciendo
Bibliographic data for series maintained by Peter Golla ().