Challenges of Financial Technologies in Relation to the Financial and Economic Development in Context of Global FinTech Indexes

Dana Kiseľáková () and Martina Košíková ()
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Dana Kiseľáková: University of Prešov in Prešov
Martina Košíková: University of Prešov in Prešov

A chapter in New Challenges of the Global Economy for Business Management, 2025, pp 1211-1226 from Springer

Abstract: Abstract In the context of sustainable digital evolution, the financial sector is changing under the influence of financial technologies, which bring new service models and innovations. This research provides evidence of the positive impact of FinTech on financial development, while also identifying challenges such as regulation and the availability of a skilled workforce. The aim of this study is to examine the impact of financial technologies (FinTech) on financial development in European countries, using the Global FinTech Index and the Financial Development Index, taking into account the attractiveness of business in the global environment. The study investigates the relationship between financial technologies and financial development in 32 European countries, along with Turkey, Cyprus, and Georgia. Pearson's correlation coefficient was used to assess the significance of the relationship between the FinTech index and the Financial Development Index. The study also utilized a bibliometric analysis of research in the field of FinTech, examining trends and cooperation between countries in FinTech research. The analysis shows that that FinTech has a fundamental impact on financial markets, traditional banking models, and supports financial inclusion and innovative approaches in the sector. Countries with a higher ranking on the FinTech index, such as the United Kingdom and Switzerland, also demonstrate a higher index of financial development, while lower-ranked countries such as Slovakia and Belarus lag behind. The findings can serve as a basis for creating policies and strategies to support the further development of the FinTech sector in Europe.

Keywords: Financial technology; Financial development; Country comparison (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/978-981-96-4116-1_77

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