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The emerging FinTech companies - challenge and chance for banks

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  • Ilija Ploshtakov

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.

Suggested Citation

  • Ilija Ploshtakov, 2017. "The emerging FinTech companies - challenge and chance for banks," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 124-142.
    • Handle: RePEc:bas:econth:y:2017:i:4:p:124-142
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    References listed on IDEAS

    as
    1. Kuo Chuen, David LEE & Teo, Ernie G.S., 2015. "Emergence of FinTech and the LASIC principles," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 24-36.
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    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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