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Financial Digitalization For Consumers, Companies And Financial Institutions – Key Transformations

Author

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  • CIUMARA, Tudor

    (Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania)

Abstract

In this paper we explore the most important changes that financial digitalization imposes on the activity of individuals, companies and financial institutions. We evaluate these changes through the lens of financial literacy and education, in order to draw conclusions regarding the importance of financial education during the digitalization of the economy. Key transformation factors are identified and presented in a structured manner, in order to facilitate future research. This paper builds on existing research in the field and also contributes to the relevant literature with a fresh perspective on current financial transformations.

Suggested Citation

  • CIUMARA, Tudor, 2022. "Financial Digitalization For Consumers, Companies And Financial Institutions – Key Transformations," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 10(1), pages 120-123, October.
    • Handle: RePEc:vls:rojfme:v:10:y:2022:i:1:p:120-123
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    References listed on IDEAS

    as
    1. Santiago Carbó Valverde & Francisco Rodríguez Fernández, 2020. "Financial Digitalization: Banks, Fintech, Bigtech, And Consumers," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-13, June.
    2. Annamaria Lusardi, 2019. "Financial literacy and the need for financial education: evidence and implications," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 155(1), pages 1-8, December.
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    More about this item

    Keywords

    digitalization; financial literacy; financial education;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G50 - Financial Economics - - Household Finance - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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