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New technologies in the financial industry: Case of Poland

Author

Listed:
  • Iwanicz-Drozdowska Małgorzata

    (SGH—Warsaw School of Economics, Collegium of Management and Finance, Financial System Department, al. Niepodległości 162, 02-554 Warszawa, Poland)

  • 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)

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.

Suggested Citation

  • Iwanicz-Drozdowska Małgorzata & Cichowicz Ewa & Cicirko Marianna & Kawiński Marcin & Nowak Agnieszka K., 2023. "New technologies in the financial industry: Case of Poland," Economics and Business Review, Sciendo, vol. 9(3), pages 98-123, October.
    • Handle: 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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    References listed on IDEAS

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    1. Agata Kliber & Barbara Będowska-Sójka & Aleksandra Rutkowska & Katarzyna Świerczyńska, 2021. "Triggers and Obstacles to the Development of the FinTech Sector in Poland," Risks, MDPI, vol. 9(2), pages 1-27, February.
    2. Albulena SHALA & Rezearta PERRI, 2022. "Regulatory barriers for fintech companies in Central and Eastern Europe," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 13, pages 292-316, December.
    3. Selimović, Jasmina & Pilav-Velić, Amila & Krndžija, Lamija, 2021. "Digital workplace transformation in the financial service sector: Investigating the relationship between employees' expectations and intentions," Technology in Society, Elsevier, vol. 66(C).
    4. Pierpaolo Marano & Shu Li, 2023. "Regulating Robo-Advisors in Insurance Distribution: Lessons from the Insurance Distribution Directive and the AI Act," Risks, MDPI, vol. 11(1), pages 1-13, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    innovation; new technologies; artificial intelligence; cloud computing;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • 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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