FINANCIAL TECHNOLOGY - OPPORTUNITIES AND RISKS OF SELECTED KEY SOLUTIONS

Abstract

The dynamics of the changes in financial technology (fintech) in the previous decade have surpassed the most optimistic predictions. While investments in technological innovation in financial institutions are not new, the pace of innovation significantly increased in recent years. The pace of digitalization that we are witnessing and the potential of fintech on reducing costs and speed of payments, lowering interest rates for loans through peer-to-peer(P2P) platforms and maximizing interest paid to depositors through business-to-consumers (B2C) channels are the main drivers of technological innovations in the field of financial products and services. Butcooperation and networking between incumbent and new fintech companies are the basic prerequisites for future success.