The Economic Meaning and Types of FinTech Innovations
The purpose of the article is to deepen the theoretical and applied principles of researching the essence of the concept of «FinTech innovations» and their classification features. According to the results of the research, scientific approaches to understanding the essence of the term FinTech are ev...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Research Centre of Industrial Problems of Development of NAS of Ukraine
2021-12-01
|
| Series: | Bìznes Inform |
| Subjects: | |
| Online Access: | https://www.business-inform.net/export_pdf/business-inform-2021-12_0-pages-72_78.pdf |
| _version_ | 1811332161489338368 |
|---|---|
| author | Mulyk Tetiana O. Oliinyk Olena O. |
| author_facet | Mulyk Tetiana O. Oliinyk Olena O. |
| author_sort | Mulyk Tetiana O. |
| collection | DOAJ |
| description | The purpose of the article is to deepen the theoretical and applied principles of researching the essence of the concept of «FinTech innovations» and their classification features. According to the results of the research, scientific approaches to understanding the essence of the term FinTech are evaluated. The versatility and varied meaningful load of this term indicates various differences and peculiarities of determining this category in scientific sources. Scholars interpret FinTech as innovative technologies and business models as technology, industry sector, services, etc. Each of the presented definitions shows their main feature, which is that FinTech really cannot work without using digital technologies. We are certain that FinTech is a technology used by financial services to help companies manage financial assets with use of special software, including new applications, apps, and business models. The origin of the term FinTech, which is a relatively new industry not only in Ukraine but also around the world, is also examined. It is determined that in the economic literature this term arose in the early 1990s, when development of the Internet started. FinTech’s growing popularity began in 2008, when the global financial crisis forced financial companies to cut costs. It is determined that the multi-level and multi-dimensional impact of FinTech innovations on the transformation of the financial services market creates the need to conduct the typologization of FinTech on various classification grounds. It is specified that the basis of the classification features of FinTech services should be their division according to the types of financial services they perform (payments, transfers, foreign exchange transactions, loans, savings, lending, insurance, investments, etc.). |
| first_indexed | 2024-04-13T16:31:31Z |
| format | Article |
| id | doaj.art-9065d081231e4d71a25f6d6ac93be90f |
| institution | Directory Open Access Journal |
| issn | 2222-4459 2311-116X |
| language | English |
| last_indexed | 2024-04-13T16:31:31Z |
| publishDate | 2021-12-01 |
| publisher | Research Centre of Industrial Problems of Development of NAS of Ukraine |
| record_format | Article |
| series | Bìznes Inform |
| spelling | doaj.art-9065d081231e4d71a25f6d6ac93be90f2022-12-22T02:39:33ZengResearch Centre of Industrial Problems of Development of NAS of UkraineBìznes Inform2222-44592311-116X2021-12-0112527727810.32983/2222-4459-2021-12-72-78The Economic Meaning and Types of FinTech InnovationsMulyk Tetiana O.0https://orcid.org/0000-0003-1109-2265Oliinyk Olena O.1Vinnytsia National Agrarian UniversityVinnytsia National Agrarian UniversityThe purpose of the article is to deepen the theoretical and applied principles of researching the essence of the concept of «FinTech innovations» and their classification features. According to the results of the research, scientific approaches to understanding the essence of the term FinTech are evaluated. The versatility and varied meaningful load of this term indicates various differences and peculiarities of determining this category in scientific sources. Scholars interpret FinTech as innovative technologies and business models as technology, industry sector, services, etc. Each of the presented definitions shows their main feature, which is that FinTech really cannot work without using digital technologies. We are certain that FinTech is a technology used by financial services to help companies manage financial assets with use of special software, including new applications, apps, and business models. The origin of the term FinTech, which is a relatively new industry not only in Ukraine but also around the world, is also examined. It is determined that in the economic literature this term arose in the early 1990s, when development of the Internet started. FinTech’s growing popularity began in 2008, when the global financial crisis forced financial companies to cut costs. It is determined that the multi-level and multi-dimensional impact of FinTech innovations on the transformation of the financial services market creates the need to conduct the typologization of FinTech on various classification grounds. It is specified that the basis of the classification features of FinTech services should be their division according to the types of financial services they perform (payments, transfers, foreign exchange transactions, loans, savings, lending, insurance, investments, etc.).https://www.business-inform.net/export_pdf/business-inform-2021-12_0-pages-72_78.pdffintechfinancial technologiesecosystemdigitalization. |
| spellingShingle | Mulyk Tetiana O. Oliinyk Olena O. The Economic Meaning and Types of FinTech Innovations Bìznes Inform fintech financial technologies ecosystem digitalization. |
| title | The Economic Meaning and Types of FinTech Innovations |
| title_full | The Economic Meaning and Types of FinTech Innovations |
| title_fullStr | The Economic Meaning and Types of FinTech Innovations |
| title_full_unstemmed | The Economic Meaning and Types of FinTech Innovations |
| title_short | The Economic Meaning and Types of FinTech Innovations |
| title_sort | economic meaning and types of fintech innovations |
| topic | fintech financial technologies ecosystem digitalization. |
| url | https://www.business-inform.net/export_pdf/business-inform-2021-12_0-pages-72_78.pdf |
| work_keys_str_mv | AT mulyktetianao theeconomicmeaningandtypesoffintechinnovations AT oliinykolenao theeconomicmeaningandtypesoffintechinnovations AT mulyktetianao economicmeaningandtypesoffintechinnovations AT oliinykolenao economicmeaningandtypesoffintechinnovations |