Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance
Financial systems worldwide are increasingly experiencing the mounting pressure of the technology-based financial innovations. Some of these developments are generating alternative financial structures existing parallelly to the “old” ones, whereas some others are simply replacing the “old” ones. Al...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2020-10-01
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| Series: | Foundations of Management |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/fman-2020-0011 |
| _version_ | 1819147584455835648 |
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| author | Gąsiorkiewicz Lech Monkiewicz Jan Monkiewicz Marek |
| author_facet | Gąsiorkiewicz Lech Monkiewicz Jan Monkiewicz Marek |
| author_sort | Gąsiorkiewicz Lech |
| collection | DOAJ |
| description | Financial systems worldwide are increasingly experiencing the mounting pressure of the technology-based financial innovations. Some of these developments are generating alternative financial structures existing parallelly to the “old” ones, whereas some others are simply replacing the “old” ones. Alternative intermediating institutions are gaining ground vis-à-vis incumbents, relying on their technological and market supremacy. The space of traditional financial intermediation requires new solutions to be more competitive. Some technological solutions provide additionally for the partial or entire disintermediation of the financial services, thus removing some existing transaction costs and matching directly economic agents. Digitalization and datafication, coupled with artificial intelligence, are offering immense new operational opportunities and economic benefits. On the other hand, they are also the source of new risks to the financial and economic systems, financial stability, national security, and consumer well-being, which need to be properly addressed. We review in this paper principal components of the current stream of technology-based financial innovations and their main drivers, as well as discuss major strategic issues and impacts that we are facing in this area. |
| first_indexed | 2024-12-22T13:32:09Z |
| format | Article |
| id | doaj.art-dda0abba4d3e4b7ab9aa42f0699d3fe7 |
| institution | Directory Open Access Journal |
| issn | 2300-5661 |
| language | English |
| last_indexed | 2024-12-22T13:32:09Z |
| publishDate | 2020-10-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Foundations of Management |
| spelling | doaj.art-dda0abba4d3e4b7ab9aa42f0699d3fe72022-12-21T18:24:09ZengSciendoFoundations of Management2300-56612020-10-0112113715010.2478/fman-2020-0011fman-2020-0011Technology-Driven Innovations in Financial Services: The Rise of Alternative FinanceGąsiorkiewicz Lech0Monkiewicz Jan1Monkiewicz Marek2Warsaw University of Technology, Faculty of Management, Warsaw, POLANDWarsaw University of Technology, Faculty of Management, Warsaw, POLANDMain School of Commerce, Institute of Risk and Insurance, Warsaw, POLANDFinancial systems worldwide are increasingly experiencing the mounting pressure of the technology-based financial innovations. Some of these developments are generating alternative financial structures existing parallelly to the “old” ones, whereas some others are simply replacing the “old” ones. Alternative intermediating institutions are gaining ground vis-à-vis incumbents, relying on their technological and market supremacy. The space of traditional financial intermediation requires new solutions to be more competitive. Some technological solutions provide additionally for the partial or entire disintermediation of the financial services, thus removing some existing transaction costs and matching directly economic agents. Digitalization and datafication, coupled with artificial intelligence, are offering immense new operational opportunities and economic benefits. On the other hand, they are also the source of new risks to the financial and economic systems, financial stability, national security, and consumer well-being, which need to be properly addressed. We review in this paper principal components of the current stream of technology-based financial innovations and their main drivers, as well as discuss major strategic issues and impacts that we are facing in this area.https://doi.org/10.2478/fman-2020-0011alternative financefinancial innovationsfintechtechnology enablersdigitalizationfinancial consumer protectiong21g22g23 |
| spellingShingle | Gąsiorkiewicz Lech Monkiewicz Jan Monkiewicz Marek Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance Foundations of Management alternative finance financial innovations fintech technology enablers digitalization financial consumer protection g21 g22 g23 |
| title | Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance |
| title_full | Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance |
| title_fullStr | Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance |
| title_full_unstemmed | Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance |
| title_short | Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance |
| title_sort | technology driven innovations in financial services the rise of alternative finance |
| topic | alternative finance financial innovations fintech technology enablers digitalization financial consumer protection g21 g22 g23 |
| url | https://doi.org/10.2478/fman-2020-0011 |
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