REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

 FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

 PUBLISHER

Liburkina L. M.

 SITE SECTIONS

Main page

Editorial staff

Editorial policy

Annotated catalogue (2011)

Annotated catalogue (2012)

Annotated catalogue (2013)

Annotated catalogue (2014)

Annotated catalogue (2015)

Annotated catalogue (2016)

Annotated catalogue (2017)

Annotated catalogue (2018)

Annotated catalogue (2019)

Annotated catalogue (2020)

Annotated catalogue (2021)

Annotated catalogue (2022)

Annotated catalogue (2023)

Annotated catalogue (2024)

Thematic sections of the journal

Proceedings of scientific conferences

Fintech Development: The Trends and Consequences for the Financial Services Market
Semenog A. Y.

Semenog, Andrii Yu. (2021) “Fintech Development: The Trends and Consequences for the Financial Services Market.” Business Inform 8:173–183.
https://doi.org/10.32983/2222-4459-2021-8-173-183

Section: Finance, Money Circulation and Credit

UDC 336.7

Abstract:
The article is aimed at determining the consequences of digitalization and development of the fintech sector for the financial services market. According to the results of the analysis, a number of transformational trends for the financial services market are identified and characterized, among which the major ones: disintermediation in the financial services market – as a process of «cutting out» the classical financial institutions from the direct process of financial asset exchange; democratization of financial services processes – as a process of expanding the range of financial products; disaggregation of financial services – as a process of splitting financial services into separate financial products; increasing the inclusiveness of financial services, which provides better availability for different categories of customers; emergence of decentralized finances – as a concept and ecosystem of financial services, in which the provision of financial services and products is carried out directly without traditional financial intermediaries within the public open and decentralized blockchain network; development of automation and virtualization of financial services, which involves the widespread use of artificial intelligence technologies, algorithmic assessment of customer creditworthiness, autonomous risk management, automated trading on the exchange, the work of virtual assistants, robo-advisers and security systems against fraud; appearance of built-in financial products as part of services outside of the applications of financial institutions. The consequence of these trends is a reduction in the demand for financial services as a separate product of classical financial institutions; reducing the profits of traditional financial service providers; expansion of new business models of financial services provision in cooperation with technology companies; increasing the need to update the regulatory support of financial services processes, as well as the integration of mass financial products into the client offers of non-financial companies within a single ecosystem of products and services of a digital company.

Keywords: fintech, digital technologies, financial technologies, financial services market, digital financial services.

Bibl.: 39.

Semenog Andrii Yu. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Technologies and Entrepreneurship, Sumy State University (2 Mykoly Sumtsova Str., Sumy, 40007, Ukraine)
Email: [email protected]

List of references in article

Kaja, F., Martino, E. D., and Pacces, A. M. “FinTech and The Law & Economics of Disintermediation“. ECGI Working Paper Series in Law. 2020. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3683427
Revolut. http://revolut.com
“Monobank. Taryfy“ [Monobank. Tariffs]. https://www.monobank.ua/rates
Kanaskar, M. “The Five D's Of Fintech: Disaggregation“. MaxKanaskar's Blog. https://maxkanaskar.wordpress.com/2017/02/08/the-five-ds-of-fintech-disaggregation/
Earnest. https://www.earnest.com/
College Ave. https://www.collegeavestudentloans.com/
Tuition.Io. https://www.tuition.io/
Credit Sesame. https://www.creditsesame.com/
Even. http://even.com
Boost Up. https://www.boostup.ai/
Nerdwallet. https://www.nerdwallet.com/
Bill Guard. http://www.billguard.com
Demirguc-Kunt, A. et al. “The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution“. World Bank Group, 2018. https://globalfindex.worldbank.org/index.php/#GF-ReportChapters
Bourreau, M., and Valletti, T. “Enabling Digital Financial Inclusion through Improvements in Competition and Interoperability: What Works and What Doesn't?“ CGD Policy Paper. 2015. https://www.cgdev.org/sites/default/files/CGD-Policy-Paper-65-Bourreau-Valletti-Mobile-Banking.pdf
“2020 cohort - inclusive fintech 50. Inclusive Fintech 50“. https://www.inclusivefintech50.com/2020-cohort
“Detsentralizovannyye finansy (DeFi)“ [Decentralized Finance (DeFi)]. 3Commas Blog. https://blog3commas.medium.com/децентрализованные-финансы-defi-b1c6d4c5c32b
Sharma, R. “Decentralized finance (Defi) Definition and Use Cases“. Investopedia. https://www.investopedia.com/decentralized-finance-defi-5113835
“Academy B. Detsentralizovannyye finansy (DeFi). Polnoye rukovodstvo dlya nachinayushchikh“ [Academy B. Decentralized Finance (DeFi). The Complete Beginner's Guide]. Binance Academy. https://academy.binance.com/ru/articles/the-complete-beginners-guide-to-decentralized-finance-defi
“Chto takoye detsentralizovannyye finansy (DeFi)?“ [What Is Decentralized Finance (DeFi)?]. ForkLog. https://forklog.com/chto-takoe-detsentralizovannye-finansy-defi
Koffman, T. “DeFi: The Hot New Crypto Trend Of 2020“. Forbes. August 31, 2020. https://www.forbes.com/sites/tatianakoffman/2020/08/31/defi-the-hot-new-crypto-trend-of-2020/?sh=4fcf6ce25bce
“Decentralized finance (DeFi)“. https://ethereum.org/en/defi/
“CryptoSlam! - Buy, sell, trade and research top NFT collectibles“. CryptoSlam. https://cryptoslam.io/
Zlobin, A. “«Kriptoversiya Goldman Sachs»: kapitalizatsiya Coinbase prevysila $100 mlrd v pervyy den torgov“ ["Crypto Version of Goldman Sachs": Coinbase Capitalization Exceeded $ 100 Billion on the First Day of Trading]. Forbes. April 14, 2021. https://www.forbes.ru/newsroom/finansy-i-investicii/426383-kriptoversiya-goldman-sachs-kapitalizaciya-coinbase-prevysila?fbclid=IwAR1VG8fH28cpEukYj3AQ4d_g4igksDRmc0yM4S2ryUG3nA83qenitXHTYQA
“Rynok kriptovalyut: tsenovoy rekord Ethereum i NFT ot Gucci“ [Cryptocurrency Market: Ethereum Price Record and Gucci's NFT]. https://ua-times.com/news/rynok-kriptovalyut-cenovoj-rekord-ethereum-i-nft-ot-gucci.html?lang=ru
“DeFi Pulse. The DeFi Leaderboard. Stats, Charts and Guides. DeFi - The Decentralized Finance Leaderboard at DeFi Pulse“. https://defipulse.com/
“Ai in finance: top AI companies in finance - USM“. https://usmsystems.com/top-ai-companies-in-finance/
“The value of virtual agent technology“. IBM Institute for Business Value et al. 2020. https://www.ibm.com/downloads/cas/QWRMQRGL
Bhattacharyya, S. “WTF is conversational banking?“ Digiday. February 07, 2017. https://digiday.com/media/what-is-conversational-banking/
Ehrstedt, P. “The value of virtual agent technology“. https://www.linkedin.com/pulse/value-virtual-agent-technology-peter-ehrstedt
“Artificial Intelligence and robotics high on financial services agenda“. Consultancy.uk. July 06, 2016. https://www.consultancy.uk/news/12266/artificial-intelligence-and-robotics-high-on-financial-services-agenda
Schroer, A. “AI and the bottom line: 15 examples of artificial intelligence in finance“. BuiltIn. March 25, 2020. https://builtin.com/artificial-intelligence/ai-finance-banking-applications-companies
“Digital Economy Compass 2019“. Statista. 2019. https://www.statista.com/study/52194/digital-economy-compass/
Luck, I. “Financial Services CX Trends and NPS® Benchmarks. Customer Gauge“. https://customergauge.com/blog/financial-services-cx-trends-and-nps-benchmarks
“Introducing Uber money“. Uber Newsroom. https://www.uber.com/newsroom/introducing-uber-money/
“Buy now pay later - how it works. klarna US. Shoppe jetzt“. Bezahle spater. https://www.klarna.com/us/what-is-klarna/
“Afterpay - buy now pay later with afterpay“. https://www.afterpay.com/index
Raju, D. “How embedded investing is overhauling the way we invest“. Nasdaq. January 27, 2021. https://www.nasdaq.com/articles/how-embedded-investing-is-overhauling-the-way-we-invest-2021-01-27
“Learn more about our portfolios“. Acorns. https://www.acorns.com/invest/
Strange, A. “Every company will be a fintech company“. Andreessen Horowitz. https://a16z.com/2020/01/21/every-company-will-be-a-fintech-company/

 FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

 INFORMATION

The Plan of Scientific Conferences

 OUR PARTNERS

Journal «The Problems of Economy»