Impact Of Information Technology On Banking Sector

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Impact Of Information Technology On Banking Sector

Impact Of Information Technology On Banking Sector

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By Ruihui Pu Ruihui Pu Scilit Preprints.org Google Scholar 1 , Deimante Teresiene Deimante Teresiene Scilit Preprints.org Google Scholar 2, * , Ina Pieczulis Ina Pieczulis Scilit Preprints.org Google Scholar 2 , Jie Kong Jie Kong Scilit Preprints.org Google Scholar and Xiao-Guang Yue Xiao-Guang Yue Scilit Preprints.org Google Scholar 4

Received: 4 December 2020 / Revised: 2 January 2021 / Accepted: 7 January 2021 / Published: 11 January 2021

Banking Technology Solutions

The role of financial technology companies increases every day. On the one hand, this process generates more possibilities for consumers on the other hand, it is associated with new risks that arise in the banking sector. At the beginning of FinTech era, many analysts discussed about disruptive potential in financial services. Later, however, we can see more discussions about cooperation between FinTech companies and banks. The other point that is very important to discuss is financial inclusion. The purpose of this study is to analyze the interaction between the banking sector and fintech companies. We use a case study from Lithuania because here FinTech sector is growing very intensively. First of all, we try to analyze the scientific literature that analyzes the main aspects of the FinTech sector. The second part of the article presents the progress of the FinTech sector and presents the main points of methodology. The research of the FinTech sector in Lithuania was focused on strengths, weaknesses, opportunities and threats (SWOT) and political, economic, social, technological, environmental, legal (PESTEL) analysis and main statistical parameters. We also used a correlation and regression analysis along with qualitative assessments. Our results showed that in order to value the interaction between banking and financial technology better to focus on qualitative assessment because only statistical analysis can give different and wrong results. We identified that both sectors interact with each other and there is no disruptive effect of FinTech in Lithuania.

New technologies have touched all aspects of human life, so finance is no exception. In the last decade, financial technology is probably the most commonly used term in the entire financial sector. This is one of the fastest growing areas of technology. Investments in financial technology (fintech) companies amounted to only 2 billion US dollars. it. dollars in 2010, in 2015 the investment has already exceeded 15.5 billion US dollars. it. Dollars and projected investments in companies of this sector could reach 130 billion US dollars. it. After the global financial crisis of 2008, fintech began to develop very rapidly, improving and changing trade, payments, investments, insurance, settlements and their security, and even the money itself. The American economist Nobel laureate Milton Friedman was the person who in the late 1980s predicted that “the Internet would limit the state’s monetary system in the future and lead to the emergence of digital money that would allow anonymous payments”. Friedman’s prediction was true, which led to the creation of the well-known virtual money – cryptocurrencies.

Fintech is a very relevant topic not only abroad, but also in Lithuania, where efforts are made to create all possibilities for the successful development of innovative financial technologies. As FinTech begin to play a key role in our daily lives and economies, it is very important to analyze this sector to understand the interactions between different sectors, especially in the financial sector.

Impact Of Information Technology On Banking Sector

In this paper we have focused on Lithuania, because there are many opinions that FinTech sector in this country can become a European FinTech hub. The American financial expert Keith A. Noreika (2017) expressed the opinion that the idea for Lithuania to become a European fintech hub is quite real. The development of financial technologies in Lithuania has great support from the Bank of Lithuania, which is our central bank and supervisory institution for the financial sector. At the same time, established FinTech Association helps foreign investors to come to Lithuania and provides all the necessary information to finance the progress of these technologies. Ministry of Finance also is very active in adding value in the fintech sector growth. The government also greatly supports the expansions of FinTech in Lithuania. The development of the fintech sector is one of the priorities of the government in Lithuania.

Insights On Third Party Banking Software Market Within The Application Software Sector

The fast-growing and accelerating FinTech companies have begun to increase competition in the banking sector. The media has created the image of fintech as destructive, revolutionary, and armed with digital weapons that will overcome barriers and traditional financial institutions (World Economic Forum 2017). According to PwC (2016), “83% of financial institutions consider that the various aspects of their business become more risky as more fintech companies grow.” For fintech companies, which have already had a significant impact on the financial industry, every financial company needs to create opportunities to use and invest in financial technologies to remain competitive. Many economists have begun to consider whether financial technology will help companies to “push” banks and other financial institutions out of the financial market, thus promoting a healthy competitive process that increases efficiency in a market with barriers to entry, or whether it will more likely create chaos . , disruption and financial instability? “Fintech is developing very fast, but the impact of the banking sector on it is still unclear and it is suspected that it may be a threat to financial institutions” (Malčiauskaitė and Kvietkauskienė 2019), so the aspect of analysis, research and forecasting is Very relevant among scientists and economists since they are trying to find out whether FinTech companies can work close to banks and cooperate, or can banks still have a negative effect on FinTech companies and reduce their performance?

Since FinTech is a relatively new topic in the financial world, therefore the research related to this topic is very limited. As a result, the novelty of this article is quite significant, because the impact of the banking sector on fintech companies in Lithuania has not been studied before. In addition, we try to focus on the idea, not how fintech sector can change the banking sector, but we look at this interaction from a different point of view – how banks can influence the evolution of fintech companies.

In this research we try to focus on different aspects trying to see the interaction aspects between banking sector and fintech companies in Lithuania. The purpose of the study is to find out if there is an interaction between performance indicators of the country’s banking sector and the development of fintech companies, i.e. how financial technology companies are affected by banks, and whether banks work together with fintech companies .

To achieve the goal of this research, the following methods are used: comparative analysis and synthesis of scientific literature, SWOT and PESTEL analyses, correlation and regression analysis, different tests for hypothesis testing.

How Ai In Banking Is Shaping The Industry

Nowadays we live in a world that is full of changes. Financial technologies created a new era for financial sector. Banking sector now faces many challenges. Very often we can hear two magic words: “fintech” and “financial innovation”. We think that the two terms have a lot in common but at the same time have some differences. The difference between fintech and financial innovation is related to the use of new technology in the financial sector. The main task of financial innovation is to reduce costs and provide higher quality services to clients while FinTech is a part of financial innovation and is focused on the use of technological processes to improve the quality of financial services and at the same time trying. To reduce costs for providing the services. Fintech is technologically enabled innovation adding value to financial sector. Central bankers agree that FinTech is a new tool to add value to economics. Carney (2017), Governor of the Bank of England Chair of the Financial Stability Board, in his speech at the Deutsche Bundesbank G20 meeting on “Digitizing finance, financial

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