Template-Type: ReDIF-Article 1.0

Author-Name: Ádám Kerényi
Author-Workplace-Name: Centre for Economic and Regional Studies, Hungarian Academy of Sciences
Author-Email: kerenyi.adam@krtk.mta.hu

Author-Name: Júlia Molnár
Author-Workplace-Name: Corvinus University of Budapest
Author-Email: julia.m.molnar@gmail.com

Title: The Impact of the Fintech Phenomenon – 
Radical Change Occurs in the Financial Sector?

Abstract: As a result of technological progress, the spread of the Internet and digitalisation,
several sectors of the economy have undergone a major transformation. This study
focuses on the changes in the financial sector. It presents the new players that
emerge, i.e. the increasing prominence of the so-called fintech solutions, which is
supported by the demand from consumers and the supply side as well, and it also
describes the new solutions and introduce some successful examples of fintech
services in payment and lending. Although the new players and solutions have
introduced several innovations to the market, often making the use of financial
products and services easier, more efficient or providing a more widespread access
to them, they entail many potential dangers. We believe that fintech firms are not
yet likely to trigger radical changes in financial intermediation.

Classification-JEL: G21, G24, O31, O33
Keywords: fintech, financial technology, innovation, financial service, competition
Pages: 32–50
Volume: 16
Issue: 3
Year: 2017
File-URL: http://english.hitelintezetiszemle.hu/letoltes/adam-kerenyi-julia-molnar.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:16:y:2017:i:3:p:32-50