FinTech - new phenomena in the financial services market

Włodzimierz Szpringer

Abstract

The aim of the article is to present the idea of the functioning of Fin-Tech firms in the market for financial services, with particular emphasis on consumer finance. Globalization and technology cause changes in a number of markets, goods or services. An interesting situation exists in the financial markets, where there are not only institutions subject to restrictive regulations (eg. banks), but also many non-banks. Banks emphasize the concept of a level playing field for all market actors who provide similar services and take similar risks. The question is whether banks are sufficiently agile, flexible and cost competitive. Banks do not always keep up with changes, technology companies can therefore take over part of their clients. However, banks enjoy greater confidence, as safe traders, which are subject to regulation and supervision by the state. The activity of Fin-Tech firms raises questions about the level playing field, the assessment of competition and cooperation, as well as the desirability of subjecting these new competitors regulation of banks, insurance companies, investment firms, payment institutions and electronic money institutions.

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