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Title: Fintech as financial innovation – the possibilities and problems of implementation
Authors: Saksonova, Svetlana
Kuzmina-Merlino, Irina
Keywords: Banks and banking -- Latvia
Banks and banking, International
Financial services industry -- Latvia
Banking law -- Latvia
Finance -- Technological innovations
Banks and banking -- Technological innovations -- Latvia
Issue Date: 2017
Publisher: University of Piraeus. International Strategic Management Association
Citation: Saksonova, S., & Kuzmina-Merlino, I. (2017). Fintech as financial innovation – the possibilities and problems of implementation. European Research Studies Journal, 20(3A), 961-973.
Abstract: There is a growing competition between banks and fintech not only in advanced economies, but also in the emerging markets. However, it is yet to be observed in Latvia to the same extent. This paper aims to evaluate fintech’s level of development in Latvia compared to Europe. The paper identifies financial services using innovative technologies offered by fintech companies, analyses the advantages and disadvantages of these services in comparison with services offered by the traditional financial sector companies (banks, insurance companies, institutions involved in asset management and investment, etc.), and evaluates how prepared are consumers to use fintech services. This paper documents the results of the survey aiming to clarify how well-informed consumers in Latvia are about fintech services, their convenience, speed and safety, as well as the consumers' current satisfaction with banking services. The hypothesis of this paper is that Latvian society is not ready to use services provided by fintech, but prefers banking services instead. Survey results provide some evidence in favour of this hypothesis: they show that respondents are generally unaware about fintech services in Latvia and their associated innovations and new financial products. This paper makes several recommendations for managers of fintech enterprises, association of start-up enterprises and risk capital funds as well as state institutions.
ISSN: 11082976
Appears in Collections:European Research Studies Journal, Volume 20, Issue 3, Part A

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