Alternative and digital finances: in search of analytical framework
Article Sidebar
Main Article Content
Abstract
Modern financial systems have been experiencing a period of dynamic changes since the beginning of this century. These changes cause their homogeneous tissue, on which they were based for a long time, to erode, while a multitude of alternatives appears. The existing systems are becoming increasingly heterogeneous and less transparent. In addition to the traditional financial system based on highly regulated financial intermediaries having a legal monopoly, an alternative sector is emerging. It is often based on a different market infrastructure, which allows for direct allocation and acquisition of funds on a P2P or B2B basis and with other rules and intermediate parties. Technological innovations, especially the ubiquitous process of digitisation of financial systems, play a special role in this process of change. The considerations concerning digital financial markets in the current research and literature are focused basically on three issues: competition in the financial market, regulation and supervision of the market in the conditions of its digitisation, and consumer protection issues, including in particular financial exclusion and methods of its counteracting.
Downloads
Article Details
The author of the article declares that the submitted article does not infringe the copyrights of third parties. The author agrees to subject the article to the review procedure and to make editorial changes. The author transfers, free of charge, to SGH Publishing House the author's economic rights to the work in the fields of exploitation listed in the Article 50 of the Act of 4 February 1994 on Copyright and Related Rights – provided that the work has been accepted for publication and published.
SGH Publishing House holds economic copyrights to all content of the journal. Placing the text of the article in a repository, on the author's home page or on any other page is allowed as long as it does not involve obtaining economic benefits, and the text will be provided with source information (including the title, year, number and internet address of the journal).
References
Agarwal S., Zhang J., Fintech, lending and payment innovation: a review, ssrn/com/abstract=3673248.
Al-Blooshi L., Nobanee H., Application of artificial intelligence in financial management decisions: a mini review, Abu Dhabi University, ssrn.com/abstract3530140.
Alińska A. (2019), Alternatywne finance, CeDeWu, Warszawa.
Allen F., et al. (2002), E-finance: an introduction, “Journal of Financial Services Research”, 2002, 22, 1/2, s. 5-27.
Banks E. (2001), E-finance: the electronic revolution, John Wley and Sons.
Bettinger A. (1972), Fintech-a series of 40 time shared models used at Manufacturers, Hanover Trust Company, Inter, s. 62-63.
Branzoli N., Supino I. (2020), Fin tech credit: a critical review of the empirical literature, Banca d’Italia, Occasional Papers, No. 549, March.
CCAF (2020), The Global Alternative Finance Market Benchmarking Report, Cambridge.
Colinns L., Swart R., Zhang B. (2013), The rise of future finance, The UK alternative finance benchmarking report, Neta, University of California, Cambridge University, December 2013.
Cong L. (2019), Alternative data in fintech and business intelligence, October 10.2019, ssrn. com/3521349.
Chen M., Wu A.X., Yang B. (2019), How valuable are fintech innovation?, “The Review of Financial Studies” vol. 32, no 5, s. 2062-2106.
FSB (2011), Shadow Banking: Strengthening Oversight and Regulation. Recommendations of the Financial Stability Board, Financial Stability Board.
FSB (2017), Financial stability implications from fintech. Supervisory and regulatory issues that merit authorities’ attention, Financial Stability Board.
Gattenio Ch.A. (2002), Digitizing finance: Views from the leading edge, Special Section: Digitizing Finance, “Financial Executive”, vol. 18, no. 2, Mar. 2002.
Gomber P., et al, (2017), Digital finance and fintech: current research and future research directions, Working Paper, January 2017, “The Journal of Business Economics”, 87(2017), s. 537-580.
Hartmann M.E. (2006), E-payment evolution, in: Lammer T. (ed.), Handbuch e-money, e-payment and m-payment, Physica Verlag, HeideIberg.
Hausberg J.P., Liere-Nethenel K., Packmohr S., Pakura S., Vogelsang K. (2019), Research streams on digital transformation from a holistic business perspective: a systematic literature review and citation network analysis, “Journal of Business Economics”, 89, s. 931-963.
Jurczak-Głąbska A. (2018), Analiza i ocena rozwoju sektora fintech, praca magisterska, Politechnika Warszawska, Wydział Zarządzania.
Kabza M. (2019), Ochrona konsumentów usług finansowych fintech, w: Gasiorkiewicz L, Monkiewicz J. (red. nauk.), Wyzwania współczesnych rynków finansowych, WZ PW, Warszawa, 2019.
Kayal P., Purnima R. (2020), Bitcoin in the literature of economics and finance: a survey, National University of Singapore, ssrn.com.abstract=3573248.
Knewtson H.S., Rosenbaum Z.A. (2020), Towards understanding fintech and its industry, January 16, 2020, ssrn.com/abstract=3542438.
Łańcucki J. (2019),Wpływ innowacyjnych technologii na funkcjonowanie rynku ubezpieczeniowego, „Prawo Asekuracyjne”, 2/2019, s. 6-22.
Motylska-Kuzma A. (2018), Quo vadis? – innowacyjne i alternatywne źródła finansowania, „Finanse, rynki finansowe, ubezpieczenia”, nr 2/2018(92), s. 137-147.
Nowicka K., Łobejko S., Szpringer W. (2018), Biznes cyfrowy: technologie, modele, regulacje, Warszawa, Oficyna Wydawnicza SGH.
OECD (2020), Digital disruption in banking and its impact on competition.
Omarova S.T. (2019), New tech versus new deal: fintech as a systemic phenomenon, Corner Law School, Legal Studies Research Paper Series No 18-39, Yale Journal of Regulation, Vol. 36/2019, p. 735-793.
Ostrowska M., Ziemniak M.P. (2020), The concept of P2P insurance: review of the literature and EIOPA report, „Prawo Asekuracyjne”, 1(102), 2020, s. 31-48.
Piech K. (red) (2016), Leksykon pojęć na temat technologii blockchain oraz kryptowalut, Warszawa, MC.
Solarz J.K. (2014), Shadow banking: systemowa innowacja finansowa, SAN, Studia i Monografie, Łódź-Warszawa 2014, Nr 52.
Stultz R.M. (2019), Fintech, Bigtech and the future banks, Ohio State University, Fisher College of Business, Working Paper Series, WP 2019.03.020.
Szpringer W. (2017), Nowe technologie a sektor finansowy, Poltext, Warszawa.
Torontocenter (2017), Fintech, regtech and suptech, Toronto.
Tucker D. (2018), The fast moving world of fintech is now a fast growing research topic, www.elseviere.com, October 8, 2018.
Tułodziecka A. (2019),Wykorzystanie nowych technologii w sektorze finansowym na przykładzie blockchain. Analiza i ocena, praca magisterska, WZ Politechnika Warszawska.
Waszkiewicz A. (2016), Finanse alternatywne – elektroniczne innowacje finansowe, Acta Universitatis Lodziensis, Folia Oeconomica, 2(319)2016, s. 135-152.
Zetsche D., Arner D.W., Buckley R.P. (2020), Fintech toolkit: smart regulatory and market approaches to financial technology innovation, GIZ Gmbh, April 2020.