Згідно з Наказом Міністерства освіти і науки України від 28.12.2019 № 1643
журнал внесено до Переліку наукових фахових видань України 
(категорії “Б”з економічних наук

Проводимо набір статей до публікації у науковому фаховому журналі "Вісник КНТЕУ" з економічних наук

DOMINANTS OF THE FINTECH MARKET IN THE CONTEXT OF THE COVID-19 PANDEMIC

Автор: Sveta on .

Cite as APA style citation
Mazaraki A., Volosovych S. Dominanty rynku FinTech pid chas pandemii' SOVID-19. Visnyk Kyi'vs'kogo nacional'nogo torgovel'no-ekonomichnogo universytetu. 2021. № 2. S. 4-20.

FREE FULL TEXT (PDF)
DOI: http://doi.org/10.31617/visnik.knute.2021(136)01

UDC 336.7.06:616-036.21
JEL Classification: G14, G29, O33


MAZARAKI Anatoliy,
Doctor of Economics, Professor, rector
of the Kyiv National University of Trade and Economics
Kyoto str., 19, Kyiv, 02156, Ukraine

E-mail:  Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
ORCID: 0000-0001-5283-8444
 
VOLOSOVYCH Svitlana,
Doctor of Economics, Professor, Professor at the Department of Finance
Kyiv National University of Trade and Economics
19, Kyoto str., Kyiv, 02156, Ukraine 

E-mail: Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.  
ORCID ID: 0000-0003-3143-7582

DOMINANTS OF THE FINTECH MARKET IN THE CONTEXT OF THE COVID-19 PANDEMIC

 Background. The COVID-19 pandemic has caused problems in many areas of human life and forced individuals to change their habits to which the business is trying to adapt quickly. The financial services market is no exception, where the consumers have significantly limited or even completely closed access to physical institutions of financial service offerors, thereby a variety of FinTech tools are increasingly used in customer service.
Analysis of recent researches and publications. The problems of the FinTech market in the context of the pandemic are studied not only by the scientists but also by the prac­titioners. However, the issue of institutional transformations of the FinTech market in the con­text of the COVID-19 pandemic needs further solution despite the high level of existing theoretical researches.
The aim of the article is to identify the prevailing trends in functioning of financial technologies in the context of the COVID-19 pandemic, to build scenarios for the deve­lopment of the FinTech market in the post-pandemic period.
Materials and methods. The theoretical and methodological basis of the article includes the works of domestic and foreign scientists devoted to functioning of the FinTech market, the role of financial technology instruments during the COVID-19 pandemic in ensuring functioning of global and national economies. Methods of theoretical genera­lization, comparative analysis and synthesis were used in this research.
Results. The FinTech market may be considered from functional and institutional points of view. FinTech is a complex concept, with a specific institutional environment which is formed within it, the internal components of which are FinTech tools, and the external are the various areas that combine these tools into a financial ecosystem. There is no clear dis­tinction between FinTech and other sectors of EverythingTech, as all members of Every­thingTech belong to a single financial ecosystem and perform their functions within it. The FinTech market may be segmented according to FinTech tools; the type of service in the financial market provided on the basis of FinTech tools; financial instruments; financial services offeror; consumers of FinTech services; deployment regime; aims of technologies application. The pandemic specified challenges for the financial sector to ensure business continuity in the context of social distancing; ensuring the safety of employees; creating conditions for remote work of employees; creating of new cyber security protocols; func­tioning of the relevant IT service for remote work support; closure of financial institutions branches; reduction of financial sector employees. At the beginning of the pandemic, FinTech companies’ access to financing became more difficult, but according to the results in 2020, both individual segments of FinTech and the entire industry showed an increase in global investment. As a result of the application of quarantine restrictions, the digitalization of tra­ditional financial intermediaries intensified, the regulation of BigTech companies was stimu­lated and public-private partnerships between FinTech and state institutions were intensified.
Conclusion. The COVID-19 pandemic increased the financial services consumers’ dependence on technologies and created a strong basion for the formation of financial ecosystems. The pandemic intensified innovative strategies for the development of traditional financial intermediaries and their use of FinTech tools in business processes against the background of modernization of companies’ technological infrastructure. We offered optimis­tic, pessimistic and neutral scenarios of FinTech development. One of them may be realized in the future as a result of the introduction of governments’ restrictions during the pandemic.
Keywords: financial technologies, financial ecosystem, FinTech market, COVID-19 pandemic. 

REFERENCES

  1. Mazaraki, A. A., & Volosovych, S. V. (2019). FinTech. Kyiv: Kyi’v. nac. torg.-ekon. un-t [in Ukrainian].
  2. Muzyka-Stefanchuk, O. (2019). Cyfrova ekonomika ta novi finansovi tehnologii’. Teorija i praktyka intelektual’noi’ vlasnosti [Digital economy and new financial technologies. Theory and practice of intellectual property], 2, 65-70.Retrievedfrom http://uran.inprojournal.org/article/viewFile/167302/166879 [in Ukrainian]. 
  3. Buharin, G. O. (2020). Finteh jak ob’jekt normatyvno-pravovogo reguljuvannja: teo­retyko-metodologichnyj aspekt [Fintech as the object of legal regulation: theoretical and methodological aspect]. Candidate’sthesis. Retrieved fromhttp://phd.znu.edu.ua/page/dis/07_2020/Bukharin.pdf[in Ukrainian]. 
  4. Rubanov, P. M. (2020). FINTECH innovacii’ jak determinanty rozvytku nacional’noi’ ekonomiky[FINTECH innovations as determinants of national economy development].Doctor’s thesis. Sumy[in Ukrainian]. 
  5. Dyba, M. I., & Gernego, Ju. O. (2019). Potencial ta social’no-ekonomichni naslidky rozvytku FinTech v Ukrai’ni. NEW ECONOMICS: materialy Mizhnar. nauk. forumu "NEW ECONOMICS – 2019" (Kyiv, 14-15 lystop. 2019 r.) [Potential and socio-eco­nomic results of FinTech development in Ukraine NEW ECONOMICS: materials of the International economic forum "NEW ECONOMICS – 2019" (Kyiv, November 14-15, 2019)]. u 2-h t. T. 1; NAN Ukrai’ny, In-t ekonomiky prom-sti. Кyiv, 51-56 [in Ukrainian]. 
  6. Muhammad Yorga, Permana, Donald Crestofel, Lantu and Yulianto,Suharto(2018).The effect of innovation and technological specialization on income inequality.Problems and Perspectives in Management,16(4), 51-63 [in English].
  7. Fisun, I. Koronakryza jak rushijna syla, abo Jak COVID-19 zminyt’ Fintech. blog.liga.net. Retrievedfromhttps://blog.liga.net/user/ifisun/article/koronakriza-yak-rushiyna-sila-abo-yak-COVID-19-zminit-fintech [in Ukrainian]. 
  8. Global Fintech Market, by Technology (API; AI; Blockchain; Distributed Computing, Others), by Service (Payment; Fund Transfer; Personal Finance; Loans; Insurance; Others), by Application (Banking; Insurance; & Others), by Region, Competition, Forecast & Opportunities, 2025 (Reaseachandmarket).Retrieved fromhttps://www.researchandmarkets.com/reports/5031390/global-fintech-market-by-technology-api-ai?utm_source=dynamic&utm_medium=CI&utm_code=93v78s&utm_campaign=1401741+-+FinTech+Industry+Report+2020-2025+-+Trends%2c+Developments+and+Growth+Deviations+Arising+from+the+COVID-19+Pandemic&utm_exec=joca220cid [in English]. 
  9. Haase, Stefan. FinTech? HealthTech? RetailTech? A guide to make sense of Every­thingTech.www.linkedin.com.Retrieved fromhttps://www.linkedin.com/pulse/fintech-healthtech-retailtech-guide-make-sense-stefan-haase [in English]. 
  10. Global FinTech Investments (2020). September 17.Retrieved fromhttps://rabofrontierventures.com/global-fintech-investments [in English]. 
  11. Chatenay,Victor. Global insurtech funding reached $7.12 billion across 377 deals, the most in any year to date.www.businessinsider.com. Retrieved fromhttps://www.businessinsider.com/global-insurtech-funding-reached-record-high-in-2020-2021-2?IR=T [in English]. 
  12. Casperson, Nicole (2020). Wealthtech funding hits record $3.7 billion in 2020.Retrieved from https://www.investmentnews.com/wealthtech-funding-hits-record-3-7b-in-2020-201592 [in English]. 
  13. Olivia, De Beukelaer (2020). B2B e-commerce and COVID-19: The challenges, solutions and opportunities, march 20. Retrieved from https://www.sana-commerce.com/blog/b2b-ecommerce-COVID-19-challenges-opportunities [in English]. 
  14. OECD, 2020. E-COMMERCE IN THE TIMES OF COVID-19. 7 October 2020.Retrieved from https://read.oecd-ilibrary.org/view/?ref=137_137212-t0fjgnerdb&title=E-commerce-in-the-time-of-COVID-19 [in English]. 
  15. Siska, Melinda. How countries transform into cashless societies in the aftermath of the COVID-19 crisis.thepaypers.com. Retrieved fromhttps://thepaypers.com/expert-opinion/how-countries-transform-into-cashless-societies-in-the-aftermath-of-the-COVID-19-crisis--1246396 [in English]. 
  16. Will coronavirus accelerate the move towards a cashless economy?www.corona­virusandtheeconomy.com. Retrieved fromhttps://www.coronavirusandtheeconomy.com/question/will-coronavirus-accelerate-move-towards-cashless-economy [in English]. 
  17. How countries transform into cashless societies in the aftermath of the COVID-19 crisis. thepaypers.com. Retrieved from https://thepaypers.com/expert-opinion/how-countries-transform-into-cashless-societies-in-the-aftermath-of-the-COVID-19-crisis--1246396[in English]. 
  18. COVID-19 to increase fraud rates by 60%, Feedzai’s financial crime report finds.thepaypers.com.Retrieved fromhttps://thepaypers.com/expert-opinion/major-acquisitions-in-the-payments-industry-2020-retrospective-part-i--1247102?utm_campaign=20210208-automatic-newsletter&utm_medium=email&utm_source=newsletter&utm_content=&utm_source=newsletter&utm_medium=Email&utm_term=&utm_content=&utm_campaign= [in English]. 
  19. Gemma, Staite. New customer acquisition: How to manage fraud risk in an age of digital migration. thepaypers.com. Retrieved from https://thepaypers.com/thought-leader-insights/new-customer-acquisition-how-to-manage-fraud-risk-in-an-age-of-digital-migration--1245495 [in English]. 
  20. Global Fintech Evolution (2020). Retrieved from https://www.researchandmarkets.com/ reports/5185182/global-fintech-evolution-2020-report#relb0-5031390 [in English]. 
  21. Knowledge bites: trends shaping merchant payment ecosystem in 2021. Retrieved from https://thepaypers.com/expert-opinion/knowledge-bites-trends-shaping-merchant-payment-ecosystem-in-2021--1247076 [in English]. 
  22. Melnychenko, S., Volosovych, S., & Baraniuk, Yu. (2020). Dominant ideas of financial technologies in digital banking. Baltic Journal of Economic Studies. Vol. 6, 1, 92-99[in English]. 
  23. Beam, Nuapay to enable Open Banking payments for WooCommerce. thepaypers.com. Retrieved from https://thepaypers.com/online-payments/beam-nuapay-to-enable-open-banking-payments-for-woocommerce--1246929?utm_campaign=20210128- automatic-newsletter&utm_medium=email&utm_source=newsletter&utm_content= &utm_source=newsletter&utm_medium=Email&utm_term=&utm_content=&utm_campaign= [in English]. 
  24. Carlo, Reggiani, Leonardo, Madio and Andrea, Mantovani. How have Big Tech and other digital platforms fared in the crisis? www.coronavirusandtheeconomy.com. Retrieved from https://www.coronavirusandtheeconomy.com/question/how-have-big-tech-and-other-digital-platforms-fared-crisis [in English]. 
  25. Banks Still Falling Short in Improving Customer Experience: World Fintech Report (2020). (Fintechnews Switzerland April 27, 2020). Retrieved from https://fintechnews.ch/fintech/banks-still-falling-short-in-improving-customer-experience-world-fintech-report-2020/34747 [in English]. 
  26. Big Tech to shop for Covid-hit competitors in next 5 years. www.business-standard.com. Retrieved from //www.business-standard.com/article/international/big-tech-to-shop-for-covid-hit-competitors-in-next-5-years-report-120121400732_1.html [in English]. 
  27. Rodrigo, Fernandez, & Ilke, Adriaans. COVID-19 pandemic accelerates the monopoly position of Big Tech companies. www.somo.nl. Retrieved from https://www.somo.nl/ COVID-19-pandemic-accelerates-the-monopoly-position-of-big-tech-companies [in English]. 
  28. Four ways analysing digital behaviour can improve account opening fraud detection. thepaypers.com/expert-opinion. Retrieved from https://thepaypers.com/expert- opinion/four-ways-analysing-digital-behaviour-can-improve-account-opening-fraud-detection--1245113 [in English]. 
  29. Ecommerce and COVID-19 – the good, the bad, and the ugly. thepaypers.com. Retrieved from https://thepaypers.com/interviews/ecommerce-and-COVID-19-the-good-the-bad-and-the-ugly--1247083?utm_campaign=20210205-automatic-newsletter&utm_ medium=email&utm_source=newsletter&utm_content=&utm_source=newsletter&utm_medium=Email&utm_term=&utm_content=&utm_campaign= [in English]. 
  30. Volosovych, S., & Baraniuk, Y. (2019). Blockchain technology in the financial eco­system. HERALD OF KNUTE6, 93-104 [in English].
  31. Competing in a world of sectors without borders (2017). 12 July. Retrieved from https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/competing- in-a-world-of-sectors-without-borders [in English]. 
  32. WHAT’S NEXT? PAYMENT TRENDS IN 2021.Retrieved fromhttps://www.financederivative.com/whats-next-payment-trends-in-2021 [in English]. 
  33. Ranine, Awwad (2020). COVID-19 accelerates Fintech developments in AfricaRanine AwwadPublished 8 months ago on Tuesday. 30 June.Retrieved fromhttps://www.insidetelecom.com/COVID-19-accelerates-fintech-developments-in-africa[in English]. 
  34. PayMaya leads the way to a ’Cashless Philippines’ in 2020 and beyond. Retrieved fromhttps://business.inquirer.net/315176/paymaya-leads-the-way-to-a-cashless-philippines-in-2020-and-beyond#ixzz6mjwysnkV [in English].