Fintech and the digital transformation of financial services: implications for market structure and public policy

Executive summary

It’s a big financial change. Technology is changing payments, lending, insurance, and economic management – a process that is accelerating the COVID-19 epidemic. While this has made financial services in many countries different, more competitive, more efficient, and more inclusive, it can also increase market focus. In addition, there may be new consequences for many major public policy initiatives. This article looks at the economic fundamentals of financial services and their business organizations to assess – with the latest evidence – the impact of statistical improvements on market structure and strategy, including legislation. .finance and competition.

The main purpose of discussing economic conflicts such as inequality and economic power such as economics is the scale and overall. Conflicts with these powers generate financial advisors and create a market structure. We point out that although technological advances in finance are relatively new, new technologies have brought many improvements to the discussion of systems and the use of energy and climate, which has led to more information new and used amounts. For example, the use of mobile phones has increased worldwide, social and economic activity has increased on the Internet (usually basic businesses), and new technologies such as cloud computing are widely used.


New technology is transforming financial services. Financial technology innovations such as mobile money, peer-to-peer (P2P) or market loans, Robo advice, insurance technology (insurtech), and crypto assets have been proven worldwide.2 Ten decades ago, fintech was over. Increase access and facilitate financial services for customers. Today, artificial intelligence (AI), cloud services, and ledger technology (DLT) are transforming heat markets in various fields such as financial markets and regulatory and administrative technologies (regtech and Supertech). Many new companies have emerged to use new technology to meet customer needs and many employees are showing that digital transformation is a priority (Feyen et al. 2021). Well-known banks that quickly shut down access to a wide range of local systems and customer services competing with fintechs and major technology companies (technology companies) have also had problems (BIS 2019; Frost et al. 2019).

These improvements have the potential to create more diverse, competitive, efficient, and collaborative markets, but also to increase control. The design combined with competition and increased penetration, especially in emerging markets and emerging economies (Pazarbasioglu et al. 2020; Frost et al. 2021). Fintech seems particularly successful in markets that have not yet improved financial management (FSB 2020; Didier et al. 2021). However, the established economy of connected networks and new technologies can lead to a link between traditional ingredients and new financial services. Inferiority or inferiority complex is an important technical issue under study. As financial services approach such technology, regulators are struggling to find a way to better manage and monitor. and addressing potential issues related to financial stability, financial integrity, fair competition, and consumer protection (including privacy issues).

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