{"id":17116,"date":"2022-01-20T08:58:28","date_gmt":"2022-01-20T06:58:28","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=17116"},"modified":"2022-02-03T13:55:31","modified_gmt":"2022-02-03T11:55:31","slug":"theoretical-and-methodological-search-for-2","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/theoretical-and-methodological-search-for-2\/","title":{"rendered":"Semenog A. Theoretical and methodological search for the essence of fintech in the context of the digital economy formation"},"content":{"rendered":"

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JEL Classification<\/strong>: O16; O30; G20<\/em>
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V30(2021)-28<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Semenog Andrii, <\/strong>PhD in Economics, Associate Professor, Associate Professor of the Department of Financial Technologies and Entrepreneurship, Sumy State University, Sumy, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-3222-9574<\/a>
\ne-mail:<\/strong> a.semenog@biem.sumdu.edu.ua<\/span><\/a><\/p>\n

Theoretical and methodological search for the essence of fintech in the context of the digital economy formation<\/h2>\n

Abstract. <\/strong>Introduction<\/strong>. The generalisation of the financial technologies\u2019 evolution shows that for the first time in the history of financial intermediation, there is a situation when technology not only improves specific components of financial services by traditional financial institutions but also serves as a basis and the main driver for new business and total replacement of traditional financial services by affordable in using digital services of fintech companies.<\/p>\n

Purpose<\/strong>. The purpose of the article is to analyse and compare existing approaches to understanding the essence of fintech and justify our approach, taking into account the trends caused by the formation of the digital economy.<\/p>\n

Results.<\/strong> The article analyses various conceptual approaches to understanding the essence of fintech based on analysing the scientific achievements of foreign researchers. The characteristics of fintech by representatives of the business environment (analytical and consulting companies) and the media are also presented. It is determined that in scientific practice, two main groups of approaches to the definition \u201cfintech\u201d have been formed: technological and institutional. From a technological point of view, fintech is perceived as a combination of digital technologies to create a new or significantly improved innovative financial service. From an institutional point of view, fintech is an institutional unit and an economic entity that combines technology to create innovation in financial services. The paper substantiates the prerequisites of fintech, among which the main ones are the presence of an innovative company; experience or idea of a specific type of financial service; availability of a set of digital technologies at the disposal of an innovative company; understanding the current needs of consumers of financial services. The author\u2019s definition of fintech is also presented, the components of fintech success are given.<\/p>\n

Conclusions<\/strong>. Despite the high growth and expansion of fintech, there is no single approach to understanding this phenomenon. Both technological and institutional approaches have many shortcomings, especially in the differentiation of fintech companies, determining the degree of innovation (disruptiveness) of fintech approaches or products. We believe that the most optimal focus is not so much on technologies or fintech subjects, but on the main product of fintech \u2013 digital financial services provided by innovative companies in the digital economy using digital technologies as a tool to improve the provision and creation of new customer-oriented financial services.<\/p>\n

Keywords:<\/strong> fintech; financial technologies; digital financial services; digital economy; digital technologies.<\/p>\n

References:<\/strong><\/p>\n

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  1. Rakhman, M.S. & Mangushev, D.\u00a0V. (2018). Analysis of competitive advantages of PJSC \u00abPrivatBank\u00bb among banking institutions with state capital. Business Inform<\/em>, 4, 344-350. Retrieved from\u00a0 http:\/\/www.business-inform.net\/export_pdf\/business-inform-2018-4_0-pages-344_350.pdf [in Ukrainian].<\/li>\n
  2. Verkhovna Rada of Ukraine. (2000).About banks and banking (Act No. 2121-III, December 7). Retrieved from http:\/\/zakon2.rada.gov.ua. [in Ukrainian].<\/li>\n
  3. Supervisory Statistics. National Bank of Ukraine (2021). Official web-site<\/em>. Retrieved from https:\/\/bank.gov.ua\/ [in Ukr.].<\/li>\n
  4. The National Bank left unchanged the criteria for the division of banks into groups for 2019. National Bank of Ukraine (2019). Official web-site<\/em>. Retrieved from https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalniy-bank-zalishiv-bez-zmin-kriteriyi-rozpodilu-bankiv-on-group-at-2019-rick [in Ukr.].<\/li>\n
  5. Sitnik, N.\u00a0S., Stasyshyn, A.\u00a0V., Blaschuk-Devyatkina, N.\u00a0Z. & Petyk, L.\u00a0O. (2020). Bankivs’ka systema<\/em>. Lviv: Ivan Franko Lviv National University [in Ukrainian].<\/li>\n
  6. Ministry of Finance of Ukraine (2021). Official web-site<\/em>. Retrieved from https:\/\/index.minfin.com.ua\/en\/banks\/stat\/count\/ [in Ukr.].<\/li>\n
  7. Strategy of the National Bank. National Bank of Ukraine (2021). Official web-site<\/em>. Retrieved from https:\/\/bank.gov.ua\/ua\/about\/strategy [in Ukr.].<\/li>\n
  8. Center for Banking Analytics (2021). Official web-site<\/em>. Retrieved from http:\/\/bankografo.com.\/ [in Ukr.].<\/li>\n
  9. Rakhman, M.\u00a0S. & Mangushev, D.\u00a0V. Marketing innovations as a means of improving banking services in Ukraine. Bulletin of V. N. Karazin Kharkiv National University. Series: Economic,<\/em> 2016, 90, 51\u201363. Retrieved from http:\/\/nbuv.gov.ua\/UJRN\/VKhE_2016_90_8 [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: <\/strong>12 November \u00a02021<\/p>\n

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    Semenog A. (2021). Theoretical and methodological search for the essence of fintech in the context of the digital economy formation. Modern Economics, 30(2021), 177-184. DOI: https:\/\/doi.org\/10.31521\/modecon.V30(2021)-28.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: O16; O30; G20 DOI: https:\/\/doi.org\/10.31521\/modecon.V30(2021)-28 [\/vc_column_text][vc_column_text] Semenog Andrii, PhD in Economics, Associate Professor, Associate Professor of the Department of Financial Technologies and Entrepreneurship, Sumy State University, Sumy, Ukraine ORCID ID: 0000-0003-3222-9574 e-mail: a.semenog@biem.sumdu.edu.ua Theoretical and methodological search for the essence of fintech in the context of the digital economy formation Abstract. Introduction.
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