FinTech – Financial Innovation Facilitators

• Published in: Acta Universitatis Danubius. Œconomica Vol. 17; no. 3; pp. 301 - 316
• Main Authors: Badea, Leonardo, Rangu, Călin Mihail, Șcheau, Mircea Constantin
• Format: Journal Article
• Language: English; French
• Published: Galati Danubius University Press 2021; Editura Universitară Danubius; Universitatea Danubius Galati
• Subjects: Bank technology; Financial Markets; Innovations; Integrated approach; Integrative approach; Public policy; Technological change; Transformation; business models; proportionality; evolution; surveillance; regulation
• ISSN: 2065-0175; 2067-340X

This research identifies the ecosystem that facilitates technological innovations, especially in the financial field, beyond the new technologies themselves. In order to make the most of FinTech's potential, the system of institutional facilitators is analyzed, the need for the authorities to be involved in the development of innovation centers or sandbox structures. Beyond these institutional facilitators, we identify the need for a vision, a digital transformation strategy, architectures and integration components without which technological innovations are not sustainable, on the basis of which new business models are developed. The research is based on international reports and analyzes of prestigious authorities or companies, the approach starting from public studies and surveys. The conclusions prove the need for a managerial, integrated approach, starting from risks and not necessarily from technologies, identifying the need for public policies to support innovation to which one should add the effort of companies to structure integrated, agile, customer-oriented platforms, a framework oriented towards continuous change.