The Impact of the Fintech Phenomenon – Radical Change Occurs in the Financial Sector?

Kerényi, Ádám; Molnár, J.

doi:10.25201/fer.16.3.3250

Cited by 17 publications

(21 citation statements)

References 7 publications

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“…The private sector is hugely involved in this process, to diversify and grow business. Scholars contend that finance-related innovations and sustainable development are understood by customers because they offer better financial services and products, and legislation or regulations reflect this reality (see Salampasis & Mention, 2018;Schindler, 2017;Kerényi & Molnár, 2017).…”

Section: Fintech 35: Fintech Innovationsmentioning

confidence: 99%

Using E-Wallet for Business Process Development: Challenges and Prospects in Malaysia

Alam¹,

Awawdeh²,

Muhamad³

2022

Preprint

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Purpose: This study aims to explore the challenges and prospects of using e-wallets in Malaysia, and what it means for businesses and customers. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats.Design/methodology/approach: This study analyses the e-wallet phenomenon using a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to assess Malaysian business development. It is supported with findings from the literature and secondary data. The relevant secondary data were collected from Bank Negara Malaysia and the World Bank. Findings: This study shows that e-wallets in Malaysia have still not achieved their purpose but there is huge potential to do so. The SWOT analysis identified several strengths (e.g. financial incorporation, easy to access, protection and safety, simple for other accounts to connect to, product and consumer service management, quick to implement/administer), weaknesses (e.g. lack of infrastructure and the ‘tapping’ of devices already cornered by the mobile phone market, opportunities (e.g. eliminating fraud, better customer service, promotion/loyalty that can be built into customer experience) and threats (e.g. attacks from viruses, frequent inquiries whether multiple wallets can be used by clients, the concerns of reckless spending behaviour of the E-wallet users).Research implications: This study is crucial for assessing the current situation and the prospects of e-wallets in Malaysia. This study also offers significant insights for policymakers and e-wallet service providers to develop appropriate strategies to enhance e-wallet services in Malaysia.Originality/value: This paper is the first of its kind to integrate a SWOT analysis and the rapid development of the e-wallet market in Malaysia. Hence, the findings could broaden our knowledge on the fintech industry and enable firms to participate in the e-wallet market.

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Section: Fintech 35: Fintech Innovationsmentioning

confidence: 99%

Using E-Wallet for Business Process Development: Challenges and Prospects in Malaysia

Alam¹,

Awawdeh²,

Muhamad³

2022

Preprint

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“…Mention must be made of the impact of bitcoin on the development of financial instruments (Kerényi -Molnár 2017). In certain cases, blockchain technology may be suitable for tracking financial, economic or even social trends, while the idea of digital money, proposed by bitcoin, may generate new financial innovations such as Libra, which Facebook wanted to introduce but has faced rather significant obstacles, or the USD-based digital currency for which Wal-Mart has filed for a patent.…”

Section: Essay Gyöngyi Bugár -Márta Somogyvárimentioning

confidence: 99%

Bitcoin: Digital Illusion or a Currency of the Future?

Bugàr¹,

Somogyvári²

2020

Financial and Economic Review

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Bitcoin has been one of the most interesting financial innovations in the last ten years. In this essay, we set out to discover why it has not spread as a medium of payment and how it has become a high-risk form of investment instead. We examine the operational mechanisms of bitcoin technology and explain the ideological background for the popularity of bitcoin. We conclude that, in its present form, bitcoin is not suitable to become a generally accepted medium of payment.

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“…peer-to-peer lending, applications), but encompasses the kinds of products and services that have traditionally been provided by banks to their customers. Others (Kerényi -Molnár 2017, Kerényi -Molnár -Müller 2018, McAuley 2015, Kim et al 2016 interpret the phenomenon more broadly, defining it as an economic industry composed of companies that use technology to make financial systems more efficient. The ECB's position is that "FinTech" is an umbrella term encompassing a wide variety of business models.…”

Section: A New Round Of Technological and Digital Revolution Is Knockmentioning

confidence: 99%

Brave New Digital World? – Financial Technology and the Power of Information

Kerényi¹,

Müller²

2019

Financial and Economic Review

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In this paper we focus on the development of FinTech, how is it evaluated and managed in selected areas, in the European Union, in China and in Hungary. Some of the pertinent questions in this field are the following: How can regulators keep up with the rapid pace of development? Can regulation be based on a precise definition and can a level playing field be ensured between traditional banks and FinTech start-ups? What are the risks? How can they be handled by supervision and regulation? We can conclude that FinTech is in the initial phase of a "revolutionary" process, and the definition of this phenomenon is broad and changing. Regulators and supervisors must influence the conditions in a way that a level playing field and risk assessment should be the same for traditional banks and FinTech companies. All of the actors have responsibility, including central banks, regulators, supervisors, incumbent banks, consumers and FinTech companies. Information is power, and several economists claim that digital is the new normal. In our paper we partly justify the first part of the sentence and we put a question mark at the end of the second part.

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The Impact of the Fintech Phenomenon – Radical Change Occurs in the Financial Sector?

Cited by 17 publications

References 7 publications

Using E-Wallet for Business Process Development: Challenges and Prospects in Malaysia

Using E-Wallet for Business Process Development: Challenges and Prospects in Malaysia

Bitcoin: Digital Illusion or a Currency of the Future?

Brave New Digital World? – Financial Technology and the Power of Information

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