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Abstract
The modern world is changing rapidly under the influence of digital technologies. This also applies to the financial sector of the economy. Since the mid-2000s, new fintech companies have entered the market. These companies are using new technologies to improve existing and create new financial services. In the course of their development, the interests of new market entrants often overlap with those of traditional participants, mainly banks. Investigation of the relations between fintech companies and traditional financial institutions gives an opportunity to form an idea of the financial picture of the near future. The research of the relations between fintech companies and traditional financial institutions gives an opportunity to form an idea of the financial picture of the near future. The article considers both aspects of competition and aspects of possible cooperation between financial market participants in a digital economy. The results of the scientific research demonstrate that cooperation will prevail over the competition. Probably existing financial institutions will reformat their architecture and become digital ones at the core.
Highlights
The digital economy is changing all aspects of socioeconomic life
They are global in nature and ones have new opportunities, but ones generate new risks
The financial sector reflects the changes that are associated with digitalization very clearly, as manifested through the formation of new market entrants – fintech companies
Summary
The digital economy is changing all aspects of socioeconomic life. Changes are happening fast, they are global in nature and ones have new opportunities, but ones generate new risks. The financial sector reflects the changes that are associated with digitalization very clearly, as manifested through the formation of new market entrants – fintech companies. There are relations between new and traditional financial market participants that are not simple. These relations may take the form of competition or cooperation. Fintech companies need to search for new niches and offer something that may interest demanding consumer in order to avoid competition from powerful banks. Such issues are important to society: competition must not be destructive, and the market must not be chaotic. The best form of relations is cooperation in which market participants will complement each other and society will benefit most
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