Abstract
In the context of current crises following COVID-19 and growing global economic uncertainties, the issues regarding financial transactions with FINTECH are increasingly apparent. Consequently, in our opinion, the utilization of FINTECH financial transactions leads to a risk-reduction approach when in contact with other people. Moreover, financial transactions with FINTECH can save up customers’ pecuniary funds. Therefore, during crises, FINTECH applications can be perceived as more competitive than the traditional banking system. All the above have provoked us to conduct research related to the utilization of financial transactions with FINTECH before and after the COVID-19 crisis outbreak. The aim of the article is to present a survey analysis of FINTECH utilization of individual customers before and after the crisis in Bulgaria. The methodology includes a questionnaire survey of 242 individual respondents. For the data processing, we implemented statistical measures and quantitative methods, including two-sample paired t-tests, Levene’s test, and ANOVAs performed through the computer language Python in a web-based interactive computing environment for creating documents, Jupyter Notebook. The findings bring out the main issues related to the implementation of financial transactions with FINTECH under the conditions of the crisis. The findings include the identification of problems related to FINTECH transactions during the COVID-19 crisis in Bulgaria.
Highlights
Nowadays, one of the biggest crises in the world is the ongoing COVID-19 pandemic. It presumably started near a meat market in Wuhan in central China, in December 2019, in contrast to the global financial crisis (GFC) of 2008, which started in New York (Wójcik and Ioannou 2020)
The current study aims to establish individual customers’ utilization of financial technologies (FINTECH) before and after the Covid-19 crisis in Bulgaria due to the fact that such research has not been performed, and the findings could provide the FINTECH sphere with information to target, diversify, and popularize their products better on the Bulgarian market
It can be observed that bank customers are making a comeback towards brands that have gained their trust over the course of their lives and seem less inclined to trust start-up companies with their money
Summary
One of the biggest crises in the world is the ongoing COVID-19 pandemic. It presumably started near a meat market in Wuhan in central China, in December 2019, in contrast to the global financial crisis (GFC) of 2008, which started in New York (Wójcik and Ioannou 2020). In response to the growth of infections (European Centre for Disease Prevention and Control 2020) and, in particular, to the exponential increase in deaths, most of Europe was placed under lockdown, with the USA adopting similar measures. The utilization of FINTECH should limit the possibility of direct contact with COVID-19 In the meantime, this utilization could help the population comply with the declared pandemic state of emergency measures
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