Aleksandar Vekić, Jelena Borocki, Angela Fajsi
Faculty of Technical Sciences, Trg Dositeja Obradovica 6, Novi Sad, Serbia
DOI: https://doi.org/10.31410/EMAN.2018.134
2nd International Scientific Conference – EMAN 2018 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 22, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty – Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-11-0
Abstract
The new era in banking can rightly be called digital. Development of internet technologiesand modern solutions for banks operating are providing a high level of changes in business models. Digital banking is rapidly growing area where users quickly and easily adopt new changes, because they understand their importance in facilitating everyday life. Emphasis is placed on the improvement of the payment system and development of all its segments. The introduction of innovations in the banking sector also leads to an improvement in the quality of services, development of employees, leads to better recognition in a very competitive market, strengthening the stability of banking business with increased revenue and higher growth rate.This applies in particular to the ubiquitous use of modern technology, IT solutions and software, in the functioning of financial services, giving them an entirely new dimension and creating a new concept called FinTech. The expectations are that these changes will accelerate even further, the longer – term impact on the bank’s operating income will be even greater and the performance of services more efficiently. This will allow the banking sector to survive and adapt in very challenging time, and lead to sustainable development. Therefore, it is necessary to pay special attention to the impact of innovations on the digital world in banking.
Key words
digital innovation, banks, FinTech, payment system, development
References
[1] Furst, K. Lang, W.W, Nolle E.D (1998). Technology innovation in banking and payments: Industry trends and implications for banks. Quarterly Journal. Vol. 17. No.3.
[2] Moore, P. (2015). The future of banking. Management, 16.
[3] Wyson – Constantine, H. (2016). Laying a Foundation for Innovation. ABA Banking Journal.
[4] Krstic, N. Tesic, D. (2016). Digital disruption of the banking industry- threat or opportunity. Bankarstvo, Vol. 45, Issue. 2
[5] Gartner (2016). Digital innovation in banks: IT infrastructure modernization accelerates progress. Available at: https://www.gartner.com/imagesrv/media-products/pdf/red_hat/redhat-1-31ERJ3D.pdf?70160000000ldoJAAQ
[6] McKinsey Company (2016). Six digital trends that are changing banking. Available at: https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/digital-blog/six-digital-design-trends-that-are-changing-banking
[7] Kumar, A. S. Venkatrama, D. R. (2015). A study on banking services of new generation of banking. International Journal of Science and Research. Vol. 4, Issue 10.
[8] OECD (2016). “Stimulating Digital Innovation for Growth and Inclusiveness: The Role of Policies for the Successful Diffusion of ICT.” OECD Digital Economy Papers. No. 256. OECD Publishing, Paris.
[9] Nambisan, S. Lyytinen, K. Majchrzak, A. Song, M. (2017). Digital innovation management: Reinventing innovation management research in a digital world. MIS Quarterly. Vol. No. 1, 41, pp. 223-238.
[10] FINTECH WEEKLY (2017). FinTech definition. Available at: https://fintechweekly.com/fintech-definition
[11] Pailhon, J.M. (2017). FinTech: Digital innovation in the Finance industry. Available at: https://www.slideshare.net/jmpailhon/fintech-digital-innovation-in-the-financial-industry
[12] Investopedia (2017). FinTech. Available at:https://www.investopedia.com/terms/f/fintech.asp
[13] Business Insider (2016). The fintech ecosystem explained. Available at: https://www.businessinsider.com/fintech-ecosystem-financial-technology-research-and-business-opportunities-2016-7
[14] BlackRock (2016). Digital investment advice, Robo advisor come of age. Available at: https://www.blackrock.com/corporate/en-at/literature/whitepaper/viewpoint-digital-investment-advice-september-2016.pdf
[15] Sutardja Center for Entrepreneurship & Technology Technical Report (2015). BlockChain Technoogy beyond bitcoin, Berkeley University of California. Available at: https://scet.berkeley.edu/wp-content/uploads/BlockchainPaper.pdf
[16] Segendorf, B. (2014). What is bitcoin? Sveriges Riksbank Economic Review.
[17] Skakavac, A. (2017). Bitcoin – Controversies and dilemmas. Conference EMAN 2017 Conference Proceedings – Economics & Management: Globalization Challenges, PP. 240-254. Ljubljana, Slovenia.
[18] BBVA Research (2016). InsurTech and the disruptive insurance ecosystem, Digital economy outlook. Available at: https://www.bbvaresearch.com/wp-content/uploads/2016/10/DEO_Oct16_Cap4.pdf
[19] Delloite (2015). RegTech Is The New FinTech, How Agile Regulatory Technology Is Helping Firms Better Understand and Manage Their Risks. Available at: https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/financial-services/performancemagazine/articles/lu-how-agile-regulatory-technology-is-helping-firms-better-understand-and-manage-their-risks-24052016.pdf
[20] AVOKA (2016). What is digital banking? Available at: https://www.avoka.com/blog/what-is-digital-banking/
[21] Cuesta, C. Ruesta, M. Tuesta, D. Urbiola, P. (2016). The digital transformation of the banking industry. Digital economy watch. BBVA Research.
[22] Syndicate Room (2018). Definition of alternative finance. Available at: https://www.syndicateroom.com/learn/glossary/a/alternative-finance
[23] Cambridge Centre for Alternative Finance (2017). Alternative finance. Available at: https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/
[24] Investopedia (2017). Payment. Available at: https://www.investopedia.com/?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186
[25] Investopedia (2018). What is remittance? Available at: https://www.investopedia.com/terms/r/remittance.asp
[26] KPMG (2017). The pulse of FinTech Q1 2017- Global analysis of investment in fintech. Available at: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2017/04/pulse-of-fintech-q1.pdf
[27] Skan, J. Dickerson, J. Masood, S. (2015). The future of Fintech and banking: digitally disrupted or reimagined? ACCENTURE. Available at: https://www.accenture.com/_acnmedia/Accenture/ConversionAssets/DotCom/Documents/Global/PDF/Dualpub_11/Accenture-Future-Fintech-Banking.pdf#zoom=50