Development of innovation in the Polish banking sector

• Authors: Zofia Polkowska

Abstracts

EN

The rapidly developing market for new technologies is driving the introduction of innovative solutions in the banking sector. As a public trust sector, they are subject to numerous regulations. Supervisors and central banks are trying to support the development of new technologies in the sector by reducing regulatory uncertainty and support programs aimed at FinTech (Financial Technologies) companies. The purpose of the study is to analyse existing regulations and regulators’ initiatives on new technologies in the banking sector. The author seeks to answer the research question of whether the introduced regulations support or limit the digital transformation of the banking sector in Poland. An important aspect in the sector is customer security, so regulations should focus on protecting the banking customer and ensuring the stability of the sector. They are analysed by regulators so that the relevant regulations enable the introduction of innovative yet safe solutions. The author points out possible synergies resulting from cooperation between banks and FinTech companies. In conclusion, dialogue between banking sector institutions, regulators, central banks and banks leads to the creation of an environment that allows the introduction of innovative solutions while maintaining customer protection and banking sector stability.

Keywords

EN

innovation; banking sector; new technology; regulations; FinTech

• Publisher: Uniwersytet Ekonomiczny w Poznaniu. Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
• Journal: Research Papers in Economics and Finance
• Year: 2024
• Volume: 8
• Issue: 2
• Pages: 24-37

Dates

published

2024

Contributors

author

Zofia Polkowska

• Warsaw School od Economics, Poland

• https://orcid.org/0000000288943139

References

• Arthur, K. N. A. (2017). Financial innovation and its governance: Cases of two major innovations in the financial sector. Financial Innovation, 3, 10. https://doi.org/10.1186/s40854-017-0060-2
• Barroso, M., & Laborda, J. (2022), Digital transformation and the emergence of the Fintech sector: Systematic literature review. Digital Business, 2(2), 100028. https://doi.org/10.1016/j.digbus.2022.100028
• Basdekis, C., Christopoulos, A., Katsampoxakis, I., & Vlachou, A. (2022). FinTech’s rapid growth and its effect on the banking sector. Journal of Banking and Financial Technology, 6, 159–176. https://doi.org/10.1007/s42786-022-00045-w
• Broby, D. (2021). Financial technology and the future of banking. Financial Innovation, 7, 47. https://doi.org/10.1186/s40854-021-00264-y
• Carbó-Valverde, S. (2017). The impact of digitalization on banking and financial stability, Journal of Financial Management, Markets and Institutions, 5(1), 133–140. http://www.rivisteweb.it/doi/10.12831/87063
• European Banking Authority. (2017, August 4). Discussion paper on the EBA’s approach to financial technology (FinTech). European Banking Authority. EBA/DP/2017/02. https://tiny.pl/43n1-3sq
• FinTech Poland. (2023). How to do FinTech in Poland. Report 2023. https://fintechpoland.com/wpcontent/uploads/2023/03/FintechinPoland_2023.pdf
• Folwarski, M. (2020). Sektor FinTech na europejskim rynku usług bankowych. Wyzwania konkurencyjne i regulacyjne. Wydawnictwo Poltext.
• Gębski, Ł. (2021). FinTech i FinReg – nowe wyzwania dla systemu regulacji rynku finansowego w Polsce i na świecie. Studia z Polityki Publicznej, 8(1(29), 141–153. https://doi.org/10.33119/KSzPP/2021.1.8
• Hammad Naeem, M., Subhan, M., Alam, M. S., Al-Faryan, M. A. S., & Yameen, M. (2023). Examining the role of financial innovation on economic growth: Fresh empirical evidence from developing and developed countries. Cogent Economics & Finance, 11(1), 1–20. https://doi.org/10.1080/23322039.2023.2170000
• Jourdan, Z., Corley, J. K., Valentine, R., & Tran, A. M. (2023). Fintech: A content analysis of the finance and information systems literature. Electron Markets, 33, 2. https://doi.org/10.1007/s12525-023-00624-9
• Klein, P. O., & Weill, L. (2022). Bank profitability and economic growth. The Quarterly Review of Economics and Finance, 84, 183–199. https://doi.org/10.1016/j.qref.2022.01.009
• Koleśnik, J. (2017). Piaskownica regulacyjna jako akcelerator innowacyjności w polskim systemie bankowym. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu / Research Papers of Wrocław University of Economics, 475, 90–99. https://doi.org/10.15611/pn.2017.475.08
• Korenik, D. (2017). The positive and the negative innovations in modern banking. Studia Ekonomiczne / Uniwersytet Ekonomiczny w Katowicach. Współczesne Finanse, 346, 7–20.
• Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 60(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
• Lerner, J., & Tufano, P. (2011). The consequences of financial innovation: A counterfactual research agenda. Annual Review of Financial Economics, 3(1), 41–85. https://doi.org/10.1146/annurev.financial.050808.114326
• Leżoń, K. (2019). Otwarta bankowość w świetle wymogów dyrektywy PSD2 – wyzwania i perspektywy rozwoju dla polskiego sektora FinTech, UKNF. https://tiny.pl/d4f1g
• Marcinkowska, M. (2012). Innowacje finansowe w bankach. Acta Universitatis Lodziensis. Folia Oeconomica, 266, 71–96, https://dspace.uni.lodz.pl/xmlui/bitstream/handle/11089/2028/71-96.pdf?sequence=3
• Miklaszewska, E., & Folwarski M. (Eds.). (2020). Bankowość emocjonalna. Cyfrowa transformacja banków a oczekiwania klientów. Poltext.
• NBP. (2020). Innowacje w sektorze banków komercyjnych w Polsce. Raport z badania 2019 r. https://nbp.pl/wp-content/uploads/2022/09/Ankieta_innowacje.pdf
• Nicoletti, B. (2017). The future of FinTech. Integrating finance and technology in financial services. Palgrave Macmillan.
• Nowakowski, M. (2020). FINTECH technologia, finanse, regulacje. Praktyczny przewodnik dla sektora innowacji finansowych. Wolters Kluwer.
• Ostrowski, M. (2019). Rewolucja cyfrowa – wyzwania i szanse dla banków. In A. Kawiński, A. Sieradz (Eds.), Wyzwania informatyki bankowej (pp. 111–120). Centrum Myśli Strategicznych.
• Reich, G. (2021, October 27). The most popular digital-only banks in the world. https://thefinancialbrand.com/news/digital-banking/the-most-popular-digital-only-banks-in-the-world-neobank-fintech-square-revolut-monzo-124264/
• Ślązak, E. (2023). Zarządzanie innowacjami w przedsiębiorstwie. In M. Zaleska (Ed.), Podstawy biznesu: zarządzania i finansów – dla nauczycieli (pp. 234–260). Difin.
• UKNF. (2017). Report on the activities of the Special Task Force for Financial Innovation in Poland (FinTech). https://www.knf.gov.pl/knf/en/komponenty/img/Raport_KNF__ANG_11_2017_60291.pdf
• UKNF. (2021). Raport z prac Zespołu ds. rozwoju innowacji finansowych FinTech. https://www.knf.gov.pl/knf/pl/komponenty/img/Raport_z_prac_Zespolu_ds_rozwoju_innowacji_finansowych_73565.pdf
• Ustawa. (2006). Ustawa z dnia 21 lipca 2006 r. o nadzorze nad rynkiem finansowym (Dz. U. 2006. Nr 157, poz. 1119).
• Zaleska, M. (2018, July 25). Innowacyjna bankowość. Gazeta Bankowa. https://www.gb.pl/innowacyjna-bankowosc-pnews-1401.html
• Zaleska, M., & Kondraciuk, P. (2019). Theory and practice of innovation development anking sector. Financial Sciences, 24(2), 76–88. https://doi.org/10.15611/fins.2019.2.06

Identifiers

DOI

10.18559/ref.2024.2.1065

Biblioteka Nauki

59194137