Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 2

first rewind previous Page / 1 next fast forward last

Search results

help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

The impact of COVID-19 pandemic on cybersecurity in electronic banking in Poland

100%
Macierzyński W. Ł., Boczoń W.
Central European Review of Economics & Finance
|
2022
|
vol. 39
|
issue 4
39-55
EN
Purpose: The purpose of the article is to present both theoretical and practical basis for cybersecurity in electronic banking in Poland during the COVID-19 pandemic. During this period a major reorganisation of IT solutions occurred, which allowed to extend the range of online products and services offered both to bank customers and employees. As our life is more and more dependent on digital technologies, cyber attacks have become more costly and more dangerous. Driven by dynamic technological development regulations have changed, which resulted in cybersecurity becoming a key priority in financial institutions. All the more so because the rapid technological development has been followed by more and more advanced techniques used by criminals searching for easy financial profits. Methodology: The paper uses the method of literature review - mostly electronic sources,  descriptive and comparative analyses. Findings: From customers, perspective, the impact of COVID-19 pandemic on cybersecurity in electronic banking in Poland may be recognized as negative. The years 2020-2021 brought a dynamic growth in the number of digital banking customers, especially mobile banking. In those years financial institutions recorded  an enormous increase in online payments, which was the result of strong, forced by the pandemic, surge in sales in E-commerce. At the same time, there was a sharp rise in the crime rate targeted at banks, but most of all, at bank customers. While the security of the very financial institutions remained unthreatened, there was an explosion in the number of cybercrimes  targeted at E-banking users, with the losses giving dozens of millions PLN in total. That is reflected by the data provided by the National Bank of Poland, numerous complaints to the Financial Ombudsman, the Office of Competition and Consumer Protection, as well as the police investigations. Practical implications: The analysis of relations between theoretical and practical bases of cybersecurity in E-banking in Poland during the COVID-19 pandemic is a key factor for financial institutions. Cybercrime undermines customers' trust in E-channels and therefore negatively influences how banks are perceived, the level of the users' activity in digital channels, and consequently, activity and sales in E-channels. Besides the image and financial risks, banks need to take into consideration the increase in reputation, operation and legal risks. On these grounds, it is possible for state organisations and financial institutions to develop professional education concerning cybersecurity, not only for E-banking customers, but for the whole society.
2
Publication available in full text mode
Content available

Development of new payment services and the role of the fintech sector during the COVID-19 pandemic

100%
Macierzyński W. Ł., Macierzyński M.
Central European Review of Economics & Finance
|
2023
|
vol. 44
|
issue 3
61-78
EN
Purpose: The purpose of the article is to present both theoretical and practical basis for development of payment services in Poland and in the whole world during the COVID-19 pandemic. Over this time there was a sharp rise in e-commerce along with a fast growth of the number of consumers making online payments. This resulted in changes in adoption of new technologies and payment services. Apart from those which were the consequence of quickening the pace of change in the consumers’ behavior, a crucial role, especially in developing countries, was played by local regulators, who somehow forced financial institutions to create new solutions, which fintech readily made good use of. In numerous countries it fostered radical and groundbreaking quickening of the pace of shifting to electronic payments and creating a new sort of payment services, adjusted to the needs and expectations of younger consumers. Methodology: The paper uses the method of an economic analysis and literature review - mostly electronic sources, descriptive and comparative analyses. Findings: From customers’ perspective, the impact of COVID-19 pandemic on development of new payment services should be acknowledged as positive, or even groundbreaking in some developing countries. Over the years 2020-2021 the number of customers making on-line payments, especially mobile payments, grew rapidly. This was the result of a fast, forced by pandemic, growth in sales in e-commerce. Consequently, it enabled to introduce and widely promote new financial services - based on open banking, and promoting solutions targeted at young consumers, e.g. deferred payments. Even though the pandemic is over, the interest rate rise and the consequences of the war in Ukraine are bound to bring further, dynamic development of such payment services, as well as their popularization on more and more new markets all over the world. Practical implications: The analysis of relations between theoretical and practical bases of widespread adoption of new solutions concerning on-line payments in the world during the COVID-19 pandemic is an important factor in the development of e-commerce market and financial services. The fact that digital forms of payments have become very common brought about the network effect, a situation when the value for the customer depends on the number of users of a particular solution. Due to that, poorer, developing countries could, making use of the solutions based on open banking and the technology provided by fintech, quickly popularize cashless, and electronic payments. Only a few years ago it was estimated that in the countries lacking the standard payment infrastructure it would take decades to reach this level. Also, in developed countries the pandemic contributed to popularization among young consumers of solutions adapted to their preferences, being an alternative to traditional credit cards. Deferred payments are a solution which is commonly used in e-commerce, and their main merits include increasing both conversion rates and average order value. However, it needs to be emphasized that this goes with a less flexible business model of the companies providing such services in high interest rate environment, as well as adverse consequences of broad access to such services. Many countries have observed a growth of customer debt - which effects both credit worthiness and problems to pay off rising debts. This results in imposing formal regulations on deferred payments markets more and more frequently.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.