Financial Technology (FinTech) as a Financial Development Factor in the EU Countries

The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to investigate the link b...

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Bibliographic Details
Published in:Economies 2023-02, Vol.11 (2), p.45
Main Authors: Lavrinenko, Olga, Čižo, Edmunds, Ignatjeva, Svetlana, Danileviča, Alina, Krukowski, Krzysztof
Format: Article
Language:English
Subjects:
Artificial intelligence
Bank technology
Banking
Blockchain
Business models
Crowdfunding
Customer satisfaction
Digital currencies
Economic development
Europe
Evaluation
financial development
Financial literacy
Financial services
financial technology (FinTech)
Generation Z
Innovations
Internet of Things
Islamic financing
Millennials
Mobile commerce
Regulation of financial institutions
Securities markets
Small & medium sized enterprises-SME
Sustainable development
Technological change
Technology Acceptance Model
Transfer of funds
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Summary:The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to investigate the link between financial development and FinTech, as well as affects the values of the results due to a certain averaging of indices across countries. The study examines the Global FinTech Index and the Financial Development Index, which characterize financial development in the EU countries, as well as the sub-indices of the Financial Development Index. The article applies frequency analysis and correlation analysis methods. A positive linear relationship between the Global Fintech Index and the Financial Markets Index sub-index, as well as its components Financial Markets Depth Index and Financial Markets Efficiency Index, has been identified. There is also a positive linear relationship between the Global FinTech Index and the Financial Institutions Depth Index, while a negative linear relationship has been identified between the Global FinTech Index and the Financial Institutions Access Index.
ISSN:2227-7099
2227-7099
DOI:10.3390/economies11020045