Pregledni rad
https://doi.org/10.38190/ope.10.2.3
The impact of fin-tech companies on the digital transformation of banking in the Republic of Croatia
Sanja Bračun
orcid.org/0000-0002-6175-0927
; Tehničko veleučilište u Zagrebu
Krešimir Turkalj
; Sberbank
Sažetak
The digital transformation of the financial sector is making strong progress in the global market. Fin-Tech companies are increasingly competing with, or even completely bypassing the existing financial sector, primarily banks. This trend is evident also in the Republic of Croatia, where new companies and their innovative financial products are increasingly emerging. In order to verify the readiness of Croatian banks to digital transformation and the implementation of new products and services, a qualitative research has been carried out (interviews with ten relevant respondents in the banking and Fin-Tech companies) to check the impact of Fin-Tech companies outside the banking sector on the banking system itself. During the research, particular attention was given to assessing whether banks and Fin-Tech companies on the Croatian market recognized the current needs of their clients, how well they adapted to their needs and whether banks can continue to be leaders in the digital transformation of the Republic of Croatia. As far as customer needs are concerned, a minor part of the respondents believe that the portfolio of banking services will merely be supplemented with new products and services, while most of the respondents believe that in the next 5 years the existing money transfer and card-based banking services will be replaced by completely new business models. Bank representatives note the strong influence of Fin-Tech companies on the global market but believe they still have a minor influence in the Republic of Croatia. They also believe that the banks are generally adapting well to the new situation and will continue to be leaders of digital transformation. They will retain this position primarily because of their size and the amount of capital they have at disposal in the process of building the perception of the safety of their business, which remains extremely important for Croatian clients. Based on research results, recommendations have been made for further activities related to digital transformation, which banks should implement in order to maintain a leading position on the Croatian financial services market.
Ključne riječi
banks; digital transformation; Fin-Tech companies; Blockchain
Hrčak ID:
248124
URI
Datum izdavanja:
17.12.2020.
Posjeta: 2.380 *