FinTech industry response to the COVID-19 pandemic

Abstract

In fast paced environment that we are currently living in, the technological advancements around the globe altered the way financial technologies are being used. Digital development affects businesses and individuals altogether. Financial technology has gained great interest in academic research. Therefore, this thesis intends to gather relevant literature, and offer agenda for future research. The pandemic COVID-19 occurrence and spread contributed to the Fintech usage. Digital transformation experienced blooming due to the increased mobile devices usage, as well as the emergence of financial and blockchain technologies, together with artificial intelligence. This study presents the factors and impacts on Fintech industry caused by the pandemic COVID-19 that spread all over the globe. Study aims to show the consequences that pandemic created on various Fintech segments. With intention to examine more in detail the Fintech companies’ response on the pandemic COVID-19 spread, the systematic literature review was chosen as the methodology. Apart from the aforementioned, the aim was to improve the knowledge about financial technologies as well as to analyze the readiness and rapidity of financial technologies to possible crises. Previously defined goals of the study served as the guide through the systematic literature review, which was concluded with the schematic presentation of the study. The study presents the most important segments of financial technologies, their status and response to the pandemic, together with the effects and consequences caused. By using a bibliometric analysis, together with a systematic literature review, this study analyzes a chosen set of scientific papers and articles downloaded from Web of Science database. Based on the aforementioned analyses, seven subheadings, more precisely segments of the financial technologies, were selected for detailed analysis. With the purpose of gaining further insight into the chosen literature, scientific articles were reviewed and presented in the paper, with some agendas for future research.