<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Financial technology innovations (Fintech) are changing the provision of traditional financial services. Although they bring with them various benefits and opportunities, they also have weaknesses and pose potential threats to financial systems. The paper examines the latest developments in the area of Fintech and outlines the potential benefits and associated risks. It highlights the vital role of the monetary authorities in the context of the policies and initiatives required in order to modernize the financial system, including research and the potential issuance of central bank digital currency, while simultaneously fulfilling their core objectives of preserving monetary and financial stability. The authors highlight the importance of artificial intelligence in Fintech development. They create a Fintech SWOT to support and analyse the above. It goes on further to explain the new management concept of “Risk-based thinking” as a way to approach these potential opportunities and threats of Fintech. Finally, the paper looks at cyber risk in the Fintech landscape as the latest and potentially greatest threat springing from these turbulent and uncertain times.</p>
</abstract>

Financial technology innovations (Fintech) are changing the provision of traditional financial services. Although they bring with them various benefits and opportunities, they also have weaknesses and pose potential threats to financial systems. The paper examines the latest developments in the area of Fintech and outlines the potential benefits and associated risks. It highlights the vital role of the monetary authorities in the context of the policies and initiatives required in order to modernize the financial system, including research and the potential issuance of central bank digital currency, while simultaneously fulfilling their core objectives of preserving monetary and financial stability. The authors highlight the importance of artificial intelligence in Fintech development. They create a Fintech SWOT to support and analyse the above. It goes on further to explain the new management concept of “Risk-based thinking” as a way to approach these potential opportunities and threats of Fintech. Finally, the paper looks at cyber risk in the Fintech landscape as the latest and potentially greatest threat springing from these turbulent and uncertain times.

Fintech, Risk-Based Thinking and Cyber Risk

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"Fintech, Risk-Based Thinking and Cyber Risk"}

Financial technology innovations (Fintech) are changing the provision of traditional financial services. Although they bring with them various benefits and...

Fintech, Risk-Based Thinking and Cyber Risk

Online veröffentlicht: 30. Apr. 2022

Seitenbereich: 27 - 53

Eingereicht: 30. März 2021

Akzeptiert: 10. Aug. 2021

DOI: https://doi.org/10.2478/jcbtp-2022-0012

Schlüsselwörter
Financial Technological Innovations (Fintech), Risk Management, “Risk–based thinking”, Cyber risk

© 2022 Milena Vučinić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Fintech, Risk-Based Thinking and Cyber Risk

Online veröffentlicht: 30. Apr. 2022

Seitenbereich: 27 - 53

Eingereicht: 30. März 2021

Akzeptiert: 10. Aug. 2021

DOI: https://doi.org/10.2478/jcbtp-2022-0012

SchlüsselwörterFinancial Technological Innovations (Fintech), Risk Management, “Risk–based thinking”, Cyber risk

© 2022 Milena Vučinić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Schlüsselwörter
Financial Technological Innovations (Fintech), Risk Management, “Risk–based thinking”, Cyber risk