FINTECH AS FINANCIAL INNOVATION – CHALLENGES AND IMPLEMENTATION IN THE PANDEMIC PERIOD
FINTECH AS FINANCIAL INNOVATION – CHALLENGES AND IMPLEMENTATION IN THE PANDEMIC PERIOD

Author(s): Carmen Toderascu Sandu, Vlad-Gabriel Nicolăescu
Subject(s): Economy
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: FinTech; InsurTech; financial innovation; financial stability; financial services;
Summary/Abstract: This paper aims to investigate the changes encountered on the financial market related to FinTech technology in the pandemic period that we are all going through. In these conditions, we consider that this technology has more attention compared to the traditional innovation. In our opinion, the implementation of this technology in the pandemic period has to do with the ability to adapt, with the proven potential in economic practice to change financial services. Of course, these changes will produce immediate effects in the market, effects that could affect the financial stability of a country. The insurance industry is significantly influenced by the rise of FinTech, changing consumer behavior and advanced technologies, and also InsurTechs and technology startups stimulate the customer experience through innovations such as risk-free underwriting, on- site procurement, activation and damage processing. Through this article we aim to see what is the impact of FinTech on the economy, especially on the insurance market, and what would be the beneficial measures to counteract the potential negative effects.

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