Dissertations / Theses on the topic 'Fintechs'

Mestrado em Economia e Gestão de Ciência, Tecnologia e Inovação
Alterações ambientais, tecnologias e no comportamento dos consumidores propiciaram o surgimento e fortalecimento de dois novos tipos de empresas: as Empresas Plataforma (EP) e as FinTechs. Algumas das FinTechs adotam este modelo, com alguns estudos indicando que elas se beneficiam por isto. Os estudos de internacionalização relacionam a rápida expansão internacional das Empresas Plataforma com aspetos de sua lógica de actuação: terem poucos activos físicos e serem de base tecnológica. Também, indicam que estas empresas sofrem principalmente das Liabilities of Outsidership ao se internacionalizarem e abordam o papel dos efeitos de rede e os vínculos existentes e a importância da construção de ecossistemas nos novos mercados como forma de superá-las. Este trabalho, por meio de uma abordagem qualitativa, analisou dois casos de FinTechs Plataforma brasileiras que, de alguma maneira, passaram pelo processo de internacionalização para entender como as decisões sobre os novos mercados são influenciadas pelos vínculos existentes, como elas constroem os seus ecossistemas nos novos mercados e como o facto de serem baseadas em tecnologia facilita o seu processo de internacionalização. Pôde-se concluir que os vínculos existentes não necessariamente têm influência na escolha dos mercados internacionais, pela expectativa dos efeitos de rede; que a construção dos ecossistemas é vista como importando de forma transversal, mas que cada tipo de empresa tem foco, motivo e ações distintas para fazê-lo; e que serem baseadas em tecnologia facilita a internacionalização das FinTechs, mas de forma condicionada às suas capacidades internas.
Environmental changes, technologies and consumer behavior have led to the emergence of two new types of companies: Platform Companies and FinTechs. Some of FinTechs adopt the platform model, with some studies indicating that they benefit from adopting the Platform Company model. The internationalization studies relate the rapid international expansion of the platform companies with aspects of their activity logic: having few physical assets and being technology-based. They also indicate that these companies suffer mainly from the Liabilities of Outsidership as they internationalize and address the role of the network effects and existing links and the importance of building ecosystems in new markets as a way of overcoming them. This work, through a qualitative approach, did two case studies with Brazilian FinTechs Platforms that somehow internationalized to understand how decisions about new markets are influenced by existing links, how they build the ecosystems in new markets and how being technology-based facilitates their internationalization process. It can be concluded that existing links, although network effects are expected to facilitate the expansion process, do not necessarily influence the choice of international markets; that the construction of ecosystems is perceived as important in a transversal way, but that each type of company has its distinct focus, reasons and actions; and being technology-based facilitates the internationalization of FinTechs, but that it is conditioned by their internal capabilities.
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Innovative technological developments as well as new business practices lead to a digital transformation of financial services. The developments in technology are especially accelerated by nonbanking technology providers. In fact, traditional financial service providers are facing increasing pressure from new competitors, like FinTechs. Banks perceive the disruptive and low-cost solutions of these start-ups as a direct attack on their value chains or their previous business models and fear a loss of market share. But an increasing number of banks displays a change of thinking: Instead of fearing and competing with FinTechs, they integrate them in their strategical considerations. More and more banks decide to cooperate with FinTechs. Access to new technology and keeping up with the customer demands are considered as the most remarkable opportunities of a possible cooperation. The present work analyzes and presents possible cooperation models on the basis of expert interviews with FinTechs, BearingPoint consultants and employees of German banks. The variety of approaches and possibilities of cooperation are formulated for example with the help of the case of LBBW, a universal as well as commercial bank of southern Germany.

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Esse trabalho busca analisar as estratégias de atuação dos maiores bancos brasileiros e americanos com relação às novas empresas (startups), que trabalham com soluções financeiras de tecnologia avançada, as FINTECHS. A partir de 2013 a atuação crescente destas empresas parece preocupar as instituições financeiras. Por fornecerem soluções mais rápidas, facilidade de uso, com tecnologia avançada e praticamente sem restrições para os clientes, as FINTECHS conseguiram rapidamente se desenvolver no mercado, com algumas já ultrapassando o patamar de um bilhão de dólares de valor, as chamadas unicórnio, no jargão de empresas startups. O trabalho pesquisa também, na literatura científica e nos relatórios das empresas de consultoria financeira, as características de trabalho destas empresas, em que modelos de negócios da área financeira estas empresas atuam, que tecnologias usam e como operam no mercado. O resultado mostrado se baseia nos relatórios disponibilizados anualmente pelos bancos aos seus investidores. Nestes bancos verificou-se suas atuações inovadoras, a busca para se tornarem cada vez mais bancos digitais, e principalmente as investidas que estes bancos fizeram no sentido de se aproximarem das empresas chamadas FINTECHS. Verificou-se ainda pelos dados coletados, por exemplo, que as startups no Brasil, são empresas que possuem em média 2,4 anos, o que parece recente para que o crescimento destas em volume de negócios chame a atenção dos bancos. Nos EUA a interação com as FINTECHS realizadas pelos bancos apresentou um número um pouco maior que nos casos brasileiros.
This work seeks to analyze the strategies of the largest Brazilian and American banks in relation to the new companies (startups) that work with advanced technology financial solutions, the FINTECHS. As of 2013 the growing performance of these companies seems to worry the financial institutions. By providing faster solutions, ease of use, advanced technology, and virtually unrestricted customer service, FINTECHS was able to rapidly develop in the marketplace, with some already surpassing $ 1 billion in value, the so-called unicorn, in jargon of startups companies. In the scientific literature and in the reports of financial advisory firms, the work also investigates the working characteristics of these companies, in which financial business models these companies operate, which technologies they use and how they operate in the market. The result is based on reports made available annually by banks to their investors. In these banks, their innovative actions, the search to become more and more digital banks, and especially the investees that these banks made to approach the companies called FINTECHS were verified. It was also verified by the data collected, for example, that startups in Brazil are companies that have an average of 2.4 years, which seems recent so that the growth of these in volume of business catches the attention of the banks. In the US, the interaction with the FINTECHS performed by the banks presented a slightly higher number than in the Brazilian cases.

In the past decade, the financial industry has been criticized to lack a faster digital transformation to provide more efficient services, where FinTech (a neologism generated from the contraction of “(Fin)ancial” and “(Tech)nology”) start-ups or fintechs represent a paradigm shift to reinvent the industry. FinTech is gaining attention in multiple academic disciplines, however, it was found that it has been neglected from the international business discipline to understand the internationalization process of fintechs. Furthermore, as the financial industry is an important cornerstone to foster economic growth and social welfare, particularly in the context of Latin American emerging countries, lack of studies in this context also motivated the development of this thesis. The purpose of this study is to accommodate FinTech in the international business discipline drawing from network theory and born-digital firms’ characteristics, emphasizing on core activities within the digital value chain to analyze the internationalization process and identify the main challenges. A conceptual framework was developed to analyze the internationalization process of Ecuadorian fintechs and the challenges faced. The research has a qualitative approach, employing multiple case studies strategy, where semi-structured interviews with founders and senior managers of four Ecuadorian fintechs were conducted. Empirical findings showed that despite having a high digital value chain and take advantage of internet technologies to internationalize faster, Ecuadorian fintechs followed a gradual regional expansion within Latin American countries and their internationalization process was mostly network-driven. Furthermore, besides the most prominent internationalization challenges such as liabilities of outsidership (LoO) and institutional regulations, additional resource-related internationalization challenges were found such as funding, skilled IT talents and innovation, which raise the importance to emphasize in such challenges for further research.

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As novas tecnologias vêm promovendo mudanças na sociedade e nos negócios, conectando pessoas e dispositivos, e a adoção massiva tem sido a mola propulsora do barateamento do acesso as novas tecnologias. É intuitivo supor que novas abordagens emerjam, abordagens de consumo e utilização pela sociedade dos novos produtos e serviços criados a partir das novas tecnologias, como abordagens estratégicas, de pensar e fazer negócios pelos empreendedores no novo contexto tecnológico. Movimentos neste sentido estão consolidados, como é o caso do varejo online – e-commerce. No Brasil, um movimento emergente, beneficiado por diversos fatores, como o sucesso de iniciativas no exterior, amadurecimento do empreendedorismo e a crise econômica, incentiva a mudança dos negócios no setor financeiro, até então dominado por grandes instituições financeiras tradicionais, e a mudança da forma como a sociedade consome os novos produtos e serviços financeiros, inovações criadas pelas FinTechs (FINTECHLAB, 2017). Este trabalho não tem o propósito de ser conclusivo acerca do tema. Tampouco de ser o mais amplo e profundo enquanto perspectiva teórica. Entende-se que os resultados obtidos nesta pesquisa podem contribuir para o desenvolvimento do setor. Através de abordagem sólida e confiável, serve de subsídio para o desenvolvimento de negócios por empreendedores, organizações exponenciais, grandes instituições financeiras tradicionais e FinTechs, sem que haja dicotomias.

Este trabalho teve como objetivo analisar a forma de atuação das empresas de tecnologia em serviços financeiros – as fintechs – no setor bancário e financeiro brasileiro. O fenômeno das fintechs ocorre em todo mundo e as inovações trazidas por elas vêm transformando o setor bancário e financeiro. A relevância da pesquisa está na atualidade do tema e a importância que o sistema bancário e financeiro possui no sistema econômico atual. Para a realização da pesquisa foi utilizado o método qualitativo exploratório, através de coleta de dados secundários e realização de entrevistas semiestruturas, com a definição de um modelo metodológico baseado nas capacidades quanto a atuação das fintechs no mercado. Foram considerados aspectos gerais sobre as fintechs e dos profissionais entrevistados, e suas capacidades relacionados ao desenvolvimento tecnológico, operação, gestão e transacional. Foram realizadas entrevistas com um roteiro semiestruturado com 11 fintechs de diferentes segmentos e 3 empresas do ecossistema dessas empresas (uma consultoria, uma associação e uma aceleradora). A revisão de literatura apresentou os conceitos de estruturas de mercado, inovação e modelo de negócios. Foram apresentados de forma descritiva informações sobre o setor bancário e financeiro, considerando aspectos de evolução do setor, tecnologias e panorama atual das fintechs A análise e apresentação dos resultados foram realizadas conforme os aspectos referidos no modelo metodológico, considerando os dados coletados durante as entrevistas com as fintechs selecionadas, as empresas do ecossistema e os dados secundários. A análise dos dados permitiu a definição de uma fintech padrão brasileira, modelo este decorrente da análise da forma de atuação das fintechs selecionadas. A atuação das fintechs consiste na utilização de uma elevada base tecnológica, um serviço/produto financeiro altamente escalável focado na experiência do cliente, estruturas operacionais enxutas e direcionadas à área de desenvolvimento, gestão ágil, marketing digital focado em clientes millenials e definição de metas indicadores de desempenho de difícil mensuração. Além disso, a pesquisa identificou tendências do setor perante a evolução e posicionamento das fintechs, das instituições bancárias e financeiras e possíveis novos players do setor.
This study aimed to analyze how the new financial and technologic companies – the fintechs – operate in the brazilian banking sector. The fintech revolution is affecting the banking sector all over the world, including the brazilian sector. Nowadays, the fintechs’ debate is an mandatory subject in banking sector discussions, bringing to us an important topic for research, considering its major relevance of potential changes in the banking sector. The methodological course of this research was designed as an exploratory qualitative study. Data were collected from secondary sources and through interviews with professionals/founders/partners from 11 different fintechs and 3 companies from the fintechs’ ecosystem (a consulting company, a fintechs’ association and a startups’ accelerator) considering aspects of its services, operational, management, marketing and performance The review of the literature contemplated the concepts of market structures, innovation and business models. Further information was presented of the banking sector considering its evolution, innovations, technologies and the emergence of the fintechs in Brazil. The analysis and presentation of the results were organized according the aspects defined in the method model (services, operational, management, marketing and performance) and synthetized in a suggested model of fintech. The results showed that fintechs in Brazil emerge from professionals with banking sector experience and its business models have a high level of technology applied, high growth potential in a short period, focus in customer experience, reduced staff (focused in P&D), fast decision making, focus in the millenials customers and complex definitions of indicators to evaluate performance and define goals. Also, this study identified market tendencies of banking sector.

La question de comment les grandes entreprises établies réagissent à l'arrivée de nouveaux entrants est un problème contemporain auquel font de plus en plus face les managers compte tenu de l'environnement compétitif au sein duquel ils évoluent et qui marqué par la diversité des formes que prennent la competition. Il s’agit également d’une question qui est fréquemment discutée dans la littératureUne compréhension approfondie des mécanismes de réponse déployés par les entreprises établies, de la manière dont ces réponses dépendent de variables spécifiques et analyser pourquoi certaines réponses sont plus efficaces que d'autres est de la plus haute importance. Cette thèse s'interroge sur la manière dont les acteurs impliqués font face à ce type de situation empirique.Pour répondre à cette question, la recherche menée s'est focalisée sur le cas de l'industrie bancaire qui connaît depuis 2010 l'essor de startups appelées Fintech. Ces startups sont de nature diverse et opèrent dans différents segments d'activité traditionnellement exploités par les banques. Nous avons fait le choix de nous concentrer sur deux catégories de Fintechs qui nous permettent de discuter de la dynamique concurrentielle et collaborative entre les banques établies et les startups Fintechs. Tout d'abord, les Fintechs qui s'adressent au segment Banque/Paiement, appelées "challenger banks", qui ont émergé avec l'objectif de créer une expérience bancaire moderne, 100% digitale et de défier les banques traditionnelles. Deuxièmement, les acteurs tiers qui comprennent les agrégateurs de comptes et les initiateurs de paiements qui ont également mis les banques sous tension en créant des inquiétudes quant au risque de désintermédiation des banques dans les relations avec les clients.Le recours à un design de recherche flexible a été une dimension clé de cette recherche, ainsi que la combinaison de deux types d'étude de cas et l'utilisation de différentes approches méthodologiques telles que l'utilisation de narrations et l'utilisation de template méthodologiques et théoriques comme des moyens pour l’investigation du terrain.Nous aboutissons ainsi aux résultats suivants. Premièrement, nous examinons quatre types de réponses stratégiques mises en place par les banques établies pour répondre à l'émergence des Fintechs, à savoir la concurrence, l'imitation, l'intégration des technologies des Fintechs et la création d'un écosystème de Fintech.Deuxièmement, nous examinons l'enchaînement des réponses dans le temps et les véhicules utilisés par les entreprises pour initier leurs réponses stratégiques.Troisièmement, nous examinons l'efficacité de ces réponses et leurs résultats pour les grandes banques.Les contributions de ce travail doctoral se situent à différents niveaux compte tendu du large éventail de contextes étudiés. Au niveau général, nous contribuons à la littérature sur les réponses stratégiques des grandes entreprises et des entreprises établies à des changements concurrentiels et à la dynamique entreprise établie-nouvel entrant en étudiant deux aspects : le moment et la typologie des réponses employées par les grandes entreprises établies et les véhicules à l’origine de ces réponses. Au niveau spécifique, nous contribuons à la littérature sur la coopétition, et plus spécifiquement à la littérature sur la coopétition asymétrique, qui est une littérature émergente en quête de théorisation et de contributions empiriques. Nous contribuons également à la littérature sur le rôle des acteurs tiers et institutionnels dans le développement de la coopétition.Par ailleurs, nous contribuons à la littérature sur les business model en considérant le business model comme un domaine émergent d'application de différentes théories telles que la théorie de l'imitation et de concepts tels que la coopétition
The question of how large and established firms react to the rise of new entrants is a contemporary issue for managers in today’s competitive environment and an issue that is frequently discussed in the literature. Understanding in depth the response mechanisms deployed by established firms, how these responses are contingent upon specific variables and understanding why some responses perform better than others is therefore of the utmost importance. This thesis questions the way involved actors deal with this type of empirical situation.To answer this question, the research carried out focused on the case of the banking industry which has experienced since 2010 the rise of startups referred to as Fintech startups.These startups are diverse in nature and operate in different business segments traditionally operated by banks. We chose to focus on two categories of Fintechs that allow us to discuss the competitive as well as the collaborative dynamic between established banks and rising Fintech startups. First, Fintechs addressing the Banking/Payment segment referred to as challenger banks which emerged with the goal of creating a modern, 100% digital banking experience and challenging traditional banks. Second, third party providers that include account aggregators and payment initiators which also put banks under pressure by raising concerns about a risk of disintermediation of banks in the relationships with clients.The reliance on a flexible research design was a key dimension in this research along withthe combination of two types of case study designs and the use of different approaches such as the use of narratives and the use of methodological and theoretical templates as a form of inquiry of the field.The longitudinal investigation of the field has allowed us to achieve the following results. First, we discuss four types of strategic responses put in place by established banks to respond to the emergence of Fintech startups namely coopetition, imitation, the integration of fintech technologies and the creation of a Fintech ecosystem.Second, we discuss the sequencing of the responses over time and the vehicles that are used by firms to respond.Third, we discuss the efficiency of these responses and their outcomes for large banks.The contributions of this doctoral work are multi-faceted, given the wide range of settings investigated. On the general level, we contribute to the literature on strategic responses of large and established firms to market change and to the incumbent-new entrant dynamic by investigating two aspects ; the time and typology of responses employed by large and established firms and the initiators of these responses. On the specific level, we contribute to the literature on coopetition, and more specifically to the literature on asymmetrical coopetition, which is an emerging literature in search of theorization and empirical contributions. We also contribute to the literature on the role of third-party and institutional players in the development of coopetition.We also contribute to the literature on business models by taking the business model as an emerging domain of application of different theories such as the theory of imitation and concepts such as coopetition

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UNISINOS - Universidade do Vale do Rio dos Sinos
O mercado de serviços financeiros vem sofrendo mudanças com o surgimento das novas empresas enxutas (startups). O modelo de atuação e inovação dessas empresas traz, para os dias de hoje, novidades tecnológicas e formas diferentes de se relacionar com os clientes. O ecossistema financeiro brasileiro está passando por um novo paradigma, no qual a tecnologia da informação está impulsionando a inovação do setor. Com isso, o fenômeno Fintech vem ganhando força dentro do mercado. Por outro lado, existe um fenômeno chamado Cooperativas de Crédito, que são líderes na retenção de clientes. O modelo de negócio das cooperativas vai muito além de uma simples transação bancária. Para a sociedade, ele se caracteriza por um processo de acesso a serviços financeiros, assumindo os riscos correspondentes e gerando benefícios para a comunidade local. A presente pesquisa tem, como pano de fundo, esses dois fenômenos. A pesquisa foi realizada por meio do método científico Grounded Theory e buscou descobrir os fatores de cooperação entre Cooperativas de Crédito e Fintechs. A construção da teoria fundamentada propôs um framework teórico para Coopetição de Cooperativas de Crédito e Fintechs, a partir das cooperativas. Os resultados dos fatores de cooperação apresentados emergiram por meio da Grounded Theory, pelos diagnósticos da fundamentação teórica e os referenciais vindos do campo empírico. A principal contribuição foi afirmar que é possível fazer Coopetição entre os dois fenômenos.
The financial services market has undergone changes with the emergence of the new lean companies (startups). The operating and innovation models of these companies brings, to this day, technological innovations and different ways of relating to customers. The Brazilian financial ecosystem is undergoing a new paradigm, in which information technology is driving innovation in the sector. Thereby, the Fintech phenomenon has been gaining strength within the market. On the other hand, there is a phenomenon called Credit Unions, which are leaders in customer retention. The business model of cooperatives goes far beyond a simple banking transaction. To the society, it is characterized by a process of access to financial services, assuming the corresponding risks and generating benefits for the local community. The present research has, as a background, these two phenomena. The research was carried out using the Grounded Theory scientific method and sought to discover the cooperation factors between Credit Unions and Fintechs. The construction of the grounded theory proposed a theoretical framework, by the credit union point of view. The results of the cooperation factors presented in the theoretical framework emerged through the Grounded Theory, by the diagnoses of the theoretical foundation and the references from the empirical field. The main contribution was to assert that it is possible to make Coopetition between the two phenomena.

Mestrado em Gestão de Sistemas de Informação
As mudanças regulamentares, o desenvolvimento tecnológico e a mudança no comportamento dos consumidores estão a alterar a indústria de serviços financeiros. Com a implementação da Diretiva de Serviços de Pagamentos Revista – DSP2, é esperada uma disrupção na indústria, corrigindo o mercado europeu pouco competitivo e a falta de inovação existente. Esta regulamentação procura oferecer aos consumidores uma maior e melhor gama de produtos adequados às suas expetativas, promovendo igualmente a abertura do mercado a novos prestadores de serviços – os terceiros prestadores. Neste sentido, a presente dissertação centra-se em avaliar o impacto da DSP2 no mercado português. A investigação é conduzida com um estudo de caso, considerando três níveis de análise: Consumidor, Bancos e Fintechs.As principais descobertas desta investigação concluem que a implementação da DSP2 é uma oportunidade para o desenvolvimento positivo dos bancos e Fintechs. Ao nível da banca tradicional, é destacada a possibilidade de se utilizar a informação recolhida do cliente de modo a desenvolver novas soluções inovadoras e oestabelecimento de parcerias com outras entidades. Contudo, a implementação da DSP2 na banca está ainda numa fase inicial. Embora as Fintechs possam trazer benefícios aomercado, foi possível concluir que o setor bancário é ainda muito resistente a colaborar com as mesmas. Ao nível dos consumidores o presente estudo identifica um fraco conhecimento da DSP2 e dos seus serviços associados. Das entidades inquiridas os consumidores demonstram uma maior recetividade a serviços de informação de contas e de iniciação de pagamentos proporcionados pelos bancos.
Regulatory changes, technological development and changing consumer behaviour are changing the financial services industry.With the implementation of the Payment Services Directive - PSD2, a disruption in the banking industry is expected, which will correct the uncompetitive European market and the lack of existing innovation. PSD2 seeks to offer consumers a broader and better range of products suited to their expectations, while also promoting the opening of the market to new service providers - third party providers.This dissertation focuses on assessing the impact of PSD2 on the Portuguese market. The investigation is conducted with a case study, considering three levels of analysis: Consumer, Banks and Fintechs.The main finding of this research is that the implementation of PSD2 is a very relevant opportunity for banks and Fintechs. At the level of traditional banking, the possibility of using the information collected from the clients in order to develop new innovative solutions, as well as the establishment of partnerships with other entities, is highlighted by the interviewees. However, the implementation of PSD2 in banking is still at an early stage. Although Fintech can bring several benefits to the market, was possible to conclude that the banking industry is still very resistant to collaborate with Fintechs. At the consumer level, the present study identifies a weak knowledge of PSD2 and its related services. From the surveyed entities, consumers are the ones most receptive to account information and payment initiation services provided by banks.
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Este trabalho tem como objetivo entender as principais tendências e qual o novo papel das estruturas operacionais (backoffice) das instituições financeiras com a chegada das fintechs. De natureza qualitativa, a pesquisa aqui apresentada é exploratória quanto aos fins, tratando-se de pesquisa bibliográfica quanto aos meios de investigação. A técnica adotada para análise dos dados foi a de análise de conteúdo dos materiais pesquisados e ao final a pesquisa foi complementada com painel de experts visando dar maior acurácia aos resultados alcançados. Uma das principais constatações da busca por tendências para o setor é a de que bancos e cooperativas de crédito precisam transformar a si mesmos por suas próprias ações e inovações antes que sejam forçadamente afetados pelas inovações dos outros. Os resultados da pesquisa demonstram as principais diferenças entre fintechs e instituições financeiras tradicionais, com destaque para custo por transação, desintermediação e estruturas de backoffice. São abordados os riscos que as fintechs representam para bancos e cooperativas de crédito com destaque para a necessidade de estabelecimento de parcerias como melhor caminho para ambos. Tanto a análise de literatura, quanto às opiniões dos experts apontam para a continuidade das estruturas de Centros de Serviços Compartilhados, porém com profundas transformações. Para suportar estas transformações a cultura das empresas, de seus colaboradores e gestores precisa mudar, para isso são exigidas novas competências alinhadas a transformação digital em curso. As principais contribuições desse trabalho são a entrega para o meio acadêmico de estudo que relaciona fintechs com CSC e suas tendências, enquanto para o meio profissional o trabalho entrega importantes tendências a serem observadas na condução das empresas e áreas. São aspectos ligados às competências individuais e de gestão, adoção de novas tecnologias e a clareza de saber quais são os serviços que tendem a deixar de existir ou mudar com maior profundidade.
This paper aims to understand the main trends and the new role of financial institutions backoffice with the arrival of fintechs. Of qualitative nature, the research presented here is exploratory in terms of the ends, being a bibliographical research as to the means of investigation. The technique used to analyze the data was to analyze the content of the researched materials and at the end the research was complemented with a panel of experts aiming to give greater accuracy to the results achieved. One of the key findings of the industry trend is that banks and credit unions need to transform themselves by their own actions and innovations before they are forcibly affected by the innovations of others. The results of the research demonstrate the main differences between Fintech and traditional financial institutions, especially cost per transaction, disintermediation and backoffice. Are highlighted the risks that fintechs represent for banks and credit unions, highlighting the need to establish partnerships as the best way for both. Both the literature review and the experts' opinions point to the continuity of CSC structures, but with profound transformations. To support these transformations the culture of companies, their employees and managers needs to change, for these new skills are required aligned to the ongoing digital transformation. The main contributions of this work are the delivery to the academic environment of study that relates fintechs with CSC and its tendencies, while for the professional medium the work delivers important tendencies to be observed in the conduction of the companies and areas. These are aspects related to individual and management skills, the adoption of new technologies and the clarity of knowing which services tend to cease to exist or change in greater depth.

Mestrado em Finanças
Digitalization is one of the most interesting and important topics nowadays in the banking industry. The objective of this internship report is to understand the importance of the Challenges for the banking sector and see the start of the digitalization on the example of the Commerzbank AG. This internship report starts with the description of activities developed during the internship at Commerzbank AG Branch Luxembourg. Going over to a Literature Review which deals with Regulation of the banking sector, current banking business models and further Challenges in the Banking industry. Most interesting in the current Challenges for the banking industry are covered by investing the topics of FinTechs & digital revolution, low interest rate environment & banks profitability and the Overcapacity in the banking sector. Next, applying the topics from the Literature review on Commerzbank AG, by explaining what is the solution and strategy for the current challenges. Finally, an outlook for Commerzbank AG and personal impression from the internship will be narrated.
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O presente estudo visa responder à pergunta de pesquisa: 'Como ocorre o processo de implantação de uma plataforma digital de pagamentos, desenvolvida por uma fintech, que visa promover a inclusão financeira?'. Para isso, foi analisado o caso do CUFA Card, plataforma digital de pagamentos implantada na favela Parque União, parte do Complexo da Maré no Rio de Janeiro, e na comunidade de Heliópolis, em São Paulo. Compõem o presente trabalho uma revisão de literatura, que nos permite compreender como as fintechs podem ser uma oportunidade para se promover a inclusão financeira; e um estudo de caso, onde foram realizadas entrevistas com os grupos sociais envolvidos na criação ou implantação dessa plataforma, as quais foram transcritas, codificadas e analisadas utilizando o software Atlas TI©. Como principal contribuição, temos a análise de como ocorre a implantação de uma plataforma digital de pagamentos, que visa promover a inclusão financeira a luz da implantação do CUFA Card, bem como com a descrição de como ocorreu a articulação entre diferentes grupos sociais para viabilização do projeto e explicitação do conteúdo resultante da implantação dessa tecnologia, a qual é derivada da parceria entre a fintech Conta Um e a organização FHolding/CUFA. Para isso utilizou-se do multilevel framework de Pozzebon, Diniz e Jayo (2009), uma teoria nativa do campo de sistemas da informação, que possibilitou um melhor entendimento sobre o caso estudado, ao analisar, concomitantemente, aspectos tecnológicos e sociais da implantação dessa da plataforma em um dado contexto onde essa está sendo inserida. O estudo contribui também com a geração de insights para pesquisas futuras e para a prática, ao estudar a relação entre fintechs e inclusão financeira, um tema ainda incipiente na literatura, e ao analisar o processo de implantação da plataforma de pagamento, destacando questões cruciais desse processo.
The present study aims to answer the research question: 'How does the process of implementing a digital payments platform, developed by a fintech, that aims to pro-mote financial inclusion occurs?'. For that, was analyzed the case of CUFA Card, a digital payment platform implemented in the Parque União favela, part of the Com-plexo da Maré in Rio de Janeiro, and in the community of Heliópolis, in São Paulo. The present work compiles a literature review, which allows us to understand how fintechs can be an opportunity to promote financial inclusion; and a case study where interviews were conducted with the social groups involved in the creation or imple-mentation of this platform, that were transcribed, coded and analyzed using Atlas TI © software. As a main contribution, we have the analysis on how this process occurs in the light of the CUFA Card implementation, as well as describing how the articulation between different social groups occurred to project feasibility and explicit content resulting from the implementation of this technology, which is derived from the partnership between the fintech Conta Um and the FHolding /CUFA organization. The work also brings as contributions the articulation of the multilevel framework, by Pozzebon, Diniz and Jayo (2009) and which is native to the information systems field, that made possible a better understanding of the case studied, while simultaneously analyzing technological and social aspects of the implementation of this platform in a given context where it is being inserted. It also contributes to the generation of in-sights for future research and practice, studying the relationship between fintechs and financial inclusion, a still incipient topic in the literature, and analysing the implementation process of a payment platform, highlighting what is the crucial issues in this process.

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This master dissertation aimed to understand the rise of the fintechs in the banking industry under an academic basis with a special focus on the Spanish market. The intention was to discuss if fintechs play a disruptive force or if they are driving the industry evolution. Even though the linkage of fintechs and the banking industry has a long history, dating back to 1886, they emerged strongly since the financial crisis of 2008. After this turning point, many start-ups pop up, launching value propositions that combined technology and innovation (Arner, Barberis & Buckley, 2015). In this sense, to address the problem in hand, five theories were applied to assist in the understanding of the current situation of the banking sector. The objective was to find an academic explanation for the phenomenon of fintechs and their impact on the industry. Each one of these theories generated a proposition assessed by an exploratory qualitative research carried out for the purpose of this master dissertation. Therefore, primary and secondary data were collected. The primary data was gathered blending distinct research methods such as personal interview, semi-structured interviews and online survey and questionnaire. Hence, a triangulation process was adopted in order to obtain multiple insights from the stakeholders involved: customers, fintechs and banking professionals. According to the definition of disruption provided by the theory of disruptive innovation (Christensen) and the concept of evolution provided by the literature of industry evolution (Klepper), the findings suggest that fintechs are not disruptors. They seem to be driving the evolution of the banking industry, institutionalizing new manners of doing business, due to their combination of two powerful forces capable of altering the dynamics of an industry and regenerate their lifecycles: innovation and technology.
Esta dissertação de mestrado tinha como proposito entender a emergência das fintechs no setor bancário, principalmente no mercado espanhol, com base em fundamentos acadêmicos. A intenção era discutir se as fintechs promovem a disrupção ou a evolução da indústria. Embora a ligação entre as fintechs e o setor bancário tenha uma longa história, desde 1886, as fintechs emergiram fortemente desde a crise financeira de 2008. Essa data marca um momento de virada em que muitas start-ups surgiram, introduzindo propostas de valor que combinam tecnologia e inovação (Arner, Barberis & Buckley, 2015). Nesse sentido, para abordar o problema em questão, cinco teorias foram aplicadas para auxiliar na compreensão da situação atual do setor bancário. O objetivo foi encontrar uma explicação acadêmica para o fenômeno ´fintech´ e seu impacto na indústria. Cada uma dessas teorias gerou uma proposição avaliada por uma pesquisa qualitativa exploratória realizada para fins desta dissertação. Dados primários e secundários foram utilizados. Os dados primários foram coletados combinando distintos métodos de pesquisa, tais como entrevistas pessoais, entrevistas semi-estruturadas e pesquisa on-line e questionário. Assim, foi adotado um processo de triangulação para obter múltiplas percepções dos stakeholders envolvidos: clientes, fintechs e profissionais bancários. Conforme definição de disrupção fornecida pela teoria de inovação disruptiva (Christensen) e o conceito de evolução fornecido pela literatura de evolução da indústria (Klepper), os resultados sugerem que as fintechs não são disruptoras. Elas parecem estar conduzindo a evolução do setor bancário, institucionalizando novas maneiras de fazer negócios, devido à combinação de duas poderosas forças capazes de alterar a dinâmica de uma indústria e regenerar seus ciclos de vida: inovação e tecnologia.

Mestrado Bolonha em Economia e Gestão de Ciência, Tecnologia e Inovação
O mundo está acompanhando uma transformação do setor financeiro, pois o serviço burocrático da banca tradicional agora pode ser feito com facilidade e agilidade do próprio telemóvel em sua grande parte. As Fintechs têm uma participação em evidência nessa transformação e revolução no setor financeiro digital, embora ainda se tem poucos estudos concretos sobre o tema, talvez pela complexidade e dimensão que o setor financeiro ocupa na esfera digital. Neste contexto, acompanhamos o mundo a fazer confinamento em suas casas, devido a crise sanitária mundial, causada pelo COVID-19 que teve início no fim do ano de 2019. Devido ao confinamento o mundo desacelerou, incluindo suas relações sociais, económicas e gerais. Neste período o que se pode notar, foi que as relações humanas continuaram principalmente através do mundo digital, embora seja muito recente para se verificar as reais consequências e proporções que a pandemia causou. Com o intuito de ajudar a suprimir esta necessidade de descobrir os caminhos adotados pelo setor financeiro durante o período desta crise sanitária, este estudo pretende compreender em quatro aspetos como as empresas do setor financeiro digital atuaram. Primeiro, define as plataformas digitais, onde acontecem as interações de todos os agentes do universo digital, a fim de identificar o ecossistema financeiro digital. Segundo, define as FinTechs e o espaço no qual estão a se destacar neste ecossistema. Terceiro, analisa o potencial crescimento do mercado digital no período de pandemia, buscando identificar possíveis relações com o crescimento financeiro digital e por fim, compreender através da análise de casos práticos, como algumas instituições que fazemparte do ecossistema financeiro digital, atuaram para dar continuidade as transações financeiras em escala digital no período pandémico. A presente investigação foi desenvolvida tendo por base uma metodologia qualitativa, baseado em três entrevistas semiestruturadas com empresas que pertencem ao ecossistema financeiro digital de Portugal. A evidência empírica demonstrou que o mercado financeiro digital se expandiu durante o período de pandemia e que as Startups FinTechs tiveram um papel fundamental no processo da transformação do setor financeiro digital, aprimorando e adaptando as tecnologias utilizadas.
The world is following a transformation of the financial sector, because the bureaucratic service of traditional banking can now be done with ease and agility from the smartphone itself, for the most part. Fintechs have an evident participation in this transformation and revolution in the digital financial sector, although there are still few concrete studies on the subject, perhaps due to the complexity and dimension that the financial sector occupies in the digital sphere. In this context, we accompany the world in confinement in their homes, due to the global health crisis, caused by COVID-19 that began at the end of 2019. Due to confinement the world has slowed down, including its social, economic and general relations. In this period, it can be seen that the human relationships continued mainly through the digital world, although it is too recent to verify the real consequences and proportions the pandemic caused. In order to help suppress this need to discover the paths adopted by the financial sector during the period of this health crisis, this study aims to understand in four aspects how companies in the digital financial sector operated. First, it defines the digital platforms, where the interactions of all the agents of the digital universe take place, in order to identify the digital financial ecosystem. Second, it defines FinTechs and the space in which they are excelling in this ecosystem. Third, it analyzes the potential growth of the digital market during the pandemic period, seeking to identify possible relationships with digital financial growth and, finally, to understand through the analysis of practical cases, how some institutions that are part of the digital financial ecosystem acted to continue financial transactions on a digital scale in the pandemic period. The present investigation was developed based on a qualitative methodology, based on three semi-structured interviews with companies that belong to Portugal's digital financial ecosystem. Empirical evidence has shown that the digital financial market expanded during the pandemic period and that FinTech Startups played a key role in th process of transforming the digital financial sector, improving and adapting the technologies used.
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La banque de financement et d’investissement (BFI) est une structure qui existe depuis de longs siècles. Son importance dans une économie est un facteur avéré. Son domaine de prédilection, qu’est le domaine des services financiers, évoque la relation étroite que cette structure entretient avec les marchés financiers. Son rôle sur ces marchés paraît avoir une importance accrue, qui se mesure dès lors qu’une telle structure connaît une défaillance. Un tel scénario ne serait pas sans conséquences sur le bon fonctionnement des marchés financiers. D’ailleurs, la dernière crise financière de 2009 que le monde a traversée, témoigne de la fragilité de ce lien existant entre les BFI et les marchés financiers. Ainsi, pour pallier aux failles présentées par le système, et pour limiter le danger que ces structures pouvaient occasionner au système financier, régulateur et législateur tentent de prendre les choses en main. Ainsi, face à la pression de la peur de l’effondrement des systèmes financiers internationaux, il a paru nécessaire aux législateurs d’encadrer les BFI aussi bien au niveau structurel (ce qui n’est pas étrange, l’histoire en témoigne !) que fonctionnel. Un droit spécial est venu se greffer au droit commun, applicable à la BFI, et n’a cessé de s’atrophier. De plus, l’évolution technologique qui a touché les activités de la BFI, a remis en cause encore une fois, l’activité de cette structure à l’épreuve en raison des conséquences que ces activités sont susceptibles d’occasionner quant à l’intégrité des marchés financiers. C’est ainsi que la BFI, structure spécifique quant à sa nature, est aujourd’hui non seulement à l’épreuve de sa structure, mais aussi de son activité
Investment banks do play an important economic role. These firms are directly linked to financial markets, which makes their role particularly strategic regarding the financial stability. That’s why they also seem dangerous when they know financial losses. The last financial crisis of 2009, showed us how the misuse of activities of investment banks, could affect a whole system.In order to protect financial systems and promote financial stability, it seemed inevitable to control activities of investment banks. That’s why, many laws emerged, on an international scale, trying to induce changes in this sector. The purpose of these laws was to reach for a better protection of financial systems, by applying limits to the activities of investment banks and also separate it from commercial banks (in most countries) in order to protect them and also protect the consumers. The main problem with its activities, is on one hand related to the proprietary trading, which is highly lucrative but also highly risked and on the other hand, related to the evolution of technology that has affected the main activities of these firms, bringing new sources of risks to the financial markets. That’s the reason why we could say that investment banks do face today two major problems related to their activities and to the configuration of their structure, and that the upcoming years might induce big changes in the life of these firms

En un mundo de pleno avance tecnológico, han surgido numerosas herramientas e innovaciones para ayudar a la sociedad y sus problemas. Para solucionar uno de éstos, surgen las fintech, ofreciendo servicios financieros usando plataformas tecnológicas. En el siguiente trabajo investigamos el impacto y los desafíos de las fintech en Argentina en la actualidad. El mismo fue desarrollado a partir de fuentes secundarias de información y datos relevados de primera mano mediante encuestas, basado en un enfoque mixto combinando la investigación del tipo cuantitativo y cualitativo. En primer lugar procedimos a una conceptualización e investigación sobre las principales líneas de actividad y el origen de estas financieras; luego en el desarrollo del trabajo abordamos los siguientes tópicos: la relación entre las fintech y el sistema bancario tradicional, el régimen normativo aplicable, las oportunidades y desafíos a los que se enfrentan en su accionar habitual y datos estadísticos respecto a la utilización de las mismas. A partir del estudio realizado arribamos a las siguientes conclusiones: Respecto al objetivo específico de evaluar la relación entre las Fintech y el sistema bancario tradicional, consideramos que no se deben tratar como dos rivales, sino más bien como aliados, complementándose contra la amenaza que representan para ambos las Big Tech. En cuanto al régimen normativo aplicable, actualmente no existe una ley específica que regule de forma directa las Fintech en nuestro país, esto no implica que no hayan normas que resulten relevantes para la actividad desarrollada por éstas ya que existen diversas regulaciones que les son directa e indirectamente aplicables, enunciadas en el desarrollo del presente trabajo. Por último, acerca de la utilización de las Fintech, podemos concluir que la misma se reduce al servicio de “billeteras digitales", siendo escasamente utilizados el resto de las prestaciones que ofrecen estas empresas.
Fil: Cicconi Cimino, Martina. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.
Fil: Galván, Ivana María. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.
Fil: Liwsky, Maia Shiel. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.
Fil: Yerfino, María Agustina. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.

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In recent years, the advancement of financial technologies, 'Fintechs', has profoundly modified the way of doing business in several countries. A good example of this is the crowdfunding market, which has benefited from the 'wisdom of the crowds' to enable individuals and small businesses to raise funds necessary for the development of their business. Barriers access to finance, especially collections of consolidated financial information and business-related collateral, have limited the use of financial resources to a broad range of ventures. As a result, crowdfunding has attracted the attention of a large part of the finance and entrepreneurship communities, which point to a vast economic, financial and innovative potential for this modality of financing. However, some studies have reported that crowdfunding may be sensitive to information asymmetry, similar to what occurs with traditional funding channels. Therefore, this research intends to investigate the process of capital allocation in the crowdfunding market, based on approaches that can provide information capable of smoothing the informational friction in the collective funding process. The first approach is the use of semantic analysis of mass media news, which can be applied on the behavior of investors and thus reveal information that serves as a parameter for choosing the best timing for the investment decision and for strategies reduction of business exposure to factors external to the financing process. The second approach consists of the geography of investments, that is, the observation of the geographical characteristics of the origins of the contributions made in the enterprises. Thus, economic and demographic information can be used to select the location of the projects, as well as the geographical orientation of the financing campaign. To fulfill the objective of this research, four trials were developed. The first essay points out a current research agenda around crowdfunding and presents theoretical and empirical discussions on this topic. The second essay identifies the determinants of the success of funding for reward crowdfunding projects, through consideration of headquarters and project attributes. Based on more than 4,200 projects from 417 Brazilian cities, the main results obtained through logit regression and survival analysis suggest that art projects, those that intend larger sums of resources, and those that offer a greater number of rewards are, probably, less successful. On the other hand, projects accounting for more support and those developed in regions with a higher concentration of per capita household income tend to be more successful in their financing campaigns. The third essay investigates the effect of the geographical characteristics of the origin of the contributions and the textual sentiment of the news about the capture of reward crowdfunding. Based on more than 350,000 contribution operations, allocated in more than 2,600 crowdfunding projects, based in 390 Brazilian cities, the research findings indicate that the operational attributes of the projects may lead to increases in the value of the contributions. With respect to geography, the distance between entrepreneur / investor can reduce the tendency of the investor to deposit larger amounts in the ventures. However, the concentration of household income per capita has shown that regions with higher income stocks can contribute more to collective initiatives. Both pessimistic and optimistic news could influence the behavior of contributions in ventures. That is, through a pessimistic scenario, investors tend to deposit smaller amounts in the ventures. On the other hand, in optimistic scenarios, they are inclined to make bigger investments. Finally, the fourth essay analyzes the value of equity investments in equity crowdfunding ventures, through semantic analysis of the media and the geography of financial contributions. Based on 736 investments made in 22 equity crowdfunding ventures located in nine Brazilian cities, the results of the study indicate that the attributes of the ventures may impact the value of the capital allocation. As far as investor behavior on the news is concerned, it is noted that mass news releases with a greater number of positive words can encourage investors to apply larger financial amounts in the ventures. In contrast, the geographical distance between entrepreneur-investor may negatively affect the value of these investments. It is hoped that the empirical results presented here can provide theoretical contributions and managerial implications for academia, professionals, platform managers and public policymakers.
Nos últimos anos, o avanço das tecnologias financeiras, 'Fintechs', tem modificado profundamente o modo de fazer negócios em diversos países. Um bom exemplo disso é o mercado de crowdfunding, o qual tem se beneficiado da ‘sabedoria das multidões’ para permitir que indivíduos e pequenas empresas consigam captar financiamentos necessários para o desenvolvimento de seu negócio. As barreiras de acesso ao financiamento, especialmente as cobranças de informações financeiras consolidadas e de garantias vinculadas aos negócios, têm limitado a utilização de recursos financeiros para um amplo conjunto de empreendimentos. Dessa forma, o crowdfunding, por conseguir flexibilizar exigências excessivas para concessão do crédito, tem despertado a atenção de boa parte das comunidades de finanças e empreendedorismo, as quais apontam um vasto potencial econômico, financeiro e inovador para essa modalidade de financiamento. Entretanto, alguns estudos têm relatado que o crowdfunding pode ser sensível à assimetria de informações, de modo análogo ao que ocorre com os canais tradicionais de financiamento. Assim sendo, esta pesquisa pretende investigar o processo de alocação de capital no mercado de crowdfunding, a partir de abordagens que possam fornecer informações capazes de suavizar o atrito informacional no processo de funding coletivo. A primeira abordagem é a utilização da análise semântica de notícias de mídia de massa, a qual pode ser aplicada sobre o comportamento dos investidores e, assim, revelar informações que sirvam de parâmetro para a escolha do melhor timing para a decisão de investimento e para estratégias de redução de exposição do negócio a fatores externos ao processo de financiamento. A segunda abordagem consiste na geografia dos investimentos, ou seja, na observação das características geográficas das origens das contribuições realizadas nos empreendimentos. Assim, informações econômicas e demográficas poderão servir para a escolha da localização dos empreendimentos, bem como para a orientação geográfica da campanha de financiamento. Para cumprimento do objetivo desta pesquisa, foram desenvolvidos quatro ensaios. O primeiro ensaio aponta uma agenda de pesquisa atual ao redor do crowdfunding e apresenta discussões teóricas e empíricas sobre essa temática. O segundo ensaio identifica os determinantes do sucesso da captação de financiamento para projetos de reward crowdfunding, mediante a consideração da sede e de atributos dos projetos. Com base em mais de 4.200 projetos, oriundos de 417 cidades brasileiras, os principais resultados obtidos via regressão logit e survival analysis sugerem que projetos de arte, aqueles que intencionam maiores somas de recursos, e os que oferecem um maior número de recompensas, são, provavelmente, menos exitosos. Por outro lado, os projetos que contabilizam um maior número de apoios e aqueles desenvolvidos em regiões com maior concentração de renda per capita domiciliar tendem a obter sucesso mais rapidamente em suas campanhas de financiamento. O terceiro ensaio investiga o efeito das características geográficas da origem das contribuições e do sentimento textual das notícias sobre a captação de reward crowdfunding. Baseando-se em mais de 350 mil operações de contribuição, alocadas em mais de 2,6 mil projetos de crowdfunding, sediados em 390 cidades brasileiras, os achados da pesquisa indicam que os atributos operacionais dos projetos podem provocar acréscimos no valor das contribuições. Com relação à geografia, a distância entre empreendedor-investidor pode reduzir a propensão do investidor em depositar maiores quantias nos empreendimentos. Contudo, a concentração de renda domiciliar per capita revelou que regiões com maiores estoques de renda podem contribuir mais com as iniciativas coletivas. Tanto as notícias pessimistas quanto as otimistas foram capazes de influenciar o comportamento das contribuições nos empreendimentos. Isto é, mediante cenário pessimista, os investidores tendem a depositar menores quantias nos empreendimentos. Em contrapartida, em cenários otimistas, eles se inclinam a efetuar maiores investimentos. Por último, o quarto ensaio analisa o valor dos investimentos alocados em empreendimentos de equity crowdfunding, por meio de análise semântica da mídia e da geografia dos aportes financeiros. Com base em 736 investimentos realizados sobre 22 empreendimentos de equity crowdfunding, localizados em nove cidades brasileiras, os resultados do estudo apontam que os atributos dos empreendimentos podem impactar no valor da alocação de capital. No que diz respeito ao comportamento do investidor frente às notícias, nota-se que notícias de massa divulgadas com uma maior quantidade de palavras positivas podem incentivar os investidores a aplicarem maiores quantias financeiras nos empreendimentos. Em contraste, a distância geográfica entre empreendedor-investidor pode atuar negativamente sobre o valor desses investimentos. Espera-se que os resultados empíricos aqui apresentados possam fornecer contribuições teóricas e implicações gerenciais para a academia, profissionais, gestores das plataformas e formadores de políticas públicas.

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O presente trabalho pretende investigar os diferentes modelos de regulação financeira, com foco no modelo de regulação por objetivos ou “twin peaks”, no contexto das recentes transformações na estrutura do mercado financeiro global, notadamente no que tange (i) ao surgimento de novos produtos e serviços que não são facilmente enquadrados em um segmento específico do mercado financeiro, podendo envolver concomitantemente funções típicas dos mercados bancário, de capitais e de seguros; e (ii) às mudanças nas características dos principais participantes que atuam nesse mercado, dentre as quais pode se destacar (ii.1) a unificação de organizações financeiras que atuavam em diferentes setores do mercado financeiro – bancos de investimento, bancos comerciais, corretoras, seguradoras etc. – resultando na formação de conglomerados financeiros; (ii.2) o ingresso de empresas de tecnologia que competem e fornecem serviços financeiros de modo inovador, desafiando os participantes clássicos deste mercado. As mudanças supracitadas são significativas do ponto de vista da estrutura de mercado, e devem ser observadas pelos reguladores a fim de avaliar a compatibilidade de suas respectivas estruturas regulatórias com os novos riscos advindos desse “novo mercado financeiro” em formação. Parte-se da premissa de que uma estrutura regulatória efetiva precisa se adequar à respectiva estrutura de mercado a qual se pretende regular, sob o risco de tal desalinhamento resultar em uma regulação excessivamente custosa e que não promove os objetivos para os quais foi criada. A hipótese deste trabalho é que o modelo de regulação por objetivos é o mais apto a propiciar uma regulação financeira efetiva, em contraposição aos modelos de regulação por setores e unificada, tendo em vista que sua estrutura regulatória: (i) permite a consecução dos múltiplos objetivos da regulação financeira de forma harmonizada, em um cenário de crescente complexificação dos riscos emanados do sistema financeiro, mitigando a possibilidade de sobreposição de objetivos dentro de uma mesma agência; e (ii) amplia o limite de aplicação da regulação, uma vez que os critérios jurídicos para determinação de competência dos reguladores não são vinculados a conceitos próprios dos setores bancário, securitário e de capitais, cuja divisão é cada vez menos perceptível do ponto de vista da prática financeira, na qual as atividades financeiras vêm sendo desenvolvidas de modo transversal. A fim de desenvolver a hipótese elencada, o trabalho se propõe, num primeiro momento, a fazer uma revisão da literatura teórica sobre modelos de regulação, com o objetivo de identificar as características que tornam um modelo regulatório “ótimo” do ponto de vista da efetividade. Após essa análise, parte-se para um exame das mudanças práticas pelas quais o mercado financeiro vem passando, e como elas afetam as diferentes estruturas de regulação vigentes – propiciando a emergência do modelo de regulação por objetivos como predominante em algumas jurisdições. Nesse contexto, a regulação por objetivos se coloca como uma opção a ser considerada pelos diferentes reguladores nacionais para enfrentar os novos riscos do mercado financeiro global e auxiliar o pleno desenvolvimento do mercado financeiro nas próximas décadas.
The present work intends to investigate the different models of financial regulation, focusing on the model of regulation by objectives or "twin peaks", in the context of the recent transformations in the structure of the global financial market, especially regarding (i) the emergence of new products and services that are not easily framed in a specific segment of the financial market, and can simultaneously develop typical functions of the banking, securities and insurance markets; and (ii) changes in the characteristics of the main participants in this market, among which (ii.1) the unification of financial organizations operating in different sectors of the financial market - investment banks, commercial banks, brokerage firms, insurance companies etc. - resulting in the formation of financial conglomerates; (ii.2) the entry of financial technology companies that compete and provide innovative services in competition with the classic participants of this market. The aforementioned changes should be interpreted as major changes in terms of market structure, and must be observed by regulators in order to assess the compatibility of their respective financial structures with the new risks arising from this "new financial market" in formation. The work is based on the theoretical premise that an efficient and effective regulatory structure needs to reflect the respective market structure that it is intended to regulate, under the risk that such misalignment will result in an empty regulation, without regulatory tools to promote the objectives for which it was created. The hypothesis of this work is that the model of regulation by objectives, as opposed to the unified- and sector-based models, is the most adequate to provide an efficient and effective financial regulation, especially considering that its regulatory structure: (i) enable the fulfillment of multiple objectives of financial regulation in a harmonized manner, in a stage where the complexity of risks emanating from the financial system are increasing, mitigating the possibility of objective overlap within the same agency; and (ii) expand the regulatory perimeters, since the legal criteria for determining the competence of regulators is not linked to concepts of the banking, security and capital sectors, whose distinction increasingly blurred from the point of view that most financial activities have been developed in a cross-sectored way. In order to develop this hypothesis, this dissertation proposes, firstly, to review the theoretical literature on regulation models, with the objective of identifying the characteristics that make a regulatory model “optimal” from the point of view of efficiency and effectiveness. After this analysis, we examine the practical changes happening in the financial market, and how they affect the different regulatory structures in force - propitiating the emergence of the regulation by objectives as the redominant model in some jurisdictions. In this context, regulation by objectives is an option to be considered by the different national regulators to face the new risks of the global financial market and to help the full development of financial markets in the coming decades

FinTech is a strong trend and a new vision in the field of financial services. Modern innovative technologies have significant potential to transform such a market and improve the quality of financial institutions' services to their customers. FinTech companies are already in critical competition with traditional financial market participants.

Mestrado em Economia e Gestão de Ciência, Tecnologia e Inovação
Os estudos recentemente desenvolvidos sobre Fintechs são ainda muito incipientes e existe uma grande falta de estudos nesta área, talvez por ser muito recente e dinâmica. Com o intuito de ajudar a suprimir esta necessidade, este estudo pretende compreender em três aspetos como as Fintechs atuam. Primeiro, define as FinTechs e seus tipos, segundo, define as Empresas Plataforma e por fim, traz a ideia de FinTech com modelo de negócios plataforma. As Fintechs demonstram um potencial disruptivo no cenário financeiro mundial. A presente investigação foi desenvolvida tendo por base uma metodologia qualitativa, com três estudos de caso de empresas brasileiras que se enquadram na classificação de FinTech Plataforma de empréstimos. A evidência empírica demonstrou que as FinTechs de empréstimos têm adquirido espaço principalmente por oferecerem soluções de tecnologia aos problemas comuns daquele mercado. As capacidades tecnológicas, foco no cliente e taxa de juro atrativas foram identificados como sendo fatores-chave que conduzem ao crescimento das Fintechs plataforma de empréstimos. Por último, os relacionamentos em rede demonstraram ser elementos cruciais para o sucesso da plataforma - contato contínuo com os clientes através de educação financeira, newsletters e atenção para os feedbacks são estratégias usadas para fidelização e melhoria contínua.
The recently developed studies on FinTechs are still very incipient and there are not many studies about this area of activity, maybe because it is very recent and dynamic. In order to help suppress this need, this study intends to understand in three aspects how the FinTechs act. First, it defines the FinTechs and their types, second, defines platform company and, finally, brings the idea of FinTech with platform business model. Fintechs show disruptive potential in the global financial landscape. The present research was developed based on a qualitative methodology, with three case studies of Brazilian companies that fit into the classification of FinTech lending platform. The empirical evidence has shown that FinTech lending platforms expanded mainly by offering technology solutions to the existent problems of the financial sector. Technological capabilities, customer focus and attractive interest rates were identified as key factors driving the growth of Fintechs lending platforms. Lastly, network relationships have proven to be crucial elements for the success of the platform - ongoing contact with customers through financial education, newsletters and attention to feedback are strategies used for customer loyalty and continuous improvement.
info:eu-repo/semantics/publishedVersion

Presentación realizada por Maria Laura Cuya profesora a Tiempo Completo de la Carrera de Administración y Marketing., como parte del Cuarto Programa de Especialización para Periodistas. Desde el Campus San Isidro.

This master thesis examines the effect of ex-ante uncertainty about the intrinsic value of US FinTech IPOs stock on the underpricing level. Baron (1982) Asymmetric information model and Beaty and Ritter (1986) the ex-ante uncertainty model were tested using regression analysis by selecting different proxies of ex-ante uncertainty (Firm Age and Market capitalization, IPO proceed and Number of uses of proceed, Venture backing and Underwriter reputation). The Data set consists of 62 US FinTech IPOs during the period from January, 2005 to July, 2017. The underpricing level of US FinTech IPOs was 20.46%. The market capitalization, venture backing and the number of uses of proceed were found to be significant in determining the level of underpricing. The thesis also concludes that Baron (1982) and Beaty and Ritter (1986) models don’t hold for the FinTech IPOs during the period from January, 2005 to July, 2017.

La tesi tratterà le problematiche principali che le società di garanzia hanno attraversato nell'ultimo decennio a causa dello scambio di informazioni sensibili quali dati di bilancio e parametri economico-finanziari. Attraverso soluzioni di innovazione tecnologica, verranno suggerite alcune delle possibili alternative, con lo scopo di creare nuovi scenari economici dinamici rispetto alla situazione stagnante in cui vigono le società interessate .

In recent years, the financial and economic decisions have changed which has created and utilized new methods and techniques that have led to new and different products, processes, and services. However, the changing methods and techniques have led to the movement of digital technology and enabling financial services within the financial industry. The changes have resulted in the phenomenon of FinTech that has derived from financial services. In order for companies to be competitive in the industry and create value for their customers, they need to use a business model as a conceptual tool to help improve their performance. High dynamics in technological solutions within the financial industry provides the base for business model innovation. Whilst there is little empirical insight about business model and business model innovation within the qualitative field, this study aims to explore how FinTech companies are developing their business models to enable business model innovation in Sweden, as well as what is influencing business model innovation. An explorative study with semi-structured interviews was conducted to explore how FinTech companies’ business models are built. The empirical findings were supplemented with data from the company’s websites and financial reports. This study’s findings show four key factors within the FinTech companies' business models: Technological innovations, digitization, value propositions, and human resources. All companies have developed innovative technology and software solutions and created new technical systems. Hence, all companies are innovative by creating new processes and methods through their technical development and resulting in different innovations such as API-systems and self-built algorithms. Further, business model innovation within this study has been influenced and driven by exceptional events as the market changes and problems occur within the company that forces innovations to be created for companies to overcome these obstacles. In addition, market pressure has influenced business model innovations by e.g. competitors and customers changing the market demand and making the companies adjust continuously.

In recent years, digital technologies have been applied to generate fintech innovations in the form of new services and business models within the global financial sector. But in spite of the global proliferation of fintech start-ups, market estimates put the failure rate of these new fintech platforms at roughly 90%. The high mortality rate suggests two possibilities. First, there may be a lack of knowledge on the appropriate strategies to adopt. Second, the traditional prescriptions for strategy may be less relevant in the context of fintech platforms. The objective of my thesis is to lay the groundwork for future research by first ascertaining either or both of these possibilities based on what is currently known. To this end, I first present a comprehensive review of the fintech literature, which found that there is a relative paucity of research on fintech strategies and important limitations associated with the existing works. I constructed a research agenda consisting of several open questions based on my analysis to provide directions for future research in this area. Next, building on this research agenda, I addressed the research question “How do competitive strategies influence the performance of successful fintech platforms?”, and explored if distinct strategies are required for different types of fintech platforms with a case study of four market-leading fintech platforms in China. Finally, I investigated if different strategies would be required at different points along a fintech platform’s development trajectory. Based on a case study of Ppdai.com, one of the world’s largest online lending platforms, I developed a process model that sheds light on the underlying mechanisms of this phenomenon. Overall, my thesis demonstrates that the competitive strategies employed have to be contingent on the nature of fintech services provided by the platform, and reveals that the strategies have to evolve over time with the development of the platform.

Dagens samhälle är digitaliserat och vi lever i ett paradigmskifte. Det sker en stor förändring inom finansmarknaden. Innovativa FinTech-startups tar över då traditionella finansinstitut inte klarar av att tillgodose kundernas ökade behov. Dessa FinTech-startups är viktiga och driver innovationen framåt i samhället och uppfyller kundernas allt högre krav. Dock har dessa företag svårigheter i att skala upp sin verksamhet vilket gör att de får svårigheter att överleva. Utmaningar de möter är främst inom finansiering och reglering. Syftet med studien är att undersöka hur FinTech-startups arbetar för att skala upp sin verksamhet samt hur de påverkas av och hanterar utmaningar i form av finansiering och reglering. Teorier som används är: FinTechs ekosystem, startups livscykel och teknologisk innovation. Studien är en kvalitativ undersökning med ett abduktivt angreppssätt och datainsamlingen har gjorts genom semistrukturerade intervjuer med personer från sex stycken Stockholmsbaserade FinTech-startups. Studiens resultatet visar att FinTech-startups möjligheter för att skala upp verksamheten till störst del är beroende av den finansiering som de får in. Dock upplever företagen svårigheter i att hitta investerare och hamnar i en ond cirkel. Tillstånd som krävs har en stor påverkan på företagens möjlighet att skala upp.
Digitizaliation charactarizes todays society and a new paragdim is a fact. There are considerable changes within the financial market where innovative FinTech-startups more and more take over the industry. This, due to that the traditional institutions cannot meet the costumers demands. The FinTech-startups are essential for the society and drives the innovation forward in order to fulfill the costumers requirements. However, these start-ups face difficulties with scaling-up which makes it hard for them to survive on the market. Financial funds and regulations are the main challanges they need to overcome. The purpose with this thesis is to examine how FinTech-startups work in order to scale-up their business and how they face challenges as financing and regulation. Theories used in this thesis are: FinTechs ecosystem, Startups life cycle and Technological innovation. A qualitative method is used with semistructured interviews with people from six different FinTech-startups based in Stockholm. The result of the studie shows that the FinTech-startups possibility to scale up mostly depends on financial funds. The companies experience challenges in finding investors and are placed in a vicious circle. In addition, conditions required have a major impact on the abilities to scale-up their business.

Over the last decade, the growth of new Fintech firms has increased significantly. However, when Fintech firms enter the financial market they are met by several obstacles, including the barriers erected by incumbent banks, difficulties obtaining financing and the challenge of gaining the trust of the market. This thesis aims to describe how Swedish Fintech firms work together with, or against, the incumbent banks, how they raise capital and what kind of challenges they experience when raising capital and how they work to gain the trust of potential investors, partners and customers. In this thesis it was found that Swedish Fintech firms do not close their doors to cooperation with the incumbent banks, as in exchange for helping the banks with their technology they can get access to banks' customer base and help with regards to costs. The Fintech firms did however think cooperation was less likely to happen if the incumbent banks did not open their mindset and make their processes more effective. Developing the banks’ technology is something the Fintech firms recognize that they can help with. When it comes to gaining the trust of the market, Fintech firms strive to deliver good customer experience, show earlier accomplishments and build legitimacy. The biggest challenge that Fintech firms encounter is the lack of having a known brand on the market and trying to build a name for themselves from scratch. It was found that most of the firms raise capital through private equity even if many of the interviewed firms raise capital as well through indebtedness. Challenges these firms encounter when it comes to raising capital is to mediate their true potential and vision to the investors and to find investors that can help the firm in more ways than just with monetary support. At the same time it was discovered that a few firms did not have any problem finding investors because of their already good network and experience.

El presente trabajo de investigación tiene la finalidad de desarrollar una descripción completa de las organizaciones Fintech con la finalidad de dejar una base teórica que sirva de punto de partida para futuros análisis, con fines académicos o laborales, que busquen profundizar sobre algunos de los campos en los que se desarrollan las Fintech. Lograr una descripción que las defina y analice su estructura. Además, determinar en qué situación se encuentran actualmente en nuestro país, cuál es su posición frente a los bancos tradicionales y su perspectiva futura. En un mundo que tiende a la digitalización completa de todo lo relacionado a nuestra vida cotidiana, las empresas en la industria financiera deben acompañar este proceso de cambio, que no sólo es exigido por los clientes, sino que las situaciones, el contexto a veces nos obliga a volcarnos hacia herramientas digitales para poder desempeñar nuestras tareas diarias, cuestión que quedó evidenciada en la pandemia que comenzó en 2020 y en la que aún está sumido el mundo en estos tiempos. El enfoque adoptado en este trabajo de investigación es el “cualitativo" buscando desarrollar el concepto completo de Fintech sin seguir una secuencia rigurosa, avanzando en la investigación a medida que vayamos contestando los interrogantes planteados y los que surjan durante el trabajo. De acuerdo con este enfoque el tipo de estudio es por un lado, “teoría fundamentada", es decir, generar teoría a partir de los datos que se releven, de modo tal de generar una descripción completa de las Fintech y, por otro lado, “estudio de caso" aplicando todos los conceptos que analizados en la primera parte del trabajo. Se ha trabajado con fuentes secundarias confiables y debidamente trianguladas. Complementariamente, se han analizado datos primarios obtenidos a través de entrevistas personales a expertos en finanzas que nos dan una mirada prospectiva sobre estas organizaciones.
Fil: Peralta, Gabriel Alberto. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.

Thesis advisor: Thomas Chemmanur
My Ph.D. dissertation consists of three essays. The first essay studies the economic consequence of the current patent screening process on firm performance using a machine-learning approach. Using USPTO patent application data, I apply a machine-learning algorithm to analyze how the current patent examination process in the U.S. can be improved in terms of granting higher quality patents. I make use of the quasi-random assignment of patent applications to examiners to show that screening decisions aided by a machine learning algorithm lead to a 15.5% gain in patent generality. To analyze the economic consequences of current patent screening on both public and private firms, I construct an ex-ante measure of past false acceptance rate for each examiner by exploiting the disagreement in patent screening decisions between the algorithm and current patent examiner. I first show that patents granted by examiners with higher false acceptance rates have lower announcement returns around patent grant news. Moreover, these patents are more likely to expire early. Next, I find that public firms whose patents are granted by such examiners are more likely to get sued in patent litigation cases. Consequently, these firms cut R&D investments and have worse operating performance. Lastly, I find that private firms whose patents are granted by such examiners are less likely to exit successfully by an IPO or an M&A. Overall, this study suggests that the social and economic cost of an inefficient patent screening system is large and can be mitigated with the help of a machine learning algorithm. The second essay studies how investor attention affects various aspects of SEOs. Models of seasoned equity offerings (SEOs) such as Myers and Majluf (1984) assume that all investors in the economy pay immediate attention to SEO announcements and the pricing of SEOs. In this paper, we analyze, theoretically and empirically, the implications of only a fraction of investors in the equity market paying immediate attention to SEO announcements. We first show theoretically that, in the above setting, the announcement effect of an SEO will be positively related to the fraction of investors paying attention to the announcement and that there will be a post-announcement stock-return drift that is negatively related to investor attention. In the second part of the paper, we test the above predictions using the media coverage of firms announcing SEOs as our main proxy for investor attention, and find evidence consistent with the above predictions. In the third part of the paper, we develop and test various hypotheses relating investor attention paid to an issuing firm to various SEO characteristics. We empirically show that institutional investor participation in SEOs, the post-SEO equity market valuation of firms, SEO underpricing, and SEO valuation are all positively related to investor attention. Lastly, we also use the number of SEC EDGAR file downloads as an alternative proxy for investor attention, and our findings are robust to this alternative investor attention measure. The results of our identification tests show that the above results are causal. The third essay studies how the location of a lead underwriter in its network of investment banks affects various aspects of seasoned equity offerings (SEOs). We hypothesize that investment banking networks perform an important economic role in the SEO underwriting process for SEOs, namely, that of information dissemination, where the lead underwriter uses its investment banking network to disseminate information about the SEO firm to institutional investors. Consistent with the above information dissemination role, we show that firms whose SEOs are underwritten by more central lead underwriters are associated with a smaller extent of information asymmetry in the equity market. We then develop testable hypotheses based on the information dissemination role of underwriter networks for the relationship between SEO underwriter centrality and various SEO characteristics, which we test in our empirical analysis. Consistent with the above hypotheses, we find that more central lead SEO underwriters are associated with less negative SEO announcement effects; smaller SEO offer price revisions; smaller SEO discounts and underpricing; higher immediate post-SEO equity valuations for issuing firms; and greater post-SEO long-run stock returns for issuing firms. We also find that SEOs with more central lead underwriters are associated with greater institutional investor participation. Our instrumental variable (IV) analysis using the industry-average bargaining power of underwriters relative to issuers as the instrument shows that the above results are causal. Consistent with greater value creation by more central lead underwriters, we find that more central lead underwriters receive greater compensation
Thesis (PhD) — Boston College, 2021
Submitted to: Boston College. Carroll School of Management
Discipline: Finance

У дисертації уточнено визначення сутності поняття "FinTech інновація", поглиблено критеріальну базу структуризації ринку FinTech інновацій та обгрунтовано їх роль у розвитку національної економіки. Розроблено методологічні засади інтегрального оцінювання рівня технологізації фінансових послуг, виявлено загальні закономірності його взаємного впливу з детермінантами розвитку національної економіки. Запропоновано структурно-логічну схему вибору моделі онлайн-фінансування, виявлено регіональні закономірності та детермінанти їх розвитку. Систематизовано ознаки, сфери функціонального використання й ризики криптовалют, запропоновано концепцію оцінювання їх вартості. Оцінено рівень цифрової фінансової інклюзії сектору домогосподарств, розроблено рекомендації щодо вибору моделі онлайн-фінансування в секторі нефінансових корпорацій.
The dissertation is devoted to the development of new and improvement of existing methodological approaches and methodological tools of consideration the impact of the main types of FinTech innovations on the development of the national economy as a whole and its individual sectors. It is proposed to define FinTech innovation as information-based innovation in the financial sphere, the introduction of which leads to radical changes in financial products, financial technologies (processes) and/or business models of financial intermediaries. The FinTech innovation market is proposed to be structured according to four basic criteria: type of financial service, type of entity – provider of FinTech-services, type of innovative technology that forms the basic concept of FinTech-services, focus consumer segment. The transformational impact of FinTech innovations on the national economy is considered by its sectors: the financial corporations sector (banking and non-banking financial institutions), the household sector, the enterprise sector (non-financial corporations) and the public administration sector. According to the results of the TFSI calculation, it is determined that the Scandinavian countries (Norway, Denmark, Finland, Sweden) and the Netherlands are characterized by a high level of technologization of financial services. Estonia, the United Kingdom, Luxembourg and Belgium have average, but close to high, TFSI levels. Average TFSI values are also typical for Ireland, Latvia, Germany, France, Austria and the Czech Republic. Ukraine belongs to the group of countries with critically low levels of technologization of financial services, along with Bulgaria, Romania and Greece. The rest of the EU has a low level of TFSI. Correlation analysis of the relationship between the parameters of the national economy and the level of technologization of financial services revealed that the highest level of correlation is observed between TFSI and indicators of ICT prevalence and readiness for digitalization; levels of financial and economic development have no decisive influence on the spread of FinTech innovations; political and social environment parameters have a strong correlation with TFSI; the environmental parameters of the national economy do not have any connection with innovations in the financial sector. Countries with a higher level of digitalization have more statistically significant correlations between the level of technologization of financial services and the parameters of the national economy development. With a high level of digitalization, the growth of the level of technologization of financial services is accompanied by a decrease in inequality in income distribution, as well as an increase in correlation between the level of technologization of financial services and the parameters of political and socio-cultural dimensions. The choice of the most acceptable model of online financing is made depending on the specifics of the provider (subject, purpose, monetization of income) and the recipient (subject, purpose and motivation) of financial resources. Cluster analysis of the impact of a country`s regional affiliation on the choice of the dominant model of online financing showed that the key factors in dividing countries into clusters are the volumes of peer-to-peer consumer loans, peer-to-peer business loans and online debt financing. At the same time, the regional features of the development of online financing are available in such parameters as the type of provider of financial resources; type of recipient of financial resources; direct participation of the online platform in providing loans as a lender. The main determinants of the growth of online financing operations in the country are the level of its economic development, innovation and financial inclusion; the relationship with the level of economic freedom is direct and moderate. On the other hand, the development of information and communication technologies and the nature of regulatory influence do not significantly affect the development of online financing. Cryptocurrency is a type of virtual money, characterized by a set of specific features, opportunities for functional use and risks. Taking into account the peculiarities of the economic nature and functional use of cryptocurrencies, it is proposed to assess their value from three positions: as a means of circulation and payment (exchange rate), as specific goods (mining costs) and as speculative assets (crypto market rates). Indicators of the level of digital financial inclusion in Ukraine are lower than the world average both in terms of the integrated indicator and its components. Digital financial inclusion of the household sector is not a significant determinant of reducing income inequality, but it largely determines the growth of economic well-being. FinTech innovations create alternative sources of financial resources for the sector of non-financial corporations (enterprises). The best suited models of online financing for small and medium-sized businesses are profit sharing crowdfunding, equity-based crowdfunding and reward-based crowdfunding, the choice of which is made in accordance with the purpose of attracting resources – financing current, investment and innovation activities. The success of online financing depends on the SMEs themselves, as well as on the providers of financial resources and the specifics of the online platform. In the context of the impact of FinTech innovations on the financial corporations sector, the development of digital and open banking is relevant for Ukraine. Regarding the public administration sector, FinTech innovations are manifested primarily through the emergence of new regulatory (RegTech) and supervisory (SupTech) tools, as well as through the regulation of the FinTech innovation market to ensure economic security.

1. Renaud Ph. Cyber resilience: Tactics to find and fix security vulnerabilities. URL: https://www.cefpro.com/0506ri-cyber-resilience-tactics-to-find-and-fix-security-vulnerabilities/ (дата звернення: 07.10.2021). 2. Мазаракі А., Волосович С. FinTech у системі суспільних трансформацій. Вісник Київського національного торговельноекономічного університету. 2018. №2. С. 5-18. 3. Reagan J. R., Raghavan A., Thomas A. Quantifying risk: What can cyber risk management learn from the financial services industry? Deloitte Review. 2016. Issue 19. URL: https://www2.deloitte.com/insights/us/en/deloitte-review/issue19/quantifying-risk-lessons-from- financial-services-industry.html (дата звернення: 01.10.2021). 4. Волосович С. В. Regtech в екосистемі фінансових технологій. Електронне наукове фахове видання з економічних наук «Modern Economics», №15 (2019), 62-68. URL: https://modecon.mnau.edu.ua/issue/15-2019/volosovych.pdf (дата звернення: 05.10.2021). 5. The Pulse of Fintech 2019 KPMG International – KPMG Global : веб-сайт. URL: https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/07/pulse-of-fintech-h1-2019.pdf (дата звернення: 04.10.2021). 6. Инвестиции в FinTech – сколько вложили в бизнес 2020 года Инвестиции 24 : веб-сайт. URL: https://investment.24tv.ua/ru/investicii-fintech-skolko-vlozhili-biznes-2020-poslednie- novosti_n1419854 (дата звернення: 04.10.2021). 7. За первое полугодие 2021 в финтех инвестировали $98 млрд Минфин : веб-сайт. URL: https://minfin.com.ua/2021/09/26/72392528/ (дата звернення: 04.10.2021). 8. Інвестиції у фінтех зросли до рекордно високого рівня у першій половині 2021 року, – глобальне дослідження KPMG Pulse of Fintech PaySpace Magazine : веб-сайт. URL: https://psm7.com/uk/fintech/investicii-v-fintex-vyrosli-do-rekordno-vysokogo-urovnya-v-pervoj- polovine-2021-goda-globalnoe-issledovanie-kpmg-pulse-of-fintech.html (дата звернення: 04.10.2021). 9. Мировой финтех-2021: от «открытого банкинга» до «автономных финансов» Минфин : веб-сайт. URL: https://minfin.com.ua/2021/09/24/72270933/ (дата звернення: 05.10.2021). 10. Супераппы: что это и зачем они нужны Роскачество : веб-сайт. URL: https://rskrf.ru/tips/eksperty-obyasnyayut/superappy-chto-eto-i-zachem-oni-nuzhny/ (дата звернення: 05.10.2021). 11. За первую половину 2021 года европейские финтех-стартапы привлекли рекордный объем инвестиций Bloomchain : веб-сайт. URL: https://bloomchain.ru/newsfeed/za-pervuju-polovinu-2021-goda-evropeiskie-finteh-startapy-privlekli-rekordnyi-obem-investitsii (дата звернення: 05.10.2021).
The authors analyzed the innovation market in the field of financial technologies. Ways and methods of stimulating the development of Ukraine in this direction are proposed.
Авторами проаналізовано ринок інновацій в сфері фінансових технологій. Запропоновано шляхи та методи стимулювання розвитку України в даному напрямку.

Cette thèse se compose de trois chapitres et étudie les avantages et coûts des technologies financières (FinTech) pour les consommateurs et les entreprises. Dans le premier chapitre, j’étudie si les plateformes de prêt peer-to-peer (P2P) se substituent aux banques ou les complémentent sur le marché du crédit à la consommation. Je développe un cadre conceptuel dont je dérive des prédictions empiriques qui distinguent ces deux hypothèses. En utilisant un changement réglementaire comme un choc exogène sur l'offre de crédit bancaire, je trouve que le prêt P2P est un substitut au prêt bancaire en termes de service aux emprunteurs bancaires infra-marginaux mais complète les prêts bancaires en ce qui concerne les petits prêts. Ces résultats indiquent que l'expansion du crédit résultant des prêts P2P profitent probablement essentiellement aux emprunteurs ayant déjà accès au crédit bancaire. Le second chapitre se concentre sur un coût potentiel des FinTech: leur intrusion dans la vie privée. En particulier, j'étudie la valeur que les individus attribuent à la protection de leur données personnelles grâce à une expérience de terrain dans laquelle une plateforme de prêt en ligne chinoise fait varier les conditions d’emprunt et les informations collectées auprès des demandeurs de crédit. Les demandeurs de prêt valorisent leurs données personnelles : une réduction de la collecte de données augmente considérablement la probabilité qu’ils complètent leur formulaire de demande de crédit. Je quantifie la valeur monétaire des données personnelles et l’effet sur le bien-être de diverses politiques de collecte d’information grâce à une modélisation structurelle des décisions de divulgation d’information, d’emprunt et de remboursement des individus. En utilisant des données détaillées sur chaque candidature, j'estime que l’identifiant de réseau social et le numéro de téléphone de l’employeur valent 230 RMB ($33, soit 70% du salaire quotidien moyen en Chine). Cela représente 8% de la valeur actuelle nette moyenne d'un prêt pour les candidatures acceptées. Exiger des réponses à ces questions réduit le bien-être des emprunteurs de 13% et coûte à la plateforme 0,50 $ de revenus par candidat. Dans le dernier chapitre, je me penche sur les avantages de la FinTech pour les entreprises. Ce chapitre est réalisé en collaboration avec Paul Beaumont (McGill University) et Eric Vansteenberghe (Banque de France, Paris School of Economics). Nous évaluons, pour les petites entreprises française, les avantages relatifs des emprunts auprès des plateformes de financement participatif et des banques traditionnelles. Pour ce faire, nous apparions l’ensemble des prêts aux PME au registre de crédit de la Banque de France pour obtenir un historique complet du crédit aux PME empruntant auprès des plateformes Fintech. Notre principale conclusion est qu'à la suite d'une demande de prêt Fintech réussie, les PME empruntent davantage auprès des banques traditionnelles. Ce résultat est robuste à l'inclusion d'un groupe témoin de PME empruntant auprès des banques. Fait important, l'augmentation du crédit bancaire est cantonnée aux prêts de longs termes, qui nécessitent des garanties. Cela suggère que les plateformes FinTech pourraient étendre l'accès au crédit pour les PME en assouplissant leurs contraintes de collatéral
This three-chapter thesis investigates the benefit and cost of financial technology (FinTech) for consumers and firms. The first chapter studies whether, in the consumer credit market, peer-to-peer (P2P) lending platforms serve as substitutes for banks or instead as complements. I develop a conceptual framework and derive testable predictions to distinguish between these two possibilities. Using a regulatory change as an exogenous shock to bank credit supply, I find that P2P lending is a substitute for bank lending in terms of serving infra-marginal bank borrowers yet complements bank lending with respect to small loans. These results indicate that the credit expansion resulting from P2P lending likely occurs only among borrowers who already have access to bank credit. This second chapter focuses on the potential cost of FinTech --- privacy intrusion. In particular, I study the value of privacy, for individuals, using data from large-scale field experiments that vary disclosure requirements for loan applicants and loan terms on an online peer-to-peer lending platform in China. I find that loan applicants attach positive value to personal data: Lower disclosure requirements significantly increase the rate at which applications are completed. I quantify the monetary value of personal data— and the welfare effect of various disclosure policies—by developing a structural model that links individuals’ disclosure, borrowing, and repayment decisions. Using detailed application-level data, I estimate that social network ID and employer contact are valued at 230 RMB (i.e., $33, or 70% of the average daily salary in China); for successful borrowers, this accounts for 8% of the average net present value of a loan. Requiring answers to these application questions reduces borrower welfare by 13% and costs the platform $0.50 in expected revenue per applicant. In the last chapter, I turn to investigate the benefit of FinTech for firms. This chapter is in collaboration with Paul Beaumont (McGill University), Anne- Sophie Lawniczak (Banque de France), and Eric Vansteenberghe (Paris School of Economics). We evaluate the tradeoff for small business between borrowing from crowd-funding platforms and traditional banks. To do so, we link the universe of Fintech SME loans in France to the credit registry at Banque de France (the French central bank) to obtain a comprehensive credit history of SMEs borrowing from Fintech platforms. The main finding is that following a successful Fintech loan application, SMEs experience a significant increase in bank credit. This result is robust to the inclusion of a control group of SMEs with successful bank loan applications. Importantly, the increase in bank credit is only present for long-term categories, which require collateral. This suggests that FinTech platforms may expand credit access for SMEs by relaxing their collateral constraints

Questo elaborato fornisce una panoramica delle strategie bancarie in tema di digitalizzazione con l’ingresso Fintech e GAFA. Verrà fornita una prima sintesi generale su quali sono state le innovazioni tecnologiche occorse negli ultimi anni e verranno poi approfonditi alcuni aspetti rilevanti per le strategie bancarie al giorno d’oggi: l’importanza dell’offerta di servizi omnichannel alla clientela un miglioramento della customer experience, l’utilizzo dell’Intelligenza Artificiale con la progressiva trasformazione del modello di filiale e l’analisi dei Big Data per l’offerta di servizi personalizzati ai clienti e un miglioramento dell’utilizzo delle informazioni nei processi interni di una banca. Verranno esaminati gli operatori esterni che stanno entrando nel settore finanziario, quali Fintech e GAFA, delineando le loro potenzialità e le loro debolezze. Si concluderà dando una panoramica futura di evoluzione del settore, prevedendo le possibili azioni che le banche devono mettere in atto in risposta all’entrata nel mercato di questi operatori. Verrà infine illustrato un caso di studio di J.P. Morgan Chase, una banca mondiale che sta operando cospicui investimenti in queste aree.

Il presente elaborato ha l'obiettivo di illustrare uno dei fenomeni attualmente più importanti nel mondo della finanza: il Fintech. L’elaborato si articola in tre capitoli. Il primo capitolo tratta il fenomeno in termini generali: nella prima parte si introduce l’argomento presentando le sue basi storiche nella seconda si propone un’analisi del suo scenario competitivo con particolare attenzione alle conseguenze portate dalla pandemia (COVID-19) alle imprese Fintech. Nel secondo capitolo si procede, invece, con la presentazione delle caratteristiche del Fintech in Cina, paese dove il fenomeno è particolarmente diffuso. Il secondo capitolo si apre con una breve descrizione dei principali operatori Fintech in Cina nonché delle caratteristiche generali del mercato Fintech cinese e, in particolare, dei rapporti delle Fintech con le banche e le imprese di assicurazione e si conclude con l'introduzione dell’attuale piano di sviluppo delle Fintech in Cina. Il terzo capitolo, infine, propone l’analisi di un caso specifico: il caso Ant Group dove si illustra il percorso di crescita di Ant Group soffermandosi sui diversi brand sotto Ant Group e sull'impatto dell'attuale emergenza sanitaria COVID-19 sul gruppo.

La presente investigación estudia a las fintech, un tipo de startup con un modelo de negocio disruptivo que brinda servicios digitales de intermediación financiera. Una de sus principales ventajas competitivas es que innovan continuamente; por ello, la gestión de la innovación resulta relevante en este tipo de emprendimientos ya que les permite tener mayor probabilidad de éxito al lanzar una nueva innovación al mercado. En Perú, si bien el ecosistema fintech está creciendo exponencialmente, no hay estudios empíricos que traten sobre innovación en este tipo de startup. Esta investigación aporta en el conocimiento sobre innovación de servicios en fintech, ya que analiza la gestión de sus procesos de innovación mediante la identificación de habilitadores y prácticas claves propios del proceso tomando como base el ciclo de proceso de NSD (Desarrollo de Nuevos Servicios) propuesto por Johnson, Menor, Roth y Chase. Para ello, se realizó un estudio multicasos de seis fintech peruanas ganadoras del concurso StartUp Perú. Para la codificación, sistematización y análisis de la información obtenida en el trabajo de campo, mediante entrevistas a profundidad a expertos en el tema y fundadores o CEO de las fintech analizadas, se utilizó el software ATLAS.ti. Los hallazgos demuestran que las seis fintech cuentan con un proceso de innovación; sin embargo, dada su naturaleza iterativa y ágil, solo la mitad de estas tiene este proceso sistematizado. Asimismo, se identificó que existen una serie de habilitadores y prácticas claves de gestión del proceso de innovación del modelo elegido que se aplican en las fintech estudiadas y les permiten lanzar nuevos servicios al mercado de manera exitosa; y, por otro lado, ciertas prácticas que no son aplicadas en su totalidad por ser de carácter formal y temporalidad típica de empresas tradicionales lo cual no va acorde con la naturaleza iterativa y ágil de las fintech. De esta manera, esta tesis logra su objetivo principal al responder cómo gestionan el proceso de innovación seis fintech ganadoras del concurso Startup Perú. En este sentido, su contribución está en dar a conocer los habilitadores y prácticas clave de gestión del proceso de innovación de seis fintech peruanas, los cuales pueden ser útiles como guía para nuevas o actuales fintech. Finalmente, se exponen recomendaciones a los CEO de las fintech, policy makers y académicos. Además, dado que este es un primer avance que no explica en su totalidad la innovación en fintech peruanas, se considera importante investigar más sobre el tema tomando en cuenta las limitaciones de esta tesis.
Tesis

1. Офіційний сайт Національного банку України. URL: https://bank.gov.ua/. 2. Безпалий Р. В. Фінтех-інновації: передумови становлення та сучасні тенденції. Інвестиції: практика та досвід. 2021. № 2. С. 44–49. 3. Пасічник І. В., В’язовий С. М. Розвиток FinTech-індустрії в Україні та її ризики для банківської діяльності. Східна Європа: економіка, бізнес та управління. 2019. № 4. С. 480–484. 4. Офіційний сайт АТ КБ «ПриватБанк». URL: https://privatbank.ua/. 5. Офіційний сайт АТ «Райффайзен Банк Аваль» URL: https://www.aval.ua/. 6. Крухмаль О. В., Барановська О. А. Конкурентоспроможність банку та банківського продукту: фактори впливу та оцінка. Ефективна економіка. 2014. № 5. С. 45–55.
Зараз у світі спостерігається тенденція до все більш широкого використання сучасних інформаційних технологій в усіх сферах суспільної діяльності. Активно вони розвиваються й у фінансовій системі, зокрема, у банківському секторі, де систематичне впровадження нових продуктів є запорукою успішної реалізації бізнес-моделей та ефективного завоювання й утримання відповідних сегментів фінансового ринку. Сьогодні спостерігається високий рівень конкуренції між банками, що зумовлює значну їх зацікавленість у розробці та впровадженні ефективного механізму управління конкурентоспроможністю у сфері цифровізації та FinTech, що сприяло б як підвищенню продуктивності роботи самих банків, так і забезпечувало б зростання якості надання фінансових послуг та обслуговування клієнтів.

El presente trabajo de investigación presenta y demuestra la viabilidad del plan de negocio para implementar la empresa Fintech “eFectivo”. Se trata de una plataforma tecnológica para otorgar préstamos de menor cuantía desde S/ 500 hasta S/ 2.000 y hasta en 6 cuotas, que opera 100% en línea y por internet. Los préstamos están orientados a un segmento millennial de Lima y Callao con un sesgo en estudiantes universitarios y de postgrado. Asimismo, el trabajo presenta los lineamientos para llevar a cabo la implementación y desarrollo del proyecto de forma exitosa.

Tidigare forskning har visat underprissättning under Dotcom bubblan. I denna studie har underprissättning för börsnoteringar på amerikanska börser samt variabler som påverkar underprissättning undersökts för åren 1995-2018. Med utgångspunkt i teorin underprissättning vid börsnotering, använder sig studien utav relevanta teorier. Studien undersöker avkastning som uppstår vid första handelsdagen för börsnoteringar och kontrolleras sedan för oberoende variabler. De oberoende variabler består av ålder, Market Cap, USA, FinTech, skulder, intäkter och Market to book. Urvalet består av 123 IPO:er för både Dotcom och FinTech. Den period som vi undersöker för Dotcom-företagen är mellan 1995-2002. För FinTech företagen är perioden 2008-2019. Studien tillämpar en linjär multipel regression för att behandla de olika variablernas förklaringsgrad. Resultaten visar att underprissättning för FinTech IPO mellan 2008-2019 är lägre än underprissättningsnivån för Dot-Com IPO: er. Slutsatsen som dras är att stickproven från Dot-Com IPO:er består av företag som var etablerade under Dotcom perioden 1995-2002.
This paper examines the valuation of Dotcom and FinTech companies by observing the under-pricing level of Initial Public Offerings (IPOs). The sample that we are analysing are 123 IPOs for both Dotcom and FinTech companies. The period that we are examining for the Dotcom companies is between 1995-2002. For the FinTech sample, the period is between 2008-2019. The results show that the underpricing level of FinTech IPO in the past years is less than the underpricing level of Dot-Com IPOs. The study shows that Dotcom IPOs had approximately 120% more in underpricing than the FinTech samples. To understand if there were any variables affecting the underpricing between the two samples the study used Multivariate regression. The variables are age, market cap, US, FinTech, debts, revenue and market to book. For both FinTech and Dotcom companies, the study has shown that age was the only variable who had significant positive correlation to under-pricing.

Il presente elaborato si focalizza su due tematiche principali: il settore bancario cinese e la cosiddetta fintech revolution. Lo scopo del lavoro è quello di, in primo luogo, analizzare i vari periodi di riforme che hanno caratterizzato il settore bancario cinese, partendo dal 1949 (anno di fondazione della Repubblica Popolare Cinese). Successivamente, si dà un’analisi dell’attuale sistema bancario, delle principali attività svolte dalle maggiori banche cinesi e dalle sfide e problematiche che il sistema è chiamato ad affrontare. In ultimo, si presenta il fenomeno della fintech revolution. Si presenteranno le origini del fenomeno, le forze che lo guidano e le maggiori attività svolte. Sarà dato spazio anche all’analisi dei maggiori players e soprattutto alle pratiche e alle regolamentazioni che lo caratterizzano. Scopo della seguente tesi è anche capire come le banche cinesi reagiscono a questo fenomeno e come cercano di regolamentarlo.

CRAs became even more critical in the global financial market since their judgment has a significant impact on the outlook of the rated entities, which can be countries, institutions or companies. The combination of finance and technology resulted a concept which is known as Financial Technologies (FinTech). FinTech drove and encouraged financial institutions to change and differentiate the way of providing their services. In this thesis, the primary focus is to explore the impact of FinTech on CRAs. Given the importance of CRAs, exposing many criticisms about their credibility and secrecy about their methodology may lead investors to seeks alternative ways to obtain information/opinion for the entities. Furthermore, considering the growth of FinTech and its rapid development, resulted the research question of if the impact of FinTech on CRAs will be evolutionary or revolutionary? FinTech is relatively a new term, and there is limited research about its effect on CRAs. In this thesis, an exploratory study will be conducted in order to contribute to the existing information about the potential impact of FinTech on CRAs. Accordingly, this study aimed to answer the research question within the scope of qualitative methodology and using the empirical data has been gathered from the professionals in the finance sector through combination of structured and semi-structured interviews.

Таким чином, можемо стверджувати, що розвиток інформаційного суспільства дозволяє більш якісно та персоналізовано задовольняти потреби людей у фінансових послугах і, водночас, є причиною появи суперечностей між носіями цих послуг, що потребує переосмислення та трансформації ролі класичних фінансових посередників відповідно до вподобань споживачів.

In 2019, $35bn were invested in Fintechs globally. Fintechs are startups that are revolutionizing financial services with breakthrough technologies, new business models and innovative products and services. Today, traditional banks and insurance companies face a new competition. However, if Fintechs sure are trending, their future starts to raise questions. The Covid-19 crisis showed the difficulties startups are facing to remain alive without fundraisings. This study aims to understand what the future holds for Fintechs. On a global scale, investments in Fintechs fell at first but a rebound seems to appear in North America and Europe. Some startups actually benefit from the faster digitalization of the society. Moreover, innovations such as Big Data, Open Banking or Blockchain are driving the financial transformation. However, weaknesses of the model were put into light. Without fundraisings, Fintechs only have three possible outcomes: being profitable, acquired or listed on a stock market. However, as the M&A and IPO landscapes are not mature yet in Europe, being profitable should often be the number one goal. Some limitations that might arise are related to the fact that it is still very early to give conclusions on the impact of the Covid-19 crisis. Moreover, the study could have analyzed weaknesses and strengths for each Fintech sub-categories to show that Fintechs can have different futures regarding their specificities.
Em 2019 foram investidos, globalmente, $35bn em Fintechs. Fintechs são as start-ups que estão a revolucionar os serviços financeiros. A discussão sobre Fintech é certamente uma tendência, contudo, o seu futuro começa a levantar questões. A crise Covid-19 revelou que dificuldades as start-ups estão a enfrentar ao tentar permanecer no ativo sem angariação de fundos. Este estudo tem como objetivo entender como será o futuro das Fintech. Na escala global, os investimentos em Fintech começaram por cair, mas aparentemente estão a recuperar na América do Norte e Europa. Algumas start-ups beneficiaram de uma aceleração da digitalização da sociedade. Além disso, inovações como Big Data, Open Banking ou Blockchain estão também, a impulsionar uma transformação financeira. No entanto, as fraquezas do modelo económico das start-ups foram certamente expostas. Uma vez excluída a angariação de fundos só é possível prever três possíveis saídas para as Fintechs: ser lucrativas, adquiridas ou cotadas. No entanto, uma vez que o panorama Europeu das M&A e IPO não é ainda maturo, ser lucrativa deveria ser o principal objetivo na maioria dos casos. Limitações estão relacionadas com o facto de ainda ser prematuro retirar conclusões acerca da crise Covid-19. Além disso, o estudo poderia ter analisado as forças e fraquezas de cada subcategoria da área de Fintech de forma a demonstrar que, dependendo das suas especificações, o futuro de uma Fintech poderá variar.

The Dissertation's academic research question addresses the main Fintech credit determinants for 25 European Countries for 2013-2019. In order to address the latter, this Document's empirical strategy employs a "Short Panel data" strategy using the Fixed effects model. It first, critically analyses a baseline panel data regression that contains key determinants of Fintech credit across European Countries and five control variables. Second, three dimensions are analysed using three vectors of country-specific variables to ensure a very comprehensive range of Fintech scenarios. Therefore, three panel data regressions are critically analysed to assess the impact of (i) the openness of the business environment; (ii) the heterogeneous Banking System characteristics; and (iii) the Populational characteristics on the Fintech credit determinants and on Fintech credit itself. The main databases used are the WorldBank, BankFocus, WorldEconomicForum, and other datasets from the existing academic literature. The main findings suggest a positive association between GDP per capita and Fintech credit per capita up to a maximum threshold level of income. In terms of accessibility, the Dissertation’s findings show a negative relationship between bank branches and Fintech credit. Banking regulation is also negatively related to Fintech credit while the robustness checks suggest an interesting positive correlation between Fintech regulation and Fintech credit. Furthermore, the findings also suggest that Fintech lending activities tends to occur in countries with considerable friendly business environment, with stable and efficient banking sectors and where specific segments of population (rural or above 65 years old population) present a larger share of the total population.
Esta Dissertação aborda os principais determinantes do crédito por Fintechs de 25 Países Europeus para 2013-2019. Nesse sentido, a estratégia empírica utilizada emprega uma metodologia “Panel Data” utilizando a variante do modelo de Fixed Effects. Em primeiro lugar, analisa criticamente uma regressão de dados do painel de base que contém determinantes chave do crédito através de fintech e cinco variáveis de controlo. Em segundo lugar, são analisadas três dimensões usando três vetores de variáveis específicas por país. Seguidamente, são discutidos criticamente os resultados das três regressões para avaliar o impacto (i)da abertura para negócios; (ii) das características heterogéneas do Sistema Bancário; e (iii) das características populacionais nos determinantes do crédito fintech e no próprio crédito fintech. As bases de dados utilizadas são o WorldBank, BankFocus, WorldEconomicForum, entre outras, provenientes da literatura académica existente. As principais conclusões sugerem uma associação positiva entre o PIB per capita e o crédito per capita das fintechs até um nível máximo de rendimento. Em termos de acessibilidade e regulação bancária, os resultados mostram uma relação negativa com o crédito por Fintech, enquanto os controlos de robustez sugerem uma correlação positiva interessante entre a regulação das Fintech e o crédito por Fintech. Além disso, as conclusões sugerem também que as atividades de concessão de empréstimos através de Fintechs tende a ocorrer em países com um ambiente de negócios amigável, com sectores bancários estáveis e eficientes e onde segmentos específicos da população (população rural ou superior a 65 anos) apresentam uma maior percentagem da população total.

This research aims to identify the challenges of regulation and supervision of fintechs in the European Union in the financial markets, a reality stimulated by technological innovation that is revolutionizing financial innovation. The discovery of new ways to regulate new financial products and services puts at risk two essential goals for their survival: the first is the possibility of financial innovation eliminating financial intermediation, jeopardizing one of the main sources of profitability for banks; and the second is the risk that the State, as a regulatory body, will have reduced access to the records of financial transactions. The approach was developed within the scope of regulatory law, framing the financial crisis of 2008, and the technological revolution and financial innovation that affects the financial system. The new realities such as fintechs, bitcoins and blockchains, are changing the paradigms of regulation and supervision, whose answer can be given through Disruptive Regulation, a concept that brings together regtechs and supetechs as a new way of looking at the technological revolution and the financial innovation. The focus on regulating disruptive technologies that stimulate innovation in the financial markets brings with them new regulatory alternatives such as Regulatory Sandboxes, Innovation Hubs, accelerators and incubators for startups dedicated to the experimentation process (application, preparation, testing and evaluation). These new realities also pose complex challenges for regulators, such as the high risk of hacking, the risk of information asymmetry and the difficulty of accountability in case of errors in machines, software and humans. This set of regulatory alternatives supported by suptechs and regtechs is called Disruptive Regulation.
A presente pesquisa pretende identificar os desafios da regulação e supervisão das fintechs na União Europeia nos mercados financeiros, uma realidade estimulada pela inovação tecnológica que está a revolucionar a inovação financeira. A descoberta de novas formas de regular os novos produtos e serviços financeiros coloca em risco duas balizas indispensáveis a sua sobrevivência: a primeira consiste na possibilidade de a inovação financeira eliminar a intermediação financeira, pondo em causa uma das principais fontes de rentabilidade dos bancos; e a segunda consiste no risco do Estado, enquanto órgão regulador, ver reduzido o seu acesso aos registos das transações financeiras. A abordagem foi desenvolvida no âmbito do Direito regulatório, enquadrando-se na crise financeira de 2008, e na revolução tecnológica e inovação financeira que afeta o sistema financeiro. As novas realidades como fintechs, bitcoins e blockchains, estão a mudar os paradigmas da regulação e supervisão, cuja resposta pode ser dada por meio de uma Regulação Disruptiva, um conceito que junta as regtechs e supetechs como nova forma de olhar a revolução tecnológica e a inovação financeira. O foco da regulação das tecnologias disruptivas que estimulam a inovação dos mercados financeiros trazem consigo novas alternativas regulatórias como as Regulatory Sandboxes, Innovation Hubs, aceleradoras e incubadoras de startups vocacionados para o processo de experimentação (aplicação, preparação, teste e avaliação). Estas novas realidades acarretam também desafios complexos para os reguladores, como o elevado risco de pirataria informática, o risco da assimetria de informação e a dificuldade de responsabilização em caso de erros das máquinas, software e humanos. A este conjunto de alternativas regulatórias suportados por suptechs e regtechs chamamos de Regulação Disruptiva.

Desde o primórdio da Era Industrial até os dias atuais, observamos grandes mudanças organizacionais, atreladas ao surgimento de novas tecnologias e a alterações sociais, culturais e econômicas. Nelas, a complexidade se fez cada vez mais presente e hoje, em plena Era pós-Industrial, o uso de suas teorias e preceitos - juntamente com o uso das TIC - se mostra essencial para a sobrevivência e evolução das organizações. No mercado financeiro, tal como nos outros, a concorrência está cada vez mais acirrada e os grandes bancos necessitam rapidamente reagir e se moldar ao mundo digital, aos novos consumidores e à crescente ascensão das "fintechs". Diante disso, com este trabalho objetivamos - e acreditamos que conseguimos - demonstrar a importância e as vantagens de se utilizar conceitos e teorias da complexidade nos processos de análise e gestão das organizações. Para tanto, realizamos a revisão de literatura, sobre os temas supracitados; o estudo de caso, com contextualização do mercado atual e explanação sobre o Banco do Brasil; e, por fim, a recolha de dados, de questionários respondidos por clientes e colaborados do BB, e sua análise através de ferramentas estatísticas.
From the beginnings of the Industrial Age to the present day, we have observed great organizational changes, linked to the emergence of new technologies and to social, cultural and economic changes. In them, complexity became more and more present and today, in the post-Industrial Era, the use of its theories and precepts - together with the use of ICT - is essential for the survival and evolution of organizations. In the financial market, just like in the others, competition is getting fiercer and big banks need to quickly react and mold to the digital world, new consumers and the growing rise of fintechs. Therefore, with this work we aim - and we believe we did - demonstrate the importance and advantages of using concepts and theories of complexity in the processes of analysis and management of organizations. For this, we carry out the literature review, on the aforementioned themes; the case study, with contextualization of the current market and explanation about the Bank of Brazil; and, finally, the collection of data, questionnaires answered by BB clients and collaborators, and their analysis through statistical tools.

Este trabalho analisa o desafio das inovações disruptivas no Sector Financeiro, como as denominadas Fintech, colocado às gerações nascidas ente 1982 e 2005, caraterizadas pelas suas noções de liberdade, customizar e personalizar, integridade, entretenimento, colaboração e relacionamento, velocidade, inovação e investigadores: os Millennials. As novas tecnologias estão a mitigar os custos de transação através da otimização canais de distribuição dos negócios. Trata-se da evolução conceptual da “cadeia de valor” para a “rede de valor” em que as geometrias dos custos e das geografias são variáveis, e as parcerias tendem a ser customizadas e oportunistas. Este fenómeno, sob a macrodefinição de Economia Digital, é caraterizado pela transferência de poder na economia do conhecimento criando uma enorme incógnita sobre a atividade financeira tal como a conhecemos. Assim, esta mudança de paradigma obriga a uma redefinição da missão e das atividades englobadas nas suas empresas. O projeto de investigação implicou o estudo de conceitos como (i) Geração Millennials (ii) Comunicação, (iii) Digital Analytcs, (iiv) Marca e (v) Cooperação. Observou-se a necessidade de um profundo ajustamento do governo das sociedades no sentido de consolidar competências de gestão estratégica associadas às de marketing, contabilidade e auditoria, comunicação, criptografia e Big Data. Estas necessidades de formação abrangem todos os níveis hierárquicos tornando-os muito especializadas. Os Millennials tendem a adaptar rapidamente as inovações de testadas pelo mercado, em particular as que sugerem simplicidade, objetividade e sustentabilidade O estado embrionário do foco da investigação é a principal limitação ao plano de estudo.