Innovation in Financial Services : Balancing Public and Private Interests book cover
1st Edition

Innovation in Financial Services
Balancing Public and Private Interests

ISBN 9780367508913
Published October 30, 2020 by Routledge
296 Pages 30 B/W Illustrations

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Book Description

This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors.

Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers’ protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors.

The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.

Table of Contents

List of Figures

List of Tables

List of Contributors



Lech Gąsiorkiewicz, Jan Monkiewicz

Part I Systemic issues

  1. Digital transformation of the financial ecosystem: interaction of private and public sector.
  2. Marcin Kotarba

  3. Innovation cycles in financial services
  4. Adam Śliwiński

  5. Financial innovations and systemic risk – a financial stability policy perspective
  6. Adam Głogowski

  7. Financial consumers’ protection under the impact of reregulation and innovations
  8. Milena Kabza, Marek Monkiewicz

    Part II Public sector

  9. The central bank feeding the budget: a heresy that must become routine
  10. Andrzej Sopoćko

  11. Regulatory and supervisory systems and financial innovations: challenges, impacts, prospects
  12. Jan Monkiewicz, Marek Monkiewicz

  13. Innovations in risk-transferring mechanisms on financial market and systemic risk
  14. Renata Karkowska

  15. Supervisory issues over blockchain-based activities
  16. Witold Srokosz

  17. Modelling and forecasting of crises on the financial markets: application of catastrophe’s theory
  18. Ewa Drabik

    Part III Private sector

  19. Artificial intelligence in financial services - benefits and costs
  20. Milena Kabza

  21. Text analysis in finance: the challenges for efficient application
  22. Karol Klimczak

  23. High frequency trading - a new challenge for capital market
  24. Renata Karkowska, Jacek Karasiński

  25. The use of innovations in insurance: case of trade credit insurance
  26. Jacek Lisowski, Anna Chojan

  27. Innovations in management models – the case of process management in insurance

Lech Gąsiorkiewicz


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Lech Gąsiorkiewicz is a Professor of Finance at Warsaw University of Technology, Poland.

Jan Monkiewicz is a Professor of Financial Management at Warsaw University of Technology, Poland.