Innovation in Financial Services Balancing Public and Private Interests
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.
List of Figures
List of Tables
List of Contributors
Lech Gąsiorkiewicz, Jan Monkiewicz
Part I Systemic issues
- Digital transformation of the financial ecosystem: interaction of private and public sector.
- Innovation cycles in financial services
- Financial innovations and systemic risk – a financial stability policy perspective
- Financial consumers’ protection under the impact of reregulation and innovations
- The central bank feeding the budget: a heresy that must become routine
- Regulatory and supervisory systems and financial innovations: challenges, impacts, prospects
- Innovations in risk-transferring mechanisms on financial market and systemic risk
- Supervisory issues over blockchain-based activities
- Modelling and forecasting of crises on the financial markets: application of catastrophe’s theory
- Artificial intelligence in financial services - benefits and costs
- Text analysis in finance: the challenges for efficient application
- High frequency trading - a new challenge for capital market
- The use of innovations in insurance: case of trade credit insurance
- Innovations in management models – the case of process management in insurance
Milena Kabza, Marek Monkiewicz
Part II Public sector
Jan Monkiewicz, Marek Monkiewicz
Part III Private sector
Renata Karkowska, Jacek Karasiński
Jacek Lisowski, Anna Chojan