1st Edition

Innovation in Financial Services Balancing Public and Private Interests

Edited By Lech Gąsiorkiewicz, Jan Monkiewicz Copyright 2021
    296 Pages 30 B/W Illustrations
    by Routledge

    296 Pages 30 B/W Illustrations
    by Routledge

    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

    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



    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.