Perspectives of Fintech Development on the Banking Service Market in the Republic of Moldova

Abstract

Over the past decade, fintech has led to greater access to financial services for all consumers. Meanwhile, innovative new technologies are transforming services and markets in areas as diverse as financial markets trading. Technologies have changed the way people think and behave. Technologies have spawned the emergence of a multitude of new businesses to meet customer demand and this indicates that digital technologies are a strategic priority. Indeed, banks are fast becoming digitalised and there is fierce competition to provide the highest quality service to the highest number of customers. The rise of digital tools is causing significant economic shifts in how financial services are created, potentially leading to a major restructuring of the financial sector. The development of fintech is essential for the banking system, providing greater accessibility to financial services, streamlining operations, stimulating innovation, promoting financial inclusion and improving transaction security. Its multiple benefits can transform the banking sector, bringing significant advantages to both customers and banks. CZU: 336.717:005.591.6(478); JEL: M31, G21, O31