Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

FinTech and banks: A revolution that never happened

Vol. 25, Iss. 7, JULY 2019

Received: 22 April 2019

Received in revised form: 20 May 2019

Accepted: 3 June 2019

Available online: 1 August 2019

Subject Heading: Banking

JEL Classification: G21

Pages: 1501–1513

Zver'kova T.N. Orenburg State University, Orenburg, Russian Federation

Subject Over the past ten years, the media have been actively discussing the difficult relationships between FinTech companies and traditional banks. The former use the cutting edge digital technologies, big data analysis, aided by blockchain technologies, and this should have changed the banking world and open a new era of fundamentally new products and services. A decade later, however, the situation in the banking market has not significantly changed. FinTech companies have been unable to compete with banks, and the most successful ones apply for bank licenses.
Objectives The study aims to identify and systematize the most likely causes and problems that prevented FinTech companies to tip the balance of power in the banking market.
Methods I employ methods of comparison, expert assessment, and generalization.
Results Nowadays, FinTech companies and start-ups do not have significant financial opportunities to continue their competition with banks and reshape the banking market. They are forced to focus on narrow and low-margin areas. Unfortunately, their business models are intended for fast growth and early sale. Against the backdrop of a slowdown in economic growth, they should look for new breakthrough opportunities, arrange a sale at a cheaper price to banks, or merge with other FinTech companies.
Conclusions It is crucial for FinTech companies and startups to initially work out their business models and concentrate on creating artificial intelligence that generates new financial intermediation models involving virtual currencies.

Keywords: FinTech, FinTech company, startup, bank, model


  1. Skinner K. Tsifrovoi bank. Kak sozdat' tsifrovoi bank ili stat' im [Digital Bank: Strategies to Launch or Become a Digital Bank]. Moscow, Mann, Ivanov i Ferber Publ., 2014, 202 p.
  2. Osadchii N.K. [Digital transformation of banking services sector: Analysis of Russian and foreign practice]. Ekonomika. Biznes. Banki = Economics. Business. Banks, 2017, no. S8, pp. 123–129. (In Russ.)
  3. Usoskin V.M., Belousova V.Yu., Kozyr' I.O. [Financial intermediation in a new technology environment]. Den'gi i kredit = Russian Journal of Money and Finance, 2017, no. 5, pp. 14–21. (In Russ.)
  4. Ustyuzhanina E.V., Sigarev A.V., Shein R.A. [Digital Economy as a New Paradigm of Economic Development]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2017, vol. 16, no. 12, pp. 2238–2253. (In Russ.) URL: Link
  5. Maslennikov V.V., Fedotova M.A., Sorokin A.N. [New financial technologies change our world]. Vestnik finansovogo universiteta = Bulletin of Financial University, 2017, vol. 21, no. 2, pp. 6–11. URL: Link (In Russ.)
  6. Chishti S., Barberis J. Fintekh. Putevoditel' po noveishim finansovym tekhnologiyam [The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries]. Moscow, Al'pina Pablisher Publ., 2017, 676 p.
  7. Kornivskaya V.O. [Bitcoin and blockchain through the prism of the underlying conditions of financial and socio-economic development]. Ekonomicheskaya teoriya = Economic Theory, 2017, vol. 14, no. 4, pp. 60–76. (In Russ.)
  8. Nurmukhametov R.K., Stepanov P.D., Novikova T.R. [Blockchain Technology: Essence, Types, Application in Russia]. Den'gi i kredit = Russian Journal of Money and Finance, 2017, no. 12, pp. 101–103. (In Russ.)
  9. Pestunov A.I. ['Blockchain' Distributes Secure Ledger and Cryptocurrencies: Potential Using in Business and Government]. EKO = ECO, 2018, no. 8, pp. 78–92. (In Russ.) URL: Link
  10. Swan M. Blokchein. Skhema novoi ekonomiki [Blockchain: Blueprint for a New Economy]. Moscow, Olimp-Biznes Publ., 2017, 235 p.
  11. Pertseva S.Yu., Kopylov D.A. [The Basics of Fintech Industry and Implementation of Its Principles in the Case of Payments and Transfers Segment]. Problemy natsional'noi strategii = Problems of National Strategy, 2018, no. 4, pp. 186–195. URL: Link (In Russ.)
  12. Dem'yanova E.A. [Criteria for Assessing CorporateDevelopment Risks Arising with Introduction of Financial Technologies]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2017, vol. 21, no. 4, pp. 182–190. URL: Link (In Russ.)
  13. Kotlyarov I.D. [FinTech: Nature and models of implementation]. EKO = ECO, 2018, no. 12, pp. 23–39.(In Russ.) URL: Link
  14. Obukhova E.A. [ICO as a Modern Method of High-Tech Projects Financing]. EKO = ECO, 2018, no. 3, pp. 181–192. (In Russ.) URL: Link
  15. Khoroshilov E.E. [New Technologies in Canadian Financial Sector: Artificial Intelligence and Big Data]. SShA i Kanada: ekonomika, politika, kul'tura = USA v Canada: Economics, Politics, Culture, 2018, no. 10, pp. 50–65. URL: Link (In Russ.)
  16. Andreeva A.V. [The role of financial innovation in marketing strategy of commercial banks]. Ekonomicheskie nauki = Economic Sciences, 2010, no. 68, pp. 202–205. URL: Link (In Russ.)
  17. Pertseva S.Yu. [Fintech: Mechanism of function]. Innovatsii v menedzhmente = Innovations in Management, 2017, no. 2, pp. 50–53. URL: Link (In Russ.)
  18. Kotlyarov I.D. [Typical Business Strategies of Players of the Financial Market Under Fintech Revolution]. EKO = ECO, 2019, no. 2, pp. 135–152. (In Russ.) URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 11
November 2019