Particularities of Digital Transformation in Financial Organizations
Particularities of Digital Transformation in Financial Organizations

Summary/Abstract: The global phenomenon of the financial fields digitalization along with the generalized and unsystematized access to information via the Internet are making a revolutionary progress in the organization of economic sectors, of which, certainly, the financial industry makes no exception. The extreme plasticity, as well as the globalization of financial services, together with the successive technological revolutions, bring opportunities and also challenges for the continuous adaptation of the financial policies of private companies or national public institutions. The presence of the emerging technologies and virtual financial products offers consumers greater freedom, higher independence from the legislative regulations of economic markets, while also trying to address the issue of data security and confidentiality and increased confidence in those products. In recent times, emerging financial technologies called Fintech have continued to reshape the financial services sector in an unprecedented way. New start-up companies manage to provide innovative technologies in the financial market, challenging the sustainability of classic business models in the field and causing disruptive effects on existing financial institutions and business methods. These progressive developments not only pave the way for new business openings, but also bring threats for traditional financial institutions. They can provide alternative solutions and new business models that change the way this industry works and provide customers faster, cheaper, easier-to-understand and to use services in a more transparent and secure way. In this new environment and under the influence of this disruptive trend, the management of financial organizations is confronted with strategic and managerial implications through which it is forced to identify and understand the effects of this phenomenon, implement corrective measures and adapt quickly and efficiently to new market conditions.

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