DEVELOPMENT OF FINTECH SOLUTIONS IN THE MACEDONIAN BANKING SECTOR
DEVELOPMENT OF FINTECH SOLUTIONS IN THE MACEDONIAN BANKING SECTOR

Summary/Abstract: Fintech is radically changing the financial landscape in the 21st century. It emerged because of three significant driving factors, the 4th Industrial revolution, the Covid-19 pandemic, and the changed needs of consumers. Covid-19 accelerated the fintech industry’s growth. The Internet of Things, artificial intelligence, augmented reality, and the cloud exerted tremendous pressure on traditional financial technologies. Embodied in advanced technology that provides better and more efficient financial services, fintech is intensively used by reformed financial institutions, start-ups, scale-ups, and unicorn companies. Consumers also benefit from the new digital financial services. The paper analyses the trends and perspectives for fintech development of the Macedonian financial sector. Extensive empirical research was performed regarding past and current levels of the bank’s digitization with a focus on legislation and the level of outsourcing of e-banking products and services as an obstacle or incentive for the development of the fintech industry

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