CONSIDERATIONS ON THE FINANCIAL, ACCOUNTING AND RELATIONAL IMPACT OF FINTECH PLATFORMS ON ROMANIAN COMPANIES

Abstract

The emergence of FinTech has generated a new paradigm of financial culture by proposing innovative models of financial applications and products that have given rise to a new type of business with financial technology at its core. The considerations in this article focus on companies as beneficiaries of FinTech and cover all six business functions proposed by Gomber, Koch and Siering  respectively: Digital Financing, Digital Investments, Digital Money, Digital Payment, Digital Insurances and Digital Financial Advice. The stated functions are analysed along three lines: the financial consequences of these approaches at company level, how to recognise the generated flows in company accounting and the implications for supplier-beneficiary communication.

The study methods used are the review of international and Romanian literature on the one hand, and of the regulations applied in Romania regarding FinTech, on the other hand, and also, empirical analysis on revealing cases of the phenomenon and questionnaire.

As a summary of our conclusions, we can state that the impact of these technologies on Romanian companies is positive. Romanian companies are interested in accessing FinTech technology, but there is a slowdown in the pace of implementation generated both by relatively small investments in this area and insufficient financial education of managers.