1st Edition
The Digital Revolution in Banking, Insurance and Capital Markets
The digital transformation of finance and banking enables traditional services to be delivered in a more effective and efficient way but, at the same time, presents crucial issues such as fast-growing new asset classes, new currencies, datafication and data privacy, algorithmization of law and regulation and, last but not least, new models of financial crime. This book approaches the evolution of digital finance from a business perspective and in a holistic way, providing cutting-edge knowledge of how the digital financial system works in its three main domains: banking, insurance and capital markets.
It offers a bird’s-eye view of the major issues and developments in these individual sectors. The book begins by examining the wider framework of the subsequent analysis and over the next three parts, discusses the opportunities, risks and challenges facing the digitalization of these individual financial subsectors, highlighting the similarities and differences in their digitalization agenda, as well as the existing linkages and dependencies among them. The book clarifies the strategic issues facing the development of digital finance in these major subsectors over the coming years. The book has three key messages: that digital transformation changes fundamentally the way financial businesses operate; that individual trades have their own digitalization agenda; and that the state with its regulatory power and central banking and money has a particularly important role to play.
It will be of interest to scholars, students and researchers of finance andbanking, as well as policymakers wishing to understand the values and limitations of new forms of digital money.
List of Figures
List of Tables
List of Contributors
Introduction - Lech Gąsiorkiewicz, Jan Monkiewicz
Digital finance glossary - Jan Monkiewicz, Marek Monkiewicz
Part 1 The framework
Ch.1 Digital transformation of finance: regulatory issues and challenges -Monkiewicz Jan
Ch.2 The Digital Finance in Central Banking-Jasiński Leszek
Ch.3 Digital transformation of financial institutions - Kotarba Marcin
Part 2 Digital banking
Ch.4 Central bank in the age of digital finance –Szpunar Piotr, Żuk Piotr
Ch.5 Commercial banking: drivers of accelerated digitalization - Kasiewicz Stanisław, Kurkliński Lech
Ch.6 Open banking: what does open banking open? –Kotarba Marcin
Ch.7 Techfins and the banking system: rising battlefield - Kurkliński Lech, Kasiewicz Stanisław
Part 3 Digital insurance
Ch.8 Digitalisation of Insurance: New Values, New Challenges-Monkiewicz Jan, Monkiewicz Marek
Ch.9 Internet of things in insurance. Quo vadis? - Kruk Marta, Gąsiorkiewicz Lech
Ch.10 Telematics in motor insurance: new opportunities and challenges for insureds - Monkiewicz Marek, Śliwiński Adam
Ch.11 Big data analytics in insurance: what is on offer -Szaniewski Daniel
Part 4 Digitalization of capital markets
Ch.12 Smart contracts and artificial intelligence– Dziedzic Magdalena
Ch.13 Development of cryptoassets and its wider impact–Ciupa Katarzyna
Ch.14 Digitalisation of reporting standards on the capital markets -Szymanek Arkadiusz, Wiśniewski Tomasz
Ch.15 The Growing role of non-financial reporting in the age of digital finance-Sobczak Lidia
Index
Biography
Lech Gąsiorkiewicz is a Professor of Finance at the Warsaw University of Technology, Poland.
Jan Monkiewicz is a Professor of Financial Management at the Warsaw University of Technology, Poland.