The Implementation of FinTech in the Austrian Banking Sector: A Future Outlook

Recent developments in the global banking industry have also affected the Austrian retail banking sector. FinTech companies have emerged and benefit from trends such as the digitalization and the changing customer preferences. They seem to cater the market needs more precisely than traditional banks are able to due to several factors on both sides. The purpose of this conducted study is to answer how FinTech will change the Austrian retail banking sector in the future. Additionally, the openness of customers towards FinTechs as well as the factors that have a significant influence on it need to be investigated. The literature review summarizes essential theory for the empirical studies. However, in order to fulfill the purpose of the study empirical research was required as well including online surveys, multiple linear regression models and expert interviews. The findings indicate that FinTech mostly has a positive influence on the Austrian retail banking sector since banks profit from the innovative solutions. Additionally, this development led to a favorable ongoing adaption of the business culture in traditional institutions. Only a few competitive fields have potential, however, the Austrian customer base seems to be relatively opposed to non-bank financial service providers.*****Recent developments in the global banking industry have also affected the Austrian retail banking sector. FinTech companies have emerged and benefit from trends such as the digitalization and the changing customer preferences. They seem to cater the market needs more precisely than traditional banks are able to due to several factors on both sides. The purpose of this conducted study is to answer how FinTech will change the Austrian retail banking sector in the future. Additionally, the openness of customers towards FinTechs as well as the factors that have a significant influence on it need to be investigated. The literature review summarizes essential theory for the empirical studies