IT company risk assessment in implementation of financial technologies

Abstract

Nowadays, the focus on financial technologies and their processes is increasing. Financial technology is recognized as one of the most important innovations in the financial industry, which is developing extremely rapidly. Consenquency, not only financial sectory is using these new technologies. Financial technologies can be adapted by information technology (IT) companies. The article reveals the essence and content of the Fintech concept and formulates the main types of financial technology innovation. It also analyzes the risks that IT companies may face when deciding to implement financial technologies internally. The main goal of this study is to examine the possible risks of Fintech implementation/process used, to perform their assessment in IT companies. To achieve the goal, the analysis and systematization of scientific literature sources, expert surveys, quantitative and qualitative assessments, SWOT analyses, risk map are used. The purpose of this article is to reveal what risks Fintech needs to know and assess in order to effectively implement technologies in IT companies. In conclusion, results agree with mentioned hypothesis.