New technologies in the financial industry: case of Poland Iwanicz-Drozdowska, Magorzata; Cichowicz, Ewa; Cicirko, Marianna ...
Economics and Business Review/The Poznań University of Economics Review,
10/2023, Volume:
9, Issue:
3
Journal Article
Peer reviewed
Open access
This study evaluates the scope and consequences of the application of new technologies (NTs) within the Polish banking and insurance sectors and thus contributes to the knowledge of CEE financial ...market development. The goal is to understand the implementation of particular NTs in two different sectors and identify the motivations, strategies, phases of realisation and cost efficiency depending on the institutions size. The detail of the study requires the use of qualitative research methods. In-depth interviews are employed to figure out the criteria based on which decisions to implement NTs are made. The findings indicate that the primary objective of NT implementation is to respond to customers needs, followed by cost-cutting and achieving more efficient internal processes. The application of artificial intelligence (AI) and machine learning (ML) in risk management areas is still a work in progress. In the next five years cloud computing is expected to become the most important NT and thus will have to meet numerous regulatory requirements.
The growing significance of the climate risk issue prompted the author of the article to undertake re- search aimed at identifying potential ways of impacting this risk on the insurance sector, with ...particu- lar emphasis on polish market. The article is the result of an original qualitative exploratory study and fills the research gap for Poland regarding the perception of climate risk by experts from the insurance sector. The article presents the channels of influence and potential effects of climate change on thenon-financial and financial sectors. The author also looked at international climate actions undertaken since the 1980s and recent market regulations towards sustainable development. The results of the study presented in the article indicated that the impact of climate change on the activities of insurance companies is significant. Climate risk will affect both the areas of assets and liabilities, and the most important areas of changes towards ESG, and thus generating the highest risk, are underwriting, rein- surance, investments and regulations. Experts do not believe that climate risk threatens the solvency of the insurance sector in Poland. The capital situation of Polish companies is stable and insurance companies are equipped with tools to manage this risk. A significant problem of the Polish market is the lack of availability of sustainable products.
