| Abstract [eng] |
Financial technologies, or Fintech, can be defined as technology-driven innovations that create the conditions for developing new business models, operational systems, processes, and financial products. These innovations have a significant impact on the methods of providing financial services, the functioning of financial markets, and the operations of financial institutions. Today, the Fintech sector is one of the fastest-growing industries in Lithuania. Each year, it attracts substantial investments and contributes to the creation of high value-added jobs. Notably, the Fintech sector played an important role in helping businesses adapt to the nationwide lockdown during the COVID-19 pandemic, as many companies incorporated financial technology innovations into their daily operations, thereby mitigating the impact of the crisis. This thesis explores the concept and idea of financial technologies, systematizes definitions and categories used by various researchers, organizations, and institutions, and examines Fintech business models, highlighting their advantages and disadvantages compared to traditional financial institutions. Attention is also paid to theoretical and practical directions in Fintech research, as well as the aspect of competitiveness within the sector. A review of scientific literature reveals that the services provided by the Fintech sector simplify access to financial services, increase efficiency, enable high-risk businesses and those not served by traditional banks to obtain financing, facilitate digital payments, support automated (robotic) trading systems, allow the use of crowdfunding platforms, and enable transactions using virtual currencies. Given the significant growth of loan volumes issued through crowdfunding platforms in Lithuania in recent years and the increasing popularity of such services, this master’s thesis aims to investigate how national macroeconomic indicators influenced the volume of loans issued through crowdfunding platforms during the COVID-19 pandemic. The macroeconomic indicators analyzed include the unemployment rate, inflation, consumer price index, business and consumer confidence index, and interest rates. From a theoretical perspective, these indicators are considered important drivers of financial market dynamics, influencing both the supply and demand of financing and, consequently, the activity of alternative financial services such as crowdfunding. Literature highlights that the impact of these factors may differ in the short and long term, depending on macroeconomic conditions and market expectations. This study seeks to determine the stationarity, causality, interdependence, strength of relationship, cointegration, and effect between the volume of loans issued through crowdfunding and selected macroeconomic indicators. The results of the study reveal a statistically significant linear relationship and Granger causality between the volume of loans issued through crowdfunding platforms in Lithuania and the national unemployment rate. Furthermore, it was found that regression models incorporating the COVID-19 shock variable—when analyzing the consumer price index and unemployment—demonstrated greater accuracy and were better suited to assess the impact of these indicators on the size of crowdfunding loans. |
