The scale of the boom in the access to banking services via mobile devices is well illustrated by an analysis of the growth rate of the number of users, which amounted to 33 per cent on average in 2014-2019. At the end of Q3’19, 13 million people in Poland used mobile banking.
Polish entrepreneurs have shown that they are able to adapt to any new situation, regardless of how challenging it is. They are used to relying on each other, to support each other. Paulina Walkowiak, CEO of cux.io, says that companies can only make it out of this crisis by working together.
The COVID-19 epidemic has mercilessly exposed the weaknesses in the supply chains of many large enterprises. However, in recent years there have been other cases that should have prompted the companies to change.
In light of the large numbers of new digital entities operating on the financial market, the scope and complexity of the regulatory sphere is increasing. Regulatory and supervisory institutions are starting to reach for advanced technologies, which is beneficial for the whole sector.
In December 2019 Russian President Vladimir Putin approved a law that prohibits sale of electronic devices that are not pre-configured with Russian software. Russia’s Federal Anti-Monopoly Service has now drawn up a document outlining the basis on which the apps will be chosen.
The young people, who entered adulthood at the beginning of the 21st century, cannot imagine the world without the internet. In the use of online banking the Millennial generation has bridged the gap between the old and new countries of the European Union.
Technology companies such as Alibaba, Amazon, Facebook, Google (or more precisely its mother company, Alphabet) and Tencent started providing financial services. That generates potential economies of scale.
When it comes to advanced technologies, Europe has been lagging behind the US and China for many years. This has an effect on the growth rate and the competitiveness of the European economy, as well as the level of employment.
For years Russia has been trying to create its own internet, independent of the World Wide Web. A new law, “Stable RuNet law”, signed by President Vladimir Putin in May this year, took effect on November 2019