The Polish Banking Sector in an Innovation Race
The rapidly progressing digitalization and growing consumer expectations force the traditional banking business to be changing. Today, to arrange our financial affairs we need only smartphone and access to the Internet. We're witnessing a powerful revolution in the financial sector and Poland plays one of the key roles in this game.
Poland is considered as leader when it comes to financial innovation. Around 40% of the financial technology market in the CEE region belongs to Poland.
Nowadays, in Poland, nearly 25 million people use fintech solutions. Interestingly, but the majority of these people even don't know about it. Every day they do shopping using Apple or Google Pay, BLIK, order a taxi using a mobile app or use a bank's application. All these actions are related to Fin-Tech.
The Fintech Ecosystem in Poland
Despite the fact, that the main target audience of Polish fintech companies are business clients, the majority of local fintech companies cooperate maily with banks, who are constantly looking for new innovative solutions.
For instance, the Warsaw Stock Exchange SA, the stock exchange based in Poland, recently announced plans to invest in and cooperate with companies related to the fintech field.
What are the benefits of entering the Polish market:
1.Competitive and innovative
2. Market size and access to others
markets (the EU)
3. Cooperation between startups and banks
4. Low cost to enter the market