Fintech and the Digitalization of Austria’s Banking Sector

Austria may have a relatively small fintech industry, but the Austrian government is making efforts to foster the growth of fintech and digitalization in the domestic banking sector. Fintech start-ups will benefit from favorable government policies, fintech events, and support funds; however, the
increasing digitalization of the banking sector is likely to create risks for large banks that remain resistant to technological trends. Projections indicate that fintech and digital technologies will gain greater relevance in Austria in the next few years. Therefore, companies should integrate digital technologies in order to stay competitive. This GRI Special Report provides insight into the Austrian banking landscape, the extent of digitalization in the financial sector, and associated business risks and opportunities.