This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors.

0. Introduction Part I: Systemic issues 1. Digital transformation of the financial ecosystem: interaction of private and public sector. 2. Innovation cycles in financial services 3.Financial innovations and systemic stability - the problem of risk mitigation 4. Financial consumers' protection under the impact of reregulation and innovations Part II: Public sector 5. The central bank feeding the budget: a heresy that must become routine 6. Regulatory and supervisory systems and financial innovations: challenges, impacts, prospects 7. Innovations in risk-transferring mechanisms on financial market and systemic risk 8. Supervisory issues over blockchain based activities 9. Modelling and forecasting of crises on the financial markets: application of catastrophe's theory Part III Private sector 10. Artificial intelligence in financial services - benefits and costs 11. Text analysis in finance:the challenges for efficient application 12. High frequency trading - a new challenge for capital market 13. The use of innovations in insurance: case of trade credit insurance 14. Innovations in management models - the case of process management in insurance