Technological change and financial innovation in banking: Some implications for fintech

Arbeitspapier

Financial intermediation has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literatures relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant fintech innovations that are transforming various aspects of banking. Drawing on the literature on innovations from the 1990s and 2000s informs what we might expect from recent developments.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2018-11

Classification and Topics

• Classification: Wirtschaft ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors ; Technological Change: Choices and Consequences; Diffusion Processes
• Subject: financial innovation ; technological change ; banking ; fintech

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Frame, W. Scott ; Wall, Larry D. ; White, Lawrence J.
• Event: Veröffentlichung
• (who): Federal Reserve Bank of Atlanta
• (where): Atlanta, GA
• (when): 2018

Further information

• DOI: doi:10.29338/wp2018-11
• Handle: http://hdl.handle.net/10419/200533
• Last update: 10.03.2025, 11:46 AM CET