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Fintech and the banking bandwagon

Author

Listed:
  • Bunea, Sinziana

    (University of Pennsylvania)

  • Kogan, Benjamin

    (FinTxt Ltd)

  • Kund, Arndt-Gerrit

    (University of Cologne)

  • Stolin, David

    (Toulouse Business School)

Abstract

We examine annual report filings of U.S. listed banks to assess their attitude toward the financial technology (fintech) sector. Banks did not mention the impact of fintech on their business until the 2016 filing season, when 14 banks, or 3% of the total number of filers, did so. In 2017, this number skyrocketed to 66 banks, or 14% of filers. These filings prove to be a rich source of data about banks’ perceptions of fintech. Further, compared to survey data, the information has the advantage of being management-certified and not anonymous. We analyze what banks say about fintech in their annual filings and find that they are largely concerned about fintech’s impact on deposits, lending, and payments business, and about the proposed bank charter for fintechs. Banks are much less worried about cryptocurrencies, blockchain, and competition from “Big Tech.” There is also evidence of banks being influenced by what their peers are saying, and even copying peers’ disclosures verbatim.

Suggested Citation

  • Bunea, Sinziana & Kogan, Benjamin & Kund, Arndt-Gerrit & Stolin, David, 2018. "Fintech and the banking bandwagon," Journal of Financial Transformation, Capco Institute, vol. 47, pages 25-33.
    • Handle: RePEc:ris:jofitr:1606
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    More about this item

    Keywords

    Fintech; 10-K; Text Mining; Bank Disclosure;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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