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The technology

In: Fintech

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Abstract

Technology is used by fintechs to produce financial services in a way that is different from what has been done traditionally. The output includes what may be seen as completely new products (for example, paying by using a mobile phone rather than cash, cheques and credit cards). Two issues are stressed with respect to the use of technology to provide financial services. The first is that the technologies used by the finance industry are not as revolutionary as electricity and the steam engine, just to give two examples. The second issue is that the finance applications of state-of-the-art technology do not contribute as much to human welfare as applications of the same technologies in other fields.

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  • ., 2022. "The technology," Chapters, in: Fintech, chapter 4, pages 55-80, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21229_4
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    Keywords

    Economics and Finance; Law - Academic;

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