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The Impact of Technology on the Financial Services Industry

In: HANDBOOK OF GLOBAL FINANCIAL MARKETS Transformations, Dependence, and Risk Spillovers

Author

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  • Arindam Bandopadhyaya
  • Jinglin Yang

Abstract

Technological changes have had an impact on every traditional industry, including financial services. Brick and mortar banks are no longer the face of this industry. New technological inventions, such as bitcoin-inspired distributed system, Open Application Program Interface (API), and crowd-sourced identity schemes have shaped the industry into something faster, safer, and cost-efficient. In this chapter, we explore the influence of technology on the financial service industry. We first investigate the impact of technology on existing market elements like retail investors, commercial banking, traditional exchanges, and the emergence of exchange traded funds. We examine high-frequency trading and the link between technology flash crashes. We also investigate how technology has influenced the profession of equity research. We then document new inventions like Open APIs and Blockchains and discuss how such innovations have and are likely to change the business landscape in the financial services industry.

Suggested Citation

  • Arindam Bandopadhyaya & Jinglin Yang, 2019. "The Impact of Technology on the Financial Services Industry," World Scientific Book Chapters, in: Sabri Boubaker & Duc Khuong Nguyen (ed.), HANDBOOK OF GLOBAL FINANCIAL MARKETS Transformations, Dependence, and Risk Spillovers, chapter 21, pages 551-570, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813236653_0021
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    More about this item

    Keywords

    Market Integration; Risk Management; Risk Assessment; Financial Uncertainty; Volatility; Financial Markets; Financial Development; Country Risks; Sovereign Debt Markets;
    All these keywords.

    JEL classification:

    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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