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Technological Change and Financial Innovation in Banking: Some Implications for Fintech

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  • W. Scott Frame
  • Larry D. Wall
  • Lawrence J. White

Abstract

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.

Suggested Citation

  • W. Scott Frame & Larry D. Wall & Lawrence J. White, 2018. "Technological Change and Financial Innovation in Banking: Some Implications for Fintech," FRB Atlanta Working Paper 2018-11, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedawp:2018-11
    DOI: 10.29338/wp2018-11
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    4. K.S. Madhushankha & R. Senathirajag, 2022. "Determinants for Consumer Choice of “Electronic Banking Utilization†; Evidence from Customers of Public Banks in Sri Lanka," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(1), pages 624-634, January.
    5. Vokata, Petra, 2021. "Engineering lemons," Journal of Financial Economics, Elsevier, vol. 142(2), pages 737-755.
    6. Treu, Johannes, 2022. "FinTech, General Purpose Technology und Wohlfahrt," IU Discussion Papers - Business & Management 5 (Juni 2022), IU International University of Applied Sciences.
    7. Brown, Ross & Lee, Neil, 2019. "Strapped for cash? Funding for UK high growth SMEs since the global financial crisis," Journal of Business Research, Elsevier, vol. 99(C), pages 37-45.
    8. He, Xingxing & Xiong, Deping & Khalifa, Wagdi M.S. & Li, Xin, 2021. "Chinese banking sector: A major stakeholder in bringing fourth industrial revolution in the country," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    9. Lin, Chen & Ma, Chicheng & Sun, Yuchen & Xu, Yuchen, 2021. "The telegraph and modern banking development, 1881–1936," Journal of Financial Economics, Elsevier, vol. 141(2), pages 730-749.
    10. Hussain, Matloub & Papastathopoulos, Avraam, 2022. "Organizational readiness for digital financial innovation and financial resilience," International Journal of Production Economics, Elsevier, vol. 243(C).
    11. Serge Ky & Clovis Rugemintwari & Alain Sauviat, 2019. "Is fintech good for bank performance? The case of mobile money in the East African Community," Working Papers hal-02155077, HAL.
    12. Hwa-Sung Kim, 2023. "Effects of ambiguity on innovation strategies," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    13. Ebrahim Mohammed Al-Matari & Mahfoudh Hussein Mgammal & Mushari Hamdan Alosaimi & Talal Fawzi Alruwaili & Sultan Al-Bogami, 2022. "Fintech, Board of Directors and Corporate Performance in Saudi Arabia Financial Sector: Empirical Study," Sustainability, MDPI, vol. 14(17), pages 1-23, August.

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    More about this item

    Keywords

    financial innovations; technological change; banking; fintech;
    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
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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