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Digitalization in financial services and household finance: fintech, financial literacy and financial stability

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Abstract

In this study we characterize and discuss digitalization in the financial services industry, focusing on the link between fintech and financial stability. Digitalization and the emerging fintech industry offer a large variety of new products and ways to save. As a result, the process of matching savers with investors will become more direct and the share of wealth invested through other channels than the traditional bank lending channel will increase further. At the same time, the volume of intermediated private wealth is rising as a share of GDP. These developments will likely require changes in regulation and supervision but also new approaches toward financial education, as the more direct link between savers and investors calls for new forms of financial literacy.

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  • Helmut Elsinger & Pirmin Fessler & Judith Feyrer & Konrad Richter & Maria Antoinette Silgoner & Andreas Timel, 2018. "Digitalization in financial services and household finance: fintech, financial literacy and financial stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 35, pages 50-58.
    • Handle: RePEc:onb:oenbfs:y:2018:i:35:b:1
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    1. Bettina Greimel-Fuhrmann & Maria Antoinette Silgoner & Rosa Weber, 2015. "Financial literacy gaps of the Austrian population," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 35-51.
    2. Beat Weber, 2014. "Bitcoin – The Promise and Limits of Private Innovation in Monetary and Payment Systems," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 53-66.
    3. Beat Weber, 2016. "Bitcoin and the legitimacy crisis of money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(1), pages 17-41.
    4. Pirmin Fessler & Martin Schürz, 2018. "Private Wealth Across European Countries: The Role of Income, Inheritance and the Welfare State," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 19(4), pages 521-549, October.
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    1. N.G. Vovchenko & S.S. Galazova & A.A. Sopchenko & O.S. Dzhu, 2019. "FinTech Ecosystem as an Instrument of Sustainable Development Provision," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 147-155.
    2. Tiina Koskelainen & Panu Kalmi & Eusebio Scornavacca & Tero Vartiainen, 2023. "Financial literacy in the digital age—A research agenda," Journal of Consumer Affairs, Wiley Blackwell, vol. 57(1), pages 507-528, January.
    3. Hrvoje Serdarušić & Mladen Pancić & Željka Zavišić, 2024. "Green Finance and Fintech Adoption Services among Croatian Online Users: How Digital Transformation and Digital Awareness Increase Banking Sustainability," Economies, MDPI, vol. 12(3), pages 1-18, February.
    4. Prince Hikouatcha & Alain Gilles Tagne Foka & Armand Depesquidoux Fossi & Simplice A Asongu, 2024. "Empirical investigation of the Fintech and financial literacy nexus: Small business managers’ insights in Cameroon," African Journal of Science, Technology, Innovation and Development, Taylor & Francis Journals, vol. 16(2), pages 219-237, February.
    5. Khan, Muhammad Zubair & Khan, Zafir Ullah & Hameed, Affan & Zada, Shehnaz Sahib, 2021. "On the upside or flipside: Where is venture capital positioned in the era of digital disruptions?," Technology in Society, Elsevier, vol. 65(C).
    6. Johannes Treu, 2023. "The Chance of FinTech to be a New General-Purpose Technology," International Business Research, Canadian Center of Science and Education, vol. 16(11), pages 1-22, November.

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    More about this item

    Keywords

    household finance; portfolio choice; digitalization; fintech; financial literacy; financial stability;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

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