IDEAS home Printed from
   My bibliography  Save this paper

Will video kill the radio star? Digitalisation and the future of banking


  • Beck, Thorsten
  • Cecchetti, Stephen G.
  • Grothe, Magdalena
  • Kemp, Malcolm
  • Pelizzon, Loriana
  • Sánchez Serrano, Antonio


This report discusses the impact of digitalization on the structure of the European banking system. The recent wave of financial innovation based on the opportunities digitalisation offers, however, has come mostly from outside the incumbent banking system in the form of new financial service providers, either in competition or cooperation with incumbent banks but with the potential for substantial disruption. After discussing how identified risks may evolve and the emergence of new sources of risks, the report introduces three different scenarios for the future European banking system: (i) incumbent banks continue their dominance; (ii) incumbent banks retrench; and (iii) central bank digital currencies (under certain specifications). It also derives macroprudential policy measures.

Suggested Citation

  • Beck, Thorsten & Cecchetti, Stephen G. & Grothe, Magdalena & Kemp, Malcolm & Pelizzon, Loriana & Sánchez Serrano, Antonio, 2022. "Will video kill the radio star? Digitalisation and the future of banking," Report of the Advisory Scientific Committee 12, European Systemic Risk Board.
  • Handle: RePEc:srk:srkasc:202212
    Note: 1601201

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. David Yermack, 2017. "Corporate Governance and Blockchains," Review of Finance, European Finance Association, vol. 21(1), pages 7-31.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Santiago Carbó‐Valverde & Pedro J. Cuadros‐Solas & Francisco Rodríguez‐Fernández & José Juan Sánchez‐Béjar, 2024. "Digital innovation and de‐branching in the banking industry: Customer perception and satisfaction," Global Policy, London School of Economics and Political Science, vol. 15(S1), pages 8-20, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ilya Ivaninskiy & Irina Ivashkovskaya & Joseph A. McCahery, 2023. "Does digitalization mitigate or intensify the principal-agent conflict in a firm?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(3), pages 695-725, September.
    2. Su, Dan & Zhang, Lijun & Peng, Hua & Saeidi, Parvaneh & Tirkolaee, Erfan Babaee, 2023. "Technical challenges of blockchain technology for sustainable manufacturing paradigm in Industry 4.0 era using a fuzzy decision support system," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    3. Lin William Cong & Zhiguo He & Jiasun Li & Wei Jiang, 2021. "Decentralized Mining in Centralized Pools [Concentrating on the fall of the labor share]," The Review of Financial Studies, Society for Financial Studies, vol. 34(3), pages 1191-1235.
    4. Maurizio Massaro & Francesca Dal Mas & Charbel Jose Chiappetta Jabbour & Carlo Bagnoli, 2020. "Crypto‐economy and new sustainable business models: Reflections and projections using a case study analysis," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(5), pages 2150-2160, September.
    5. Wang, Chengfu & Chen, Xiangfeng & Xu, Xun & Jin, Wei, 2023. "Financing and operating strategies for blockchain technology-driven accounts receivable chains," European Journal of Operational Research, Elsevier, vol. 304(3), pages 1279-1295.
    6. Xiaotong Sun & Charalampos Stasinakis & Georigios Sermpinis, 2022. "Decentralization illusion in Decentralized Finance: Evidence from tokenized voting in MakerDAO polls," Papers 2203.16612,, revised Mar 2023.
    7. Bhuiyan, Rubaiyat Ahsan & Husain, Afzol & Zhang, Changyong, 2021. "A wavelet approach for causal relationship between bitcoin and conventional asset classes," Resources Policy, Elsevier, vol. 71(C).
    8. Cahill, Daniel & G. Baur, Dirk & (Frank) Liu, Zhangxin & W. Yang, Joey, 2020. "I am a blockchain too: How does the market respond to companies’ interest in blockchain?," Journal of Banking & Finance, Elsevier, vol. 113(C).
    9. Olivier Meier & Aurélie Sannajust, 0. "The smart contract revolution: a solution for the holdup problem?," Small Business Economics, Springer, vol. 0, pages 1-16.
    10. Vasilios Plakandaras & Elie Bouri & Rangan Gupta, 2019. "Forecasting Bitcoin Returns: Is there a Role for the U.S. – China Trade War?," Working Papers 201980, University of Pretoria, Department of Economics.
    11. Goldberg, Mitchell & Schär, Fabian, 2023. "Metaverse governance: An empirical analysis of voting within Decentralized Autonomous Organizations," Journal of Business Research, Elsevier, vol. 160(C).
    12. Jongsub Lee & Tao Li & Donghwa Shin, 2022. "The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 11(1), pages 1-46.
    13. Plinio Limata, 2020. "Blockchain and Institutions (II): The Realm of Law," CERBE Working Papers wpC36, CERBE Center for Relationship Banking and Economics.
    14. Laurens Swinkels, 2023. "Empirical evidence on the ownership and liquidity of real estate tokens," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-29, December.
    15. Bruno Biais & Christophe Bisière & Matthieu Bouvard & Catherine Casamatta, 2019. "The Blockchain Folk Theorem," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1662-1715.
    16. Sun, Yi & Jiang, Shiqing & Jia, Wanjiao & Wang, Yu, 2022. "Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective," Telecommunications Policy, Elsevier, vol. 46(10).
    17. Flori, Andrea, 2019. "News and subjective beliefs: A Bayesian approach to Bitcoin investments," Research in International Business and Finance, Elsevier, vol. 50(C), pages 336-356.
    18. Klaus Grobys, 2021. "When the blockchain does not block: on hackings and uncertainty in the cryptocurrency market," Quantitative Finance, Taylor & Francis Journals, vol. 21(8), pages 1267-1279, August.
    19. Qiutong Xue & Sixian Feng & Kairan Chen & Muchen Li, 2022. "Impact of Digital Finance on Regional Carbon Emissions: An Empirical Study of Sustainable Development in China," Sustainability, MDPI, vol. 14(14), pages 1-26, July.
    20. Stefano Martinazzi & Daniele Regoli & Andrea Flori, 2020. "A Tale of Two Layers: The Mutual Relationship between Bitcoin and Lightning Network," Risks, MDPI, vol. 8(4), pages 1-18, December.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:srk:srkasc:202212. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Official Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.