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FRB Atlanta Working Paper
Technological Change and Financial Innovation in Banking: Some Implications for Fintech
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.
Cite this item
W. Scott Frame & Larry D. Wall & Lawrence J. White, Technological Change and Financial Innovation in Banking: Some Implications for Fintech, Federal Reserve Bank of Atlanta, FRB Atlanta Working Paper 2018-11, 01 Oct 2018.
- 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
Keywords: financial innovation; technological change; banking; fintech
This item with handle RePEc:fip:fedawp:2018-11
is also listed on EconPapers
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