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Working Paper
FinTech Lending, Social Networks and the Transmission of Monetary Policy
Zhou, Xiaoqing (2022-03-25)
One of the main channels through which monetary policy stimulus affects the real economy is mortgage borrowing. This channel, however, is weakened by frictions in the mortgage market. The rapid growth of financial technology-based (FinTech) lending tends to ease these frictions, given the higher quality services provided under this new lending model. This paper establishes that the role of FinTech lending in the monetary policy transmission is further amplified by consumers’ social networks. I provide empirical evidence for this network effect using county-level data and novel ...
Working Papers , Paper 2203

Working Paper
Defining Households That Are Underserved in Digital Payment Services
Greene, Claire; Hayashi, Fumiko; Lloro, Alicia; Shy, Oz; Stavins, Joanna; Toh, Ying Lei (2024-09-01)
US households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in digital payments by considering ...
Working Papers , Paper 24-10

Working Paper
The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform
Jagtiani, Julapa; Lemieux, Catharine (2018-04-05)
Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating ...
Working Papers , Paper 18-15

Working Paper
Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China”
Allen, Franklin; Gu, Xian; Jagtiani, Julapa (2022-04-11)
Fintech and decentralized finance have penetrated all areas of the financial system and have improved financial inclusion in the last decade. In this paper, we review the recent literature on fintech, cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). There are important implications from the rise of fintech and the introduction of stablecoins and CBDCs in recent years. We provide an overview of China’s experience in fintech, focusing on payments, digital banking, fintech lending, and the recent progress on its CBDC pilots (e-CNY). We also discuss important ...
Working Papers , Paper 22-12

Working Paper
Blockchain Economics
Abadi, Joseph; Brunnermeier, Markus K. (2022-05-03)
The fundamental problem in digital record-keeping is establishing consensus on an update to a ledger, e.g., a payment. Consensus must be achieved in the presence of faults—situations in which some computers are offline or fail to function appropriately. Traditional centralized record-keeping systems rely on trust in a single entity to achieve consensus. Blockchains decentralize record-keeping, dispensing with the need for trust in a single entity, but some instead build a consensus based on the wasteful expenditure of computational resources (proof-of-work). An ideal method of consensus ...
Working Papers , Paper 22-15

Speech
Advances in Digital Currency Experimentation
Neal, Michelle (2022-11-04)
Remarks at the Singapore FinTech Festival, Singapore.
Speech

Working Paper
Technological Change and Financial Innovation in Banking: Some Implications for Fintech
White, Lawrence J.; Frame, W. Scott; Wall, Larry D. (2018-10-01)
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. ...
FRB Atlanta Working Paper , Paper 2018-11

Speech
The theory and practice of supervision--Remarks at the SIFMA Internal Auditors Society Education Luncheon, Harvard Club, New York City
Stiroh, Kevin J. (2016-04-11)
Remarks at the SIFMA Internal Auditors Society Education Luncheon, Harvard Club, New York City.
Speech , Paper 203

Digital Banking: A Look at the Playing Field
White, Carl (2020-12-31)
Fintech developments have turbocharged banking services competition, leading to more offerings or specialization.
On the Economy

Consumer Protection in the Fintech Era
White, Carl (2021-03-28)
Fintech firms that offer banking services to consumers face a myriad of new regulations and a learning curve.
On the Economy

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