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Banks See Challenges from Fintech Disruption
White, Carl (2021-04-29)
While banks have lost market share to fintech firms, they have also benefited from new financial technology—such as the use of RegTech and SupTech.
On the Economy

Working Paper
A Survey of Fintech Research and Policy Discussion
Allen, Franklin; Jagtiani, Julapa (2020-05-28)
The intersection of finance and technology, known as fintech, has resulted in the dramatic growth of innovations and has changed the entire financial landscape. While fintech has a critical role to play in democratizing credit access to the unbanked and thin-file consumers around the globe, those consumers who are currently well served also turn to fintech for faster services and greater transparency. Fintech, particularly the blockchain, has the potential to be disruptive to financial systems and intermediation. Our aim in this paper is to provide a comprehensive fintech literature survey ...
Working Papers , Paper 20-21

Journal Article
Fintech, Racial Equity, and an Inclusive Financial System
Sanchez-Moyano, Rocio; Shrimali, Bina (2021-08-02)
This issue of the Community Development Innovation Review examines the promise and pitfalls of financial technology, or fintech, for fostering racial equity and greater financial inclusion. Edited in partnership with the SF Fed’s Fintech Team and Aspen Institute’s Financial Security Program, this issue brings together a broad set of voices from people working in various roles—including in technology, community development, economic inclusion, regulation, and investment—to contextualize gaps in the financial system and consider ways to address them. The authors examine dimensions of ...
Community Development Innovation Review , Volume 15 , Issue 2 , Pages 132

Working Paper
Market Concentration in Fintech
Corbae, Dean; D'Erasmo, Pablo; Liu, Kuan (2023-06-08)
This paper discusses concentration in consumer credit markets with a focus on fintech lenders and residential mortgages. We present evidence that shows that concentration among fintech lenders is significantly higher than that for bank lenders and other nonbank lenders. The data also show that the overall concentration in mortgage lending has declined between 2011 and 2019, driven mostly by a reduction in concentration among bank lenders. We present a simple model to show that changes in lender financial technology (interpreted as improvements in quality of loan services) explain more than ...
Working Papers , Paper 23-11

Speech
Introductory remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City
Stiroh, Kevin J. (2018-04-18)
Remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City.
Speech , Paper 280

Working Paper
Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information
Lemieux, Catharine; Jagtiani, Julapa (2017-07-18)
Fintech has been playing an increasing role in shaping financial and banking landscapes. Banks have been concerned about the uneven playing field because fintech lenders are not subject to the same rigorous oversight. There have also been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. In this paper, we explore the advantages/disadvantages of loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from the Lending Club and Y-14M bank ...
Working Papers , Paper 17-17

Regulating Fintech: One Size Does Not Fit All
White, Carl (2021-02-24)
As fintech companies make inroads into banking, they have raised regulatory issues at the state and federal levels.
On the Economy

Journal Article
The Fintech Revolution in Banking
Clark Neely, Michelle (2021-12-27)
As financial technology—fintech—continues expanding, traditional banks continue to expand their online services to attract and retain customers.
The Regional Economist

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

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

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