Publication:
Fintech and the Digital Transformation of Financial Services: Implications for Market Structure and Public Policy

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dc.contributor.authorWorld Bank
dc.date.accessioned2022-04-26T20:51:20Z
dc.date.available2022-04-26T20:51:20Z
dc.date.issued2022
dc.description.abstractThis note examines the implications of digital innovation for market structure and attendant policies, including financial and competition regulation. There have been several surveys of regulatory responses. This note takes a step back, to look at what the economic theory of banking and financial intermediation can tell us about how technology may drive industrial organization in the sector, and how that might inform further policy responses. The paper roots the impact of the digital transformation of finance in innovations that have enabled providers to address long-standing challenges of financial intermediation, including asymmetric information, uncertainty, incomplete markets, and fixed and variable costs of production. The paper describes how digital innovation affects these key economic frictions in finance and alters the financial services value chain and industrial organization. The forces driving these changes, and potential outcomes in terms of industry structure, lead to insights for policy makers on how to harness the benefits of fintech, while mitigating some of the risks, particularly around competition and market structure. The focus is on economic and technological forces that apply broadly across financial services. It recognizes that the sector encompasses a wide range of different products and services and is composed of numerous sub-markets that might use different technologies or have different economic structures. These may thus diverge in market structure and competition outcomes.en
dc.identifierhttp://documents.worldbank.org/curated/en/099735304212236910/P17300608cded602c0a6190f4b8caaa97a1
dc.identifier.doi10.1596/37340
dc.identifier.urihttps://hdl.handle.net/10986/37340
dc.languageEnglish
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SECTOR INNOVATION
dc.subjectDIGITAL FINANCIAL INNOVATION
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectDIGITAL FINANCIAL MARKET
dc.subjectFINANCIAL SERVICES COMPANIES
dc.subjectFINANCIAL SECTOR ICT
dc.subjectFINANCIAL SERVICES MARKET
dc.subjectFINANCIAL SECTOR COMPETITION REGULATION
dc.titleFintech and the Digital Transformation of Financial Servicesen
dc.title.alternativeFintech and the Future of Finance Flagship Technical Noteen
dc.title.subtitleImplications for Market Structure and Public Policyen
dc.typeTechnical Note
dspace.entity.typePublication
okr.crossref.titleFintech and the Digital Transformation of Financial ServicesFintech and the Future of Finance Flagship Technical Note
okr.date.disclosure2022-04-21
okr.date.doiregistration2025-05-07T09:18:10.710437Z
okr.date.lastmodified2022-04-21T00:00:00Zen
okr.doctypeReport
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099735304212236910/P17300608cded602c0a6190f4b8caaa97a1
okr.guid099735304212236910
okr.identifier.externaldocumentum33792095
okr.identifier.internaldocumentum33792095
okr.identifier.report170797
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099735304212236910/pdf/P17300608cded602c0a6190f4b8caaa97a1.pdfen
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicGovernance::Governance and the Financial Sector
okr.unitEFI-FCI-Finance-GD (EFNDR)
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