BigTech and the changing structure of financial intermediation
| Autor: | Hyun Song Shin, Leonardo Gambacorta, Yi Huang, Pablo Zbinden, Jon Frost |
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| Rok vydání: | 2019 |
| Předmět: |
Structure (mathematical logic)
Economics and Econometrics 050208 finance business.industry Financial institution media_common.quotation_subject 05 social sciences Unbanked Financial intermediary Bank regulation Financial system Management Monitoring Policy and Law Payment 0502 economics and business 050207 economics business Enforcement Financial services media_common |
| Zdroj: | Economic Policy. 34:761-799 |
| ISSN: | 1468-0327 0266-4658 |
| Popis: | SUMMARY Pablo Zbinden?>We consider the drivers and implications of the growth of ‘BigTech’ in finance – i.e. the financial services offerings of technology companies with established presence in the market for digital services. BigTech firms often start with payments. Thereafter, some expand into the provision of credit, insurance and money management products, either directly or in cooperation with financial institution partners. Focusing on credit, we show that BigTech firms lend more in countries with less competitive banking sectors and less stringent bank regulation. Analysing the case of Argentina, we find support for the hypothesis that BigTech lenders, by acquiring a vast amount of non-traditional information, have an advantage in credit assessment relative to a traditional credit bureau. They also serve unbanked borrowers, and may have an advantage in contract enforcement. It is too early to judge the extent of BigTech’s eventual advance into the provision of financial services. However, the early evidence allows us to pose pertinent questions that bear on their impact on financial stability and overall economic welfare. |
| Databáze: | OpenAIRE |
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