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Open banking and inclusive finance in the European Union:perspectives from the Dutch stakeholder ecosystem
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作者 Massimo Preziuso Franziska Koefer Michel Ehrenhard 《Financial Innovation》 2023年第1期2752-2778,共27页
In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the r... In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators. 展开更多
关键词 the Revised Payment Services Directive(PSD2) Open banking Inclusive finance ECOsystemS FinTech the Netherlands the European Union
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The Mechanism of Internet Finance on the Assets and Business of Commercial Banks in China
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作者 ZHAN Zhimin CHEN Haiyan 《Management Studies》 2023年第5期281-293,共13页
Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their ... Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their low cost,high efficiency,and diversification characteristics,an increasing number of people are utilizing Internet finance for their businesses.This trend significantly affects traditional commercial banking operations and presents challenges.In order to gain competitive advantages through Internet finance,this paper explores how commercial banks can leverage their traditional business models.It introduces the concept,model,and characteristics of Internet finance;analyzes the importance of asset management for commercial banks;examines the influence of Internet on commercial bank’s asset management;finally proposes countermeasures for the development of Internet finance.It is advocated that commercial banks should actively explore the road of“structured finance”with all-round structural reform in the future. 展开更多
关键词 internet finance commercial bank asset business
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Proper Financial System for the Socialist Market Economy——Vice-Governor Zhou Zhenqin of the People's Bank of China on China's Financial System at an international meeting
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作者 Xiao He 《China's Foreign Trade》 1994年第12期6-7,共2页
In the year 1994, China’s new policies and measures for taxation, finance, invcstment and foreign system reform came into being respectively and enjoyed steady progress. At an international meeting not long ago, Vice... In the year 1994, China’s new policies and measures for taxation, finance, invcstment and foreign system reform came into being respectively and enjoyed steady progress. At an international meeting not long ago, Vice-Governor Zhou Zhenqin of the People’s Bank of China talked about the targets, measures and headway for China’s financial system reform to domestic and forcign people from economic circles who attended the meeting. When talking about the financial reform carried out this year, he focused on the introduction of the following 展开更多
关键词 banks finance talking CIRCLES attended LOANS supervision bankING revenue EXPENDITURE
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Financing and the Role of Multilateral Development Banks are the Highlights
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作者 John M.Beck 《China's Foreign Trade》 2016年第5期12-,共1页
For me,the highlights of these recommendations are the financing and the role of Multilateral Development Banks.The recommendations I follow with most interest are the ones that protect and insure against political ri... For me,the highlights of these recommendations are the financing and the role of Multilateral Development Banks.The recommendations I follow with most interest are the ones that protect and insure against political risk and regulatory risk.These 展开更多
关键词 financing and the Role of Multilateral Development banks are the Highlights
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The impact of FinTech start-ups on incumbent retail banks’share prices 被引量:9
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作者 Yinqiao Li Renée Spigt Laurens Swinkels 《Financial Innovation》 2017年第1期399-414,共16页
Background:This study aims to clarify the role of FinTech digital banking start-ups in the financial industry.We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks... Background:This study aims to clarify the role of FinTech digital banking start-ups in the financial industry.We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks for 2010 to 2016.Methods:To capture the importance of FinTech start-ups,we use data on both the dollar-volume of funding and number of deals.We relate these to the stock returns with panel data regression methods.Results:Our results indicate a positive relationship exists between the growth in FinTech funding or deals and the contemporaneous stock returns of incumbent retail banks.Conclusions:Although these results suggest complementarity between FinTech and traditional banking,we note that our results at the banking industry level are not statistically significant,and that the coefficient signs for about one-third of the banks are negative,but not statistically significant.Since the FinTech industry is young and our sample period short,we cannot rule out that our findings are spurious. 展开更多
关键词 bankS Digital banking FINANCE FinTech INNOVATION Retail banks Startups Stock returns Venture capital Technology
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The transition from traditional banking to mobile internet finance:an organizational innovation perspective-a comparative study of Citibank and ICBC 被引量:21
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作者 Zhuming Chen Yushan Li +1 位作者 Yawen Wu Junjun Luo 《Financial Innovation》 2017年第1期146-161,共16页
The development of Financial Technology(FinTech)in areas such as mobile Internet,cloud computing,big data,search engines,and blockchain technology have significantly changed the financial industry.FinTech is expected ... The development of Financial Technology(FinTech)in areas such as mobile Internet,cloud computing,big data,search engines,and blockchain technology have significantly changed the financial industry.FinTech is expected to overturn the traditional banking business model,forcing banks to upgrade and transform.This study adopts a comparative case study method to contrast and analyze the Industrial and Commercial Bank of China(ICBC)and Citibank.It analyzes the strategies,organizations,HR systems,and product innovations adopted by these two banks in response to the impact of FinTech.This paper proposes an“electric vehicle”mode for ICBC and an“airplane mode”for Citibank.Further,it describes the difficulties encountered by the Chinese banking industry and proposes some feasible ways to upgrade.“Technology power”will become the core competitive concept for the financial institutions of the future. 展开更多
关键词 Mobile Internet finance Traditional banks Upgrade and transformation Organizational innovation Technology power
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How does a data strategy enable customer value?The case of FinTechs and traditional banks under the open finance framework 被引量:3
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作者 Laura Grassi Nicolas Figini Lorenzo Fedeli 《Financial Innovation》 2022年第1期2045-2078,共34页
The coupling of data and digital innovation opens the way for new business in the financial services sector,where customers are placed at the centre of decisions and data can help to develop customer knowledge.To carr... The coupling of data and digital innovation opens the way for new business in the financial services sector,where customers are placed at the centre of decisions and data can help to develop customer knowledge.To carry out our research,we adopted a multi-case study approach to explore how a data strategy is developed in the retail banking industry,together with its relationship with customer value,paying particular attention to the heterogeneity between traditional banks and financial technology companies(FinTechs).Two main points emerged from the study.Firstly,there are three possible approaches to Open Finance,which are mainly defined by their different corporate cultures,organisational configurations,technological architecture and data value.Secondly,it is not enough to be a FinTech to be best placed to exploit the market,as some traditional banks share the FinTechs’approach to Open Finance.Designing new tailored products,customising their prices and offering them over the right channels through targeted communication are all data-driven initiatives that stem from cross-or up-selling potential,core to the retail banking industry for turning a customer into a cash flow,thus enabling value to be created for customers.Our findings additionally revealed that there is a form of external information asymmetry between the customer and the bank,and that there is also an internal asymmetry between bank departments,as their visibility on information about the same customer may differ. 展开更多
关键词 FinTech Open finance Customer orientation Customer centric Data valorisation Open banking
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Theory of Development of Financial-Analytical Thinking
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作者 Vladyslav Kutsman 《Open Journal of Applied Sciences》 2023年第10期1855-1863,共9页
Financial independence and the ability to manage own capital can rightfully be considered one of the most important aspects of a person’s life. This is especially important in the context of the modern development of... Financial independence and the ability to manage own capital can rightfully be considered one of the most important aspects of a person’s life. This is especially important in the context of the modern development of relations between people. Scientific and technological progress, marketing, and the development of social principles in social-economic relations develop in a person a stable system of views and interests. Which in turn generates a certain kind of demand for goods and services that no one could have previously thought of. An example of this could be buying clothes in a computer game for a favorite character, flying in a suit airplane, buying some item that can be thrown away by the same buyer a few minutes after the purchase. At the same time, there is no single theory about how to act and what to do in order to develop a kind of information immunity to this kind of information flow. How to develop financial-analytical thinking and learn to use it at the subconscious level. When a person seems to have made his choice without thinking. This article proposes a theory-method of teaching based on the work of financial institutions, which will allow to develop financial and analytical thinking that allows to make decisions that are most beneficial for a person from a financial point of view. First of all, this article will be useful to those who have plans to connect their lives with finance. 展开更多
关键词 EDUCATION FINANCE Analitics Fintech bankING Android Studio JAVA
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Counteraction to China?Impact of the U.S.International Development Finance Corporation on China’s Development Finance
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作者 ZHOU Yiwen NIU Xinyi +1 位作者 NI Xintong XU Yue 《International Relations and Diplomacy》 2023年第4期161-170,共10页
The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the ... The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S. 展开更多
关键词 U.S.International Development Finance Corporation China Development bank China’s development finance the Belt and Road Initiative(BRI) U.S.-China relations
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Effort Levels of Capital-constrained Retailer under Bank Financing
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作者 Xiaojing LIU Xingzheng AI Xiaowo TANG 《Asian Agricultural Research》 2015年第12期12-15,22,共5页
In a supply chain with a retailer confronted with financial constraints,impacts on profits of the supply chain can be alleviated by increasing the retailer's efforts and market demand through external financing( b... In a supply chain with a retailer confronted with financial constraints,impacts on profits of the supply chain can be alleviated by increasing the retailer's efforts and market demand through external financing( bank). If the cost of bank lending is not very high,the capitalconstrained retailer can borrow money and make efforts. The reduction of bank interest rates,however,increases the retailer's efforts. We prove that there is a unique equilibrium point between the retailers. We find out the optimal interest rate of the bank and the optimal efforts by the retailer through numerical analysis and verify validity of the results. 展开更多
关键词 bank financing CAPITAL constraints EFFORT levels INTEREST rates
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Effective use of scientific cum technologically achievements and financing innovative projects in the agricultural sphere
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作者 Babadjanov Abdirashid Musayevich 《Agricultural Sciences》 2011年第1期28-33,共6页
Justified the urgency of modernization and re-tooling of production in agriculture, which is an important sector in the economy of the Republic of Uzbekistan. The author describes the prob-lems of extending the resear... Justified the urgency of modernization and re-tooling of production in agriculture, which is an important sector in the economy of the Republic of Uzbekistan. The author describes the prob-lems of extending the research in agriculture, the implementation of its results into production and increasing innovation activity. Also has considered the possibility of extra-budgetary funding of research in agrarian sector, and given a recommendation on the use of bank loans by (dehkan) private households, farmers and other stakeholders in the financing of sci-entific research. The findings based on socio-logical survey, among the different farms on the use of innovative ideas for development of production. Offered mechanism of funding, the implementation of scientific production, as well as providing market participants of the scientific and technical products allows removing the shortage of financial resources. The main direc-tions of investment mobilization has been iden-tified in the research process from extra-budgetary funds. Statistical data reflecting the amount of agricultural land use in Uzbekistan has adduced and its structure in key areas. Here is given the number of farms operating as a major agricultural producer of the leased land area and the state long-term basis. Also, de-scribes the main problems of agricultural pro-ducers, hindering the development of produc-tion of marketable products. In this paper, the main attention is shown the importance of in-novative ideas for further development of the agricultural sector as a basis for providing peo-ple with food today and in the future. 展开更多
关键词 RESEARCH and Technological ACHIEVEMENTS of the Agrarian Sector Innovation RESEARCH financing and bank LOANS
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Islamic Financing of the Small Projects Palestinian Case
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作者 Naseem Jamie 《Economics World》 2016年第4期157-178,共22页
This study aims to expose the available finance by both traditional and Islamic banks in Palestine, determine and identify the most used Islamic tools of finance for the Palestinian economy through small enterprises, ... This study aims to expose the available finance by both traditional and Islamic banks in Palestine, determine and identify the most used Islamic tools of finance for the Palestinian economy through small enterprises, in addition, the study aims to assess if there is any contribution of the Islamic banks to the Palestinian economy. In order to reach these goals the researcher used the descriptive analysis method in order to illustrate credit facilities through the Palestinian Banking system, then, enclosing the Islamic banks in Palestine and its credit facilities and used tools. The study identified through the recent experiences of Palestinian Islamic financing and Islamic financing mechanisms practiced in Palestinian Islamic banks, murabaha, ijarah, Musharaka, and mudaraba occupied the same important level as in the neighboring countries. The study found that frequent constraints, Israeli hindrances, and heavy restrictions on goods movement, services and people through internal and international crossings increase the suffering of the small projects, as well as other productive economic sectors at all levels, administrative, financial, and technical, with no Palestinian strategy to enhance the contributing share of small projects to the Palestinian national economy. In addition, the study concluded that the inability of traditional banks to provide the required finance to the Palestinian productive sectors led to Islamic banks entering into the financing market in Palestine to open new funding sources for Palestinian small projects, so the small projects could raise their contribution to GDP. The new Palestinian Islamic financing experience is unable to create financing mechanisms suitable to the Palestinian situation, which has sign for Islamic banks to deal with cases similar to the traditional finance, this comes in the absence of a strategy by Islamic banking or monetary authority or the Palestinian government to activate the role of Islamic banks in financing small projects. For these problems, there must be a strategy to support the activities of these projects and provide appropriate funding for small projects to transcend all these constraints, to support small-sized enterprises in Palestine financially and technically. In this study, the researchers expose the available funding and financing by both Islamic and traditional banks. The study recommends that a comprehensive strategy needs to bring together all financing bodies to have joined efforts towards the formulation of a funding strategy for small projects. Both conventional and Islamic banks are required to provide various types of supports specifically financing for small projects, to enable small projects to play their role in enhancing the national economy. The study also urged the need of Islamic banking to broaden the base of Islamic banking to create a financing base appropriate with the nature of the projects. 展开更多
关键词 small enterprises Islamic finance Islamic banks traditional banks Islamic finance tools
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Commercial Bank's Changes on the Background of the Development of the Internet Finance
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作者 Li Weitao 《Review of Global Academics》 2014年第6期418-422,共5页
Currently, an unprecedented financial craze is sweeping the Internet nationwide and bringing impact to traditional banking business model, and commercial banks face constant change response options. This paper argues ... Currently, an unprecedented financial craze is sweeping the Internet nationwide and bringing impact to traditional banking business model, and commercial banks face constant change response options. This paper argues that change is inevitable, and may promote the developments of commercial banks, but maintaining the current situation may be a good strategy. So, According to their own conditions and the environment, the Internet finance choose their own mode of development, in order to acquire social and economic benefits. 展开更多
关键词 commercial bank intemet finance REFORM E-BUSINESS
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Islamic Banks Impaired Financing: Relationship Between Shariah Committee Meetings Frequency and Shariah Risks Compliance on Assets Quality 被引量:1
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作者 Mohd Yaziz Bin Mohd Isa 《Journal of Statistical Science and Application》 2014年第2期47-54,共8页
This study made a pioneering attempt to econometrically examine what factors determining impaired financing using shariah committee meetings frequency from data on Islamic banks in Malaysia and how does it affects on ... This study made a pioneering attempt to econometrically examine what factors determining impaired financing using shariah committee meetings frequency from data on Islamic banks in Malaysia and how does it affects on the quality of assets. The objective of the study is to improve assessment of their assets quality so as to increase the reliability of the financial statements. The European Central Bank may find the findings from this study useful in their exercise to assess risks and assets quality of their commercial banks, a move to tackle the ailing banks in centralizing oversight supervision in late 2014. The major components of the Islamic banks' assets quality are impaired financing and provisions for financing impairment. In the Islamic banks, shariah committee principally manages the shariah risks non-compliance with other risks; however because their management is not straightforward, the study uses the shariah committee meetings frequency as an indicator of the assets quality. The study found the less-than-full frequency of shariah committee meetings resulted in less guidance and conformation of shariah principles, and consequentially the quality of the assets. 展开更多
关键词 Islamic banks impaired financing shariah meetings frequency shariah risks compliance.
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Finance & Infrastructure Lead New Wave of the Belt and Road Investment 被引量:1
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作者 Audrey Guo 《China's Foreign Trade》 2015年第5期40-42,共3页
Recently,EY released its report Navigating the Belt and Road:Financial sector paves the way for infrastructure,which raises the fact that with the roll-out of the 'One Belt,One Road' initiative and the impleme... Recently,EY released its report Navigating the Belt and Road:Financial sector paves the way for infrastructure,which raises the fact that with the roll-out of the 'One Belt,One Road' initiative and the implementation of a series of reform measures,Chinese enterprises’outbound investments,led by infrastructure construction,continued its 展开更多
关键词 Infrastructure Lead New Wave of the Belt and Road Investment FINANCE Vision US
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Behavior Analysis of Bank into E-Commerce under Network Externalities
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作者 崔吉胜 庄雷 《Journal of Donghua University(English Edition)》 EI CAS 2017年第2期174-177,共4页
With the advent of Internet financial innovation,many commercial banks quietly have started to enter into the Ecommercial in order to prevent oligarchs from eroding financial market.From the perspective of industrial ... With the advent of Internet financial innovation,many commercial banks quietly have started to enter into the Ecommercial in order to prevent oligarchs from eroding financial market.From the perspective of industrial division,this paper reveals the nature of a phenomenon that E-commercial enterprises and banks have stepped into each other's field,which E-commerce of banks can give full play to network effects.Then it uses game theory to analyze the motions of banks to involve into E-commerce and the short-term competitive equilibrium of large incumbent Ecommercial enterprises as well.For individual rationality,the dominant strategy of banks and E-commercial enterprises is(enter,counterattack).Considering network externalities,it constructs a competing model on banks and incumbent E-commercial enterprises and simulates competitive trends and balanced results of their behaviors,which illustrates that banks can obtain network effect after choosing E-commerce strategy. 展开更多
关键词 network externalities lnternet finance bank into E-commerce game theory
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Development of Western Logistics Finance Based on Village Banks:A Case Study of Baise City in Guangxi
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作者 Wang CAI 《Asian Agricultural Research》 2015年第8期40-43,共4页
This paper analyzed the feasibility of development of western logistics finance based on village banks. Combining actual situations,it came up with four specific models for operation of western logistics finance:( i) ... This paper analyzed the feasibility of development of western logistics finance based on village banks. Combining actual situations,it came up with four specific models for operation of western logistics finance:( i) settlement type advance payment by village banks,( ii)pledge by warehouse receipts,( iii) inventory pledge,and( iv) confirmation warehouse models. 展开更多
关键词 VILLAGE bankS LOGISTICS FINANCE Operation models W
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An Idyllic Vista of Islamic Banking Enhancement Knowledge Towards Triumph of Knowledge Delivery Process
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作者 Adibah Alawiah Osman Azwan Abdullah +2 位作者 Zatul Karamah Ahmad Baharul Ulum Noorshella Che Nawi Muhammad Zulfaris Mohd Salleh 《Economics World》 2019年第1期38-58,共21页
Definition—Banking or another word of financial institution is taking a role as succor for today’s society as a fast generated processor in handling money flows.Inclusively,Islamic Banking(IB)means the detailed and ... Definition—Banking or another word of financial institution is taking a role as succor for today’s society as a fast generated processor in handling money flows.Inclusively,Islamic Banking(IB)means the detailed and comprehensive processor in handling money flows according to Shariah principle or Islamic regulation.This approach seems particularly well suited for an individual aims for marketing executives in which the approach is presumably according to the real purposes.Purpose—The purpose of this paper is to develop a heightened framework for process delivery of Islamic Banking(IB)knowledge thru the mediation of Islamic social finance attributes.The framework consists of three define variables:accomplishment of knowledge delivery process in IB,IB enhancement knowledge,and Islamic social finance attributes.Design/methodology/approach—The paper used a triangulation study.The quantitative approach consists of the collection of primary data through a self‐administered questionnaire distributed to 405 Islamic banks’players in Peninsular Malaysia.The partial least squares structural equation modelling(PLS-SEM)method was the main statistical technique employed in this study.In parallel,qualitative approach was used,in forms of semi structured interviews with four Islamic banks’experts.The data also gathered from Quran and Hadith.Originality/value—The study has shown that IB enhancement knowledge is discovered to have a significant effect on knowledge delivery process in IB and a partial mediating effect on the relationship between independent variable and dependent variable.Overall the results indicate the model provides good illustration of the emerging shape of knowledge delivery process in IB. 展开更多
关键词 ISLAMIC bankING ISLAMIC social FINANCE attributes delivery KNOWLEDGE
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The Reconcilability Between Islamic and the Conventional Banking
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作者 Issam Tlemsani 《Journal of Modern Accounting and Auditing》 2013年第3期433-446,共14页
Tensions between Western and Islamic traditions are very fierce in evidence currently. Many see the two systems as irreconcilable and the conflict between the two as inevitable (Huntingdon & Berger, 2002). This pap... Tensions between Western and Islamic traditions are very fierce in evidence currently. Many see the two systems as irreconcilable and the conflict between the two as inevitable (Huntingdon & Berger, 2002). This paper argues if reconcilability between Islam and the West exists in the field of finance and if the two systems can co-evolve in a mutually productive way, then, the author can be optimistic about the ability of the two systems to co-exist. Clearly, they involve different attitudes, but this paper argues on the basis of significant compatibility issues that these are resolvable under the tradition of tolerance that has existed in Western and Islamic societies. The context chosen for this analysis is finance which is central to global capitalism and is an area in which key differences of principle and practice exist between Islam and the West. 展开更多
关键词 Islamic finance SHARIA CAPITALISM conventional and Islamic banking
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Banks, Digital Banking Initiatives and the Financial Safety Net: Theory and Analytical Framework
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作者 Stephen Lumpkin Sebastian Schich 《Journal of Economic Science Research》 2020年第1期24-46,共23页
This report presents an analytical framework for exploring the implications of Fintech innovations for incumbent banks and for provision of the financial safety net.The focus is on“digital banking initiatives”,that ... This report presents an analytical framework for exploring the implications of Fintech innovations for incumbent banks and for provision of the financial safety net.The focus is on“digital banking initiatives”,that is,on Fintech initiatives that provide retail financial services akin to those traditionally provided by banks.Banks perform a wide range of functions for individual and institutional customers that help facilitate large-scale economic activity.In fact,in most economies the system of financial intermediation centres on banks and relies on their core products and services for financing of the economy and the maintenance of liquidity.On account of the central role banks play in the financial system,along with concerns about potential systemic instability linked to the riskiness of their activities,these institutions have long been regarded as“special”,as reflected in their prudential regulation and coverage under the various provisions of the financial safety net.Recent developments raise questions about the special status of banks.Two sets of questions are addressed herein:To what extent do new digital banking initiatives change the role that incumbent banks play in the financial system and the way that they perform their functions?To what extent are some of the new digital banking initiatives securing the benefits of the financial safety net without paying the commensurate price?To help address these questions the report first revisits the literature on core functions of the financial system to provide a framework for analysing recent developments.Particular attention is paid in this context to banks and their products and services.The“special”role of banks is discussed,which links to the provisions of the traditional safety net.These overview sections are followed by evidence on Fintech innovations that overlap the core banking products.Based on an examination of the characteristics of these new initiatives,the study then touches on the issue of whether banks are still special and whether some of these initiatives are or should be covered by financial safety net provisions. 展开更多
关键词 bankS DIGITAL bankING INITIATIVES FINANCIAL innovation FINANCIAL safety net Fintech FINANCE and digitalisation
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