Disruptive Technology in Banking and Finance

"This great new book offers valuable and timely insights on FinTech from various vantage points. Written by a cohort of distinguished academics and practitioners, the reader is treated to constructive analysis and presentation of developments in the field of FinTech and its potential impact on financial services, and banks in particular, as well as the economy and society at large. Anyone interested in the origins and meaning of FinTech and how it has emerged as a disruptive though arguably positive influence from a competition perspective will enjoy reading this book. Apart from the incredible opportunities afforded by FinTech, this book examines the potential for both old and new risks to arise, and identifies challenges facing policy makers and regulators to secure their multiple objectives, such as, greater competition, financial stability, consumer protection and welfare gains. This book would be of particular interest as a text to contemporary business school courses looking to explore the role of financial technology as a disruptor to banking, finance and insurance sectors, as well as to the more casual reader with an interest in getting up to speed on this emergent and exciting area"

-Professor Martin Meyer, Vice Rector for International Affairs and Director of InnoLab (Professor of Innovation), University of Vaasa, Finland

Timothy King is Director of the Centre for Quantitative Finance at the University of Kent. His research interests include Banking, FinTech, Corporate Governance and Corporate Finance. He has published in leading academic journals including the Journal of Corporate Finance and British Journal of Management.

Francesco Saverio Stentella Lopes is Senior (type B) Researcher at the University of Rome. His research focuses on Banking and Innovation, and he has published in renowned academic journals including the Journal of Financial and Quantitative Analysis and the Journal of Banking and Finance.

Abhishek Srivastav is currently Senior Lecturer in Finance at the University of Edinburgh. His research interests include Empirical Corporate Finance, Climate Change and Financial Intermediation. He has published in leading academic journals, including the Journal of Accounting and Economics and Management Science.

Jonathan Williams is Professor of Banking and Finance at Bangor University, Co-Director of the Institute of European Finance, Chair of the European Association of Teachers of Banking and Finance, and Editor of World Banking Abstracts. His main research interests are in Empirical Banking.

Auteur

Timothy King is Director of the Centre for Quantitative Finance at the University of Kent. His research interests include Banking, FinTech, Corporate Governance and Corporate Finance. He has published in leading academic journals including the Journal of Corporate Finance and British Journal of Management.

Francesco Saverio Stentella Lopes is Senior (type B) Researcher at the University of Rome. His research focuses on Banking and Innovation, and he has published in renowned academic journals including the Journal of Financial and Quantitative Analysis and the Journal of Banking and Finance.

Abhishek Srivastav is currently Senior Lecturer in Finance at the University of Edinburgh. His research interests include Empirical Corporate Finance, Climate Change and Financial Intermediation. He has published in leading academic journals, including the Journal of Accounting and Economics and Management Science.

Jonathan Williams is Professor of Banking and Finance at Bangor University, Co-Director of the Institute of European Finance, Chair of the European Association of Teachers of Banking and Finance, and Editor of World Banking Abstracts. His main research interests are in Empirical Banking.

Résumé

This book exemplifies the potential of FinTech to deliver important economic and societal gains, such as enhancing competition and financial inclusion to deliver tailored financial products and services at more affordable prices and at greater convenience. The emergence of FinTech directly challenges the business models of incumbent financial intermediaries like banks, which are adapting by developing their own FinTech offerings and partnering with FinTech and large technology firms. FinTech also constitutes both known and unknown risks to financial stability and challenges regulators to evaluate whether existing regulations are sufficient. The emergence of FinTech as a global phenomenon requires insightful cross-country analysis and different perspectives to evaluate its development and associated opportunities and challenges. This book will be of interest to practitioners, regulators and students of this essential enabling technology that is a major component of the Fourth Industrial Revolution.

Contenu

Introduction

Acknowledgements

Chapter 1. A historical Perspective on Disruptive Technologies
Rossella Locatelli, Cristiana Schena, and Alessandra Tanda

Chapter 2. A Taxonomy of FinTech Innovation
James Bowden, Timothy King, Dimitrios Koutmos, Tiago Loncan, and Saverio Stentella Lopes

Chapter 3. Cryptocurrency Mining Protocols: A Regulatory and Technological Overview
Timothy King, Dimitrios Koutmos, and Saverio Stentella Lopes

Chapter 4. The development of InsurTech in Europe and the strategic response of incumbents
Ornella Ricci

Chapter 5. FinTech and Banking: An Evolving Relationship
Santiago Carbó-Valverde, Pedro J. Cuadros-Solas and Francisco Rodríguez-Fernández

Chapter 6. FinTech Cultures and Organizational Changes in Financial Services Providers
Timothy King and Daniele Angelo Previati

Chapter 7. Digital Disruption: How the Financial Services Landscape is being Transformed
Walter Gontarek

Chapter 8. FinTech and Regulation: From Start to Boost A New Framework in the Financial Services Industry. Where is the Market Going? Too Early to Say
Anna Omarini

Chapter 9. Bigger Fish to Fry: FinTech and the Digital Transformation of Financial Services
David McNulty and Alistair Milne

Chapter 10. FinTech: A Perfect Day or Walk on the Wild Side?
Jonathan Williams

Index