Fintech and Banking: What Do We Know?

46 Pages Posted: 2 Aug 2019

See all articles by Anjan V. Thakor

Anjan V. Thakor

Washington University, Saint Louis - John M. Olin School of Business; European Corporate Governance Institute (ECGI)

Date Written: July 30, 2019


This paper is a review of the literature on fintech and its interaction with banking. Included in fintech are innovations in payment systems (including cryptocurrencies), credit markets (including P2P lending), and insurance, with blockchain-assisted smart contracts playing a role. The paper provides a definition of fintech, examines some statistics and stylized facts, and then reviews the theoretical and empirical literature. The review is organized around four main research questions. The paper summarizes our knowledge on these questions and concludes with questions for future research.

Keywords: fintech, cryptocurrencies, P2P lending, banking, systemic risk

JEL Classification: G21, G22, G23, G24

Suggested Citation

Thakor, Anjan V., Fintech and Banking: What Do We Know? (July 30, 2019). Journal of Financial Intermediation, 2019, Available at SSRN:

Anjan V. Thakor (Contact Author)

Washington University, Saint Louis - John M. Olin School of Business ( email )

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Campus Box 1133
St. Louis, MO 63130-4899
United States

European Corporate Governance Institute (ECGI) ( email )

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1000 Brussels

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