The Fintech Gender Gap

49 Pages Posted: 22 Mar 2021 Last revised: 8 Feb 2023

See all articles by Sharon Chen

Sharon Chen

Ernst & Young, UK

Sebastian Doerr

Bank for International Settlements; Centre for Economic Policy Research (CEPR)

Jon Frost

Bank for International Settlements; University of Cambridge - Cambridge Centre for Alternative Finance

Leonardo Gambacorta

Bank for International Settlements (BIS); Centre for Economic Policy Research (CEPR)

Hyun Song Shin

Bank for International Settlements (BIS)

Multiple version iconThere are 2 versions of this paper

Date Written: February 1, 2023

Abstract

Can fintech close the gender gap in access to financial services? Using novel survey data for 28 countries, this paper finds a large and ubiquitous `fintech gender gap': while 29% of men use fintech products, only 21% of women do. This difference exceeds the gender gap in bank account ownership at traditional financial institutions. While country characteristics and individual-level controls explain about a third of the fintech gender gap, the residual gap declines by 60\% when accounting for gender differences in the willingness to use new financial technology, the suitability of fintech products, and the willingness to use fintech entrants if they offer cheaper products. The paper concludes by discussing drivers of differences in attitudes and implications for policy to foster financial inclusion with new technology.

Keywords: fintech, gender, financial inclusion, personal data, privacy

JEL Classification: E51, G23, G51, J16, O32

Suggested Citation

Chen, Sharon and Doerr, Sebastian and Frost, Jon and Gambacorta, Leonardo and Shin, Hyun Song, The Fintech Gender Gap (February 1, 2023). Available at SSRN: https://ssrn.com/abstract=3799864 or http://dx.doi.org/10.2139/ssrn.3799864

Sharon Chen

Ernst & Young, UK ( email )

1 MORE LONDON PLACE
LONDON, SE1 2AF
United Kingdom
+442077609428 (Phone)

Sebastian Doerr

Bank for International Settlements ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

HOME PAGE: http://www.sdoerr.com

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Jon Frost

Bank for International Settlements ( email )

Basel
Switzerland

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Leonardo Gambacorta

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Hyun Song Shin (Contact Author)

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

HOME PAGE: http://www.bis.org/author/hyun_song_shin.htm

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