The Impact of Fintechs on Financial Intermediation: A Functional Approach

Electronic version of an article published as [The Journal of FinTech, Volume 1, Number 1, 2021, 52 pages] [https://doi.org/10.1142/S270510992031001X] © [copyright World Scientific Publishing Company]

Posted: 8 Jul 2021

See all articles by Michel Crouhy

Michel Crouhy

Natixis

Dan Galai

Hebrew University of Jerusalem - Jerusalem School of Business Administration

Zvi Wiener

Hebrew University of Jerusalem - Jerusalem School of Business Administration

Date Written: February 2, 2021

Abstract

We analyze fintechs and their impact on the traditional financial system from a functional perspective. Following the approach suggested by Merton (1995) [A Functional Perspective of Financial Intermediation, Financial Management 24(2), 23–41], we show how the six core functions of financial intermediation are affected by the technological developments. This analysis provides a new perspective on the future of financial services and their regulation.

Keywords: Fintech, cryptocurrencies, P2P lending, intermediation, payments, big-tech, roboadvisory, blockchain

JEL Classification: G1,G2,O33

Suggested Citation

Crouhy, Michel and Galai, Dan and Wiener, Zvi, The Impact of Fintechs on Financial Intermediation: A Functional Approach (February 2, 2021). Electronic version of an article published as [The Journal of FinTech, Volume 1, Number 1, 2021, 52 pages] [https://doi.org/10.1142/S270510992031001X] © [copyright World Scientific Publishing Company] , Available at SSRN: https://ssrn.com/abstract=3872156

Michel Crouhy

Natixis ( email )

France

Dan Galai

Hebrew University of Jerusalem - Jerusalem School of Business Administration ( email )

Mount Scopus
Jerusalem, 91905
Israel
972 2 5883235 (Phone)
972 2 5881341 (Fax)

Zvi Wiener (Contact Author)

Hebrew University of Jerusalem - Jerusalem School of Business Administration ( email )

Mount Scopus
Jerusalem, 91905
Israel
(972)-2-588-3049 (Phone)
(972)-2-588-3105 (Fax)

HOME PAGE: http://pluto.mscc.huji.ac.il/~mswiener/zvi.html

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