Fintech and the digital transformation of financial ...

BIS Papers No 117. Fintech and the digital transformation of financial services: implications for market structure and public policy by Erik Feyen, Jon Frost, Leonardo Gambacorta, Harish Natarajan and Matthew Saal Monetary and economic Department July 2021. JEL classification: E51, G23, O31. Keywords: big tech, Fintech , credit, financial markets, data, technology, digital innovation, network effects, regulation. The views expressed are those of the authors and not necessarily the views of the BIS. or the World Bank Group. This publication is available on the BIS website ( ) and the website of the World Bank Group ( ). The Bank for International Settlements and the World Bank Group 2021. ISSN 1682-7651 (online). ISBN 978-92-9259-486-2 (online). Fintech and the digital transformation of financial services: implications for market structure and public policy Erik Feyen (World Bank), Jon Frost (Bank for International Settlements (BIS) and Cambridge Centre for Alternative Finance (CCAF)), Leonardo Gambacorta (BIS and Centre for economic Policy Research (CEPR)), Harish Natarajan (World Bank) and Matthew Saal (International Finance Corporation (IFC))1.

economic forces remain relevant even in an age of digital production. Economies of scale and scope and network effects are presen t in many aspects of financial services production, including customer acquisition, funding, compliance activities, data and capital (including trust capital). Despite advances in technology, consumer search and

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