Digitalization in financial services and household finance: fintech, financial literacy and financial stability

Helmut Elsinger, Pirmin Fessler, Judith Feyrer (), Konrad Richter, Maria Silgoner and Andreas Timel ()
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Judith Feyrer: Oesterreichische Nationalbank, https://www.oenb.at
Andreas Timel: Oesterreichische Nationalbank, https://www.oenb.at

Financial Stability Report, 2018, issue 35, 50-58

Abstract: In this study we characterize and discuss digitalization in the financial services industry, focusing on the link between fintech and financial stability. Digitalization and the emerging fintech industry offer a large variety of new products and ways to save. As a result, the process of matching savers with investors will become more direct and the share of wealth invested through other channels than the traditional bank lending channel will increase further. At the same time, the volume of intermediated private wealth is rising as a share of GDP. These developments will likely require changes in regulation and supervision but also new approaches toward financial education, as the more direct link between savers and investors calls for new forms of financial literacy.

Keywords: household finance; portfolio choice; digitalization; fintech; financial literacy; financial stability (search for similar items in EconPapers)
JEL-codes: D14 G11 G15 G18 I22 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (7)

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