Digital banking and market disruption: a sense of déjà vu?

J. Dermine

Financial Stability Review, 2016, issue 20, 17-24

Abstract: The article assesses the threat posed by digital banking as seen in the context of a long series of innovations in the banking sector that includes telephone banking, payment cards, the development of capital markets, internet, smartphones, and cloud computing. It focuses on the economics of banking services and banks’ two main functions – as providers of liquidity and loans – and analyses whether these could be displaced by peer-to-peer and marketplace lending. Digital banking is currently one of the main strategic issues faced by banks in terms of threats and opportunities. It raises also public policy issues: its impact on the profitability and solvency of banks, the protection of borrowers and investors, and the systemic importance of the new players, the fintechs starts-up specialised in financial services.

Date: 2016
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