Fintech and the banking bandwagon

Sinziana Bunea, Benjamin Kogan, Arndt-Gerrit Kund () and David Stolin ()
Additional contact information
Sinziana Bunea: University of Pennsylvania
Benjamin Kogan: FinTxt Ltd, http://www.fintxt.com/
Arndt-Gerrit Kund: University of Cologne
David Stolin: Toulouse Business School

Journal of Financial Transformation, 2018, vol. 47, 25-33

Abstract: We examine annual report filings of U.S. listed banks to assess their attitude toward the financial technology (fintech) sector. Banks did not mention the impact of fintech on their business until the 2016 filing season, when 14 banks, or 3% of the total number of filers, did so. In 2017, this number skyrocketed to 66 banks, or 14% of filers. These filings prove to be a rich source of data about banks’ perceptions of fintech. Further, compared to survey data, the information has the advantage of being management-certified and not anonymous. We analyze what banks say about fintech in their annual filings and find that they are largely concerned about fintech’s impact on deposits, lending, and payments business, and about the proposed bank charter for fintechs. Banks are much less worried about cryptocurrencies, blockchain, and competition from “Big Tech.” There is also evidence of banks being influenced by what their peers are saying, and even copying peers’ disclosures verbatim.

Keywords: Fintech; 10-K; Text Mining; Bank Disclosure (search for similar items in EconPapers)
JEL-codes: G21 G23 O16 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1606

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