Introductory Brief (Part II): Opportunities for Deposit Insurers (DepTech)

Edward Garnett (), Rachel Youssef () and Daniel Hoople ()
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Edward Garnett: Federal Deposit Insurance Corporation
Rachel Youssef: Federal Deposit Insurance Corporation
Daniel Hoople: Federal Deposit Insurance Corporation

No 8, IADI Fintech Briefs from International Association of Deposit Insurers

Abstract: The International Association of Deposit Insurers (IADI) recently launched a research series that explores innovations in financial technology (fintech) and how these innovations affect deposit insurance systems. The Financial Stability Board has defined fintech as 'technologically enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.' (Financial Stability Board, 2019b). While the growth in consumer use of fintech presents challenges to deposit insurers by blurring the lines between financial products and services offered within and outside the traditional financial system, fintech also provides many opportunities for deposit insurers by creating business efficiencies, quality products, and new frameworks for solving problems, among other improvements. This brief introduces the term 'DepTech', or Deposit Insurer Technology, and defines it as the adoption of new technologies to improve deposit insurer operations. This can include enhanced reporting procedures, improvements to the reimbursement process, and faster depositor access to funds when a bank fails. This brief investigates the opportunities fintech presents to deposit insurers and in doing so, focusses on data standardisation, digital payments, artificial intelligence and machine learning, cloud computing and new media.

Keywords: deposit insurance; bank resolution (search for similar items in EconPapers)
JEL-codes: G21 G33 (search for similar items in EconPapers)
Date: 2022-07
New Economics Papers: this item is included in nep-ban and nep-pay
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:awl:finbri:8

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