Technological change, financial innovation, and diffusion in banking

W Frame and Lawrence White

No 2009-10, FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta

Abstract: This paper discusses the technological change and financial innovation that commercial banking has experienced during the past twenty-five years. The paper first describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. We then survey the literature relating to several specific financial innovations, which we define as new products or services, production processes, or organizational forms. We find that the past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations and the attendant welfare implications, we still know little about how and why financial innovations are initially developed.

Keywords: technological; innovations (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-cba, nep-his, nep-knm and nep-mic
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Citations: View citations in EconPapers (10)

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Related works:
Working Paper: Technological Change, Financial Innovation, and Diffusion in Banking (2014)
Working Paper: Technological Change, Financial Innovation, and Diffusion in Banking (2009)
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