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On Fintech and financial inclusion

Author: Thomas Philippon; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 26330.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The cost of financial intermediation has declined in recent years thanks to technological progress and increased competition. I document this fact and I analyze two features of new financial technologies that have stirred controversy: returns to scale, and the use of big data and machine learning. I argue that the nature of fixed versus variable costs in robo-advising is likely to democratize access to financial  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Thomas Philippon; National Bureau of Economic Research,
OCLC Number: 1123172243
Notes: "September 2019"
Description: 1 online resource (18 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 26330.
Responsibility: Thomas Philippon.

Abstract:

The cost of financial intermediation has declined in recent years thanks to technological progress and increased competition. I document this fact and I analyze two features of new financial technologies that have stirred controversy: returns to scale, and the use of big data and machine learning. I argue that the nature of fixed versus variable costs in robo-advising is likely to democratize access to financial services. Big data is likely to reduce the impact of negative prejudice in the credit market but it could reduce the effectiveness of existing policies aimed at protecting minorities.

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