金融科技正在吃银行的午餐吗？（英）

Is FinTech Eating the Bank’s Lunch? Sami Ben Naceur, Bertrand Candelon, Selim Elekdag, Drilona Emrullahu WP/23/239IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2023 NOVINTERNATIONAL MONETARY FUND 2 © 2023 International Monetary Fund WP/23/239IMF Working Paper Institute for Capacity Development Is FinTech Eating the Bank’s Lunch? Prepared by Sami Ben Naceur, Bertrand Candelon, Selim Elekdag, Drilona Emrullahu1 Authorized for distribution by Selim Elekdag November 2023 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: This paper examines how the growing presence of FinTech firms affects the performance of traditional financial institutions. The findings point to a negative impact on profitability, primarily due to a reduction in interest income and a rise in operational costs. Although established financial institutions have tried to diversify their revenue streams, these efforts have proven inadequate to offset the losses associated with increased competition from FinTech firms. Our study also reveals that various FinTech business models, such as Peer-to-Peer (P2P) lending and Balance Sheet lending, have varying effects on financial institutions. Cooperative banks experience more significant profit deterioration under both models, whereas (larger) commercial banks appear to benefit from partnerships with P2P platforms, as evidenced by an increase in non-interest income. Furthermore, the findings suggest that FinTech presence has a disproportionately larger adverse effect on banks in countries with more competitive, profitable, and developed financial systems. Interestingly, however, traditional financial institutions in countries with stronger regulatory frameworks appear to benefit from the expanding influence of FinTech firms. JEL Classification Numbers: G21, G23, G28 Keywords: fintech; bank profitability; competition; business models Author’s E-Mail Address: sbennaceur@imf.org bertrand.candelon@uclouvain.be selekdag@imf.org demrullahu@imf.org 1 Corresponding Author The authors would like to thank Adolfo Barajas, Ehsan Ebrahimy, Carolina Lopez-Quiles, Paweł Pisany, Celine Rochon, Dmitry Vasilyev, German Villegas Bauer, Tao Wu and Luisa Zanforlin for their insightful comments. The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. INTERNATIONAL MONETARY FUND 3 WORKING PAPERS Is FinTech Eating the Bank’s Lunch? Prepared by Sami Ben Naceur, Bertrand Candelon, Selim Elekdag