국제금융소비자학회 > 발행기관 내 간행물

FinTech Megatrends: What Welfare Implications Can We Draw for Financial Consumers?

Man Cho 저

pp.29~45 (17pages)

간행물명 : The International Review of Financial Consumers(IRFC)
권/호 : The International Review of Financial Consumers, Volume.6 Issue.2 / 2021
발행기관 : 국제금융소비자학회
간행물유형 : 학술저널
주제분류 : 경제학
파일형식 : PDF

초록

영어 초록
This study aims to assess the welfare implications of the FinTech service providers on financial consumers, by focusing on one particular subsector - the online capital-raising activities (CRA) including P2P lending and crowdfunding. To t hat end, t he key a rg uments a dvanced b y the recent s tudies are s ynthesized a s follows: T hanks to the r apid deployment of online platforms and digital data in recent years, the CRA service providers have greatly enhanced intermediation efficiency, which results in lower transaction cost and heightened convenience for financial consumers, and have a lso extended f inancial inclusion for marg inal borrowers in both developed and developing countries; These alternative service providers tend to narrow the credit gap caused by information asymmetry between borrowers and lenders by utilizing soft data for ex ante credit evaluation; However, some concerns are raised as to the likelihood of over-leverage by certain segments of P2P platform borrowers as well as the heightened risk of cyber-crimes such as identity theft and voice phishing. Based on these findings, policy implications as to designing effective measures of financial consumer protection, both from demand-side and supply-side of the CRA service sectors, are discussed.

목차

Ⅰ. Introduction
Ⅱ. Underlying Trends of Relevancy
Ⅲ. Implications of the On-going Digital Transformation
Ⅳ. Welfare Implications for Financial Consumers
Ⅴ. FinTech and Financial Consumer Protection
Ⅵ. Concluding Remarks