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  Where Did Fintechs Come from, and Where Do They Go? The Transformation of the Financial Industry in Germany after Digitalization

Brandl, B., & Hornuf, L. (2017). Where Did Fintechs Come from, and Where Do They Go? The Transformation of the Financial Industry in Germany after Digitalization.

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Forthcoming in: Frontiers in Artificial Intelligence (Artificial Intelligence in Finance)

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 Creators:
Brandl, Barbara1, Author
Hornuf, Lars2, Author              
Affiliations:
1External Organizations, ou_persistent22              
2MPI for Innovation and Competition, Max Planck Society, ou_2035292              

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Free keywords: FinTech, Founders, Financial industry, IT infrastructure
 Abstract: The digitalization of financial services opened a window for new players in the financial industry. These start-ups take on tasks and functions previously reserved for banks, such as lending, payments, or investment. In this article, we trace the transformation of the industry after digitalization. By using data on FinTech formations in Germany, we show that entrepreneurial dynamics in the FinTech sector are not so much driven by technology as by the educational and business background of the founders. Furthermore, we investigate the reactions of traditional banks to the emergence of these start-ups. In contrast with other emerging industries such as biotechnology, a network analysis shows that FinTechs have mostly engaged in strategic partnerships and only a few banks have acquired or obtained a financial interest in a FinTech. We explain the restraint of banks to fully endorse the new possibilities of digitalized financial services with the characteristics of the technology itself and with the postponed fundamental decisions of banks to modernize their IT infrastructure.

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Language(s): eng - English
 Dates: 2017-09-13
 Publication Status: Published online
 Pages: 25
 Publishing info: -
 Table of Contents: -
 Rev. Type: -
 Identifiers: -
 Degree: -

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