Appel à contributions
Dossier to be published in No. 103 – 3rd Q. 2016
Digital Innovation & Finance Transformation
Eds: Marianne VERDIER (Univ. Paris 2)
Jooyong JUN (Bank of Korea)
& Yves GASSOT (IDATE, Montpellier, France)
Banking has long represented a big market for IT and digital technologies. It is probably one of the sectors that have invested most heavily in information technologies over time, for retail banking activities, and more recently for risk control systems to ensure compliance with banking and finance regulations. In market activities, emphasis is occasionally placed on the consequences of technical investments such as high frequency trading.
But more recently, digital innovation in this sector has been particularly illustrated by the explosion of FinTech. Hundreds of startups have demonstrated the potential to innovate and transform the way of banking and finance as we have known.
In light of recent events, several areas of innovation have emerged from the development of FinTech in competition or partnership with traditional players in the banking industry.
The first one is innovations in retail payments, which began many years ago but was more marked by the entry of Apple in 2014 and Samsung in 2015, which adapted the retail payment service to their huge base of smartphone users.
There have also emerged multiple other technical options for the consumer to pay the retailer, exchange money, and dispose of all the banking services without visiting a branch. The range of initiatives and the wide variety of players highlight the diversity of value chain entry points, the size of the stakes but also the fragility of many of these projects that will likely have to give way one day to a limited number of systems.
The year 2015 was also the year of broad media exposure of the multiple variations of financing platforms including crowdfunding/crowdlending, which compete with banks.
Also much discussed in recent quarters is the sustainability and volatility of crypto-currencies like Bitcoin, but even more so, the blockchain concept that underlies them. Initially regarded as a threat, the blockchain has aroused interest and given rise to the first projects undertaken by large banks, despite their inability so far to discern the real potential of this concept to drive down the unit cost of intermediation, limit turnaround of payments and strengthen security.
Other sources of possible transformation are the usages of “robo-advisors” or the growing applications of "big data". The first one could allow transformation of consumer relations and represents opportunities for new entrants to compete with traditional banks and asset management services. This second one could, for example, transform the perception of risk in lending activities. But the most often cited impact applies to the insurance sector. If the various technical devices provide a better assessment of individually insured risks, they could ultimately challenge the very principle of pooling them, which is the cornerstone of the profession. The development of analytics tools also raises the issue of trust in managing the personal data of customers in banking and insurance as in many other sectors.
In this context, the DigiWorld Economic Journal special issue aims to gather articles that show the link between the technological innovations or business models that have emerged in FinTech and the transformation of finance.
The following topics are targeted in particular:
• International benchmarks or regional analyses;
• Analyse the first lessons to be drawn from advanced experience vis-à-vis the incumbent players but also vis-à-vis consumers;
• The place of large Internet platforms in the transformation of the banking business; more generally the advantages of the different value chain players (device providers, telcos, eCommerce leaders, etc.) when it comes to imposing their solutions;
• The regulation of Fintech players and their present and future relationships with existing banking and insurance companies; scenarios 2025 for the banking and insurance industries.
As with the other review dossiers, the selected articles will be supplemented by interviews with personalities from industry and finance and with experts.
Please send submissions (in the form of full papers)
by 30th June 2016 to:
Submission of papers
All papers submitted for publication will be reviewed by at least two referees/experts using the "double blind" system.
Proposals must be submitted in Word format (.doc) and should not exceed 6,500 words – including the abstract and references.
As far as possible, the publisher recommends that you insert some illustrations (tables, diagrams) in the paper, in order to facilitate the general comprehension.
Please ensure that they are readable in grey scale, and that they are of high-definition, in order to guarantee the printing quality.
Bibliographical references should be included at the end of the article. Should these references appear in the text, please indicate the author's name and the year of publication in brackets.
Our DigiWorld Economic Journal also welcomes submissions for extra papers - off dossier - that typically cover innovative issues in the sector of the telecoms, internet and new media. If your paper is selected by the Editiorial committee, it will be submitted to the double-blind review process.
On the other hand, should you wish to propose a short paper (1500 to 3000 words maximum) for the "Features" rubric, offering factual analyses of recent developments in the fields of regulation and competition, firms and markets, technical innovations, public policies and use logics, please contact Alexandre JOLIN.
Book reviews are also very welcome should they are in connection with our usual thematics.