Customer data access and fintech entry: early evidence from open banking

Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access both financial advice and credit; ii) SMEs to establish new fintech lending relationships. In a calibrated model, OB universally improves welfare through entry and product improvements when used for advice. ...

L'integrazione di diritto privato e diritto pubblico nella tutela del cliente bancario

Over the past thirty years, the Italian Banking Law Act (Testo Unico Bancario) has been amended to reflect the growing influence of the European Union on the Italian legal system, leading to the formation of a «regulatory private law». This law aims to create an internal market and protect consumers, intertwining with public regulation. In competitive markets, private law promotes social order, while in less competitive markets, public regulatory interventions are necessary to protect ma...

The impact of generative artificial intelligence on socioeconomic inequalities and policy making

Generative artificial intelligence (AI) has the potential to both exacerbate and ameliorate existing socioeconomic inequalities. In this article, we provide a state-of-the-art interdisciplinary overview of the potential impacts of generative AI on (mis)information and three information-intensive domains: work, education, and healthcare. Our goal is to highlight how generative AI could worsen existing inequalities while illuminating how AI may help mitigate pervasive social problems. In the in...

A systemic risk indicator for leveraged finance exposure in the banking system