The following thesis originates from the increasing competition and dynamism that traditional financial institutions are facing following the entry of new players within the financial industry, i.e. FinTech firms, and which call for revisions to traditional banking. New innovation and growth strategies of banks may also contemplate the participation to Open Banking ecosystems and cooperation with FinTech firms. Both themes are little explored in the extant literature, especially from an empirical point of view, and are the focus of this dissertation. According to PSD2, banks are required to open up access to customers’ account data to authorized Third Party Providers (TPPs), fostering Open Banking, a collaborative model in which data, services and applications are shared through APIs with TPPs, including FinTechs, with the aim to develop customer-oriented financial products and services. Nevertheless, banks may decide to comply only to minimum requirements or to adopt an active approach, moving from forced to voluntary collaboration models. The thesis examines the current attitude to partnership as an antecedent of Open Banking, exploring its structural and economic determinants and its effects on banks’ performance in the Italian context. Results reveal a low attitude to partnership, which may hinder the formation of Open Banking platforms. The attitude to partnership tends to be higher for small and less capitalized banks, which can participate to Open Banking platforms in order to overcome size and resources constraints. Overall, the positive effect of attitude to partnership on banks’ performance may justify the participation to Open Banking platforms. The second part of the thesis focuses on bank-FinTech relationship, through which incumbents’ can access to advanced technologies useful to improve their digital services and FinTechs can ensure a faster and less risky development path, by accessing to new financial resources and to banks’ wider customer base and distribution channels. Here, the purpose is to find empirical evidence of the theorized benefits of bank-FinTech relationships by assuming FinTech firms’ perspective, thus investigating if the presence and diffusion of strategic alliances with banks affect the performance, growth and visibility of FinTech firms. Our results show that bank-FinTech relationships do not generate any positive performance; on the contrary, there is a positive effect on revenue growth and visibility, potentially allowing FinTechs to quickly reach a break-even point after the first phase of their life cycle. The last part of the thesis focuses on the role of the financial system, and in particular of FinTech firms, in the pursuit of the Agenda 2030, a plan of action for people, planet and prosperity that integrates economic, environmental and social issues. Leveraging on new technologies, FinTech firms may contribute to SDGs thanks to their ability to redirect financial resources towards sustainable uses and to mitigate financial exclusion. However, this contribution may be hampered by their typical start-up phase, in which failure often occur. For this reason, cooperation with banks can help newcomers in their growth path, thus strengthening their potential contribution to the Agenda 2030. The last part of the thesis explores if SDG-orientation of FinTech firms affect the likelihood to establish one or more bank-FinTech relationships and if this effect differs between different types of agreement. Results show a positive correlation between FinTech firms’ SDG-orientation and bank-FinTech relationship, concluding that the latter may be considered as an additional avenue in the pursuit of Agenda 2030, and, as such, should be contemplated by regulators in guidelines and regulatory requirements.
La tesi prende avvio dalla crescente concorrenza e dinamicità che le istituzioni finanziarie tradizionali stanno affrontando a seguito dell'ingresso delle imprese FinTech nel settore finanziario, che hanno messo in discussione il tradizionale modo di fare banca. Le nuove strategie di innovazione e di crescita percorribili dalle banche possono contemplare la partecipazione a ecosistemi di Open Banking e la cooperazione con le imprese FinTech. Entrambe le vie sono poco esplorate in letteratura, soprattutto da un punto di vista empirico. La PSD2 obbliga le banche a dare accesso ai dati di pagamento della clientela a terze parti autorizzate (TPP), favorendo lo sviluppo dell’Open Banking, un modello collaborativo in cui dati, servizi e applicazioni sono condivisi attraverso API con i TPP, tra cui le FinTech, con l'obiettivo di sviluppare prodotti e servizi finanziari orientati al cliente. Assumendo che un approccio attivo alla PSD2 permetta di andare oltre i requisiti minimi, favorendo la nascita di ecosistemi e piattaforme di Open Banking, la tesi esamina, nel contesto italiano, l'attuale propensione alla partnership delle banche, esplorandone le determinanti strutturali ed economiche e gli effetti sulla performance. I risultati rivelano una scarsa propensione alla partnership, che può ostacolare lo sviluppo dell’Open Banking. La propensione alla partnership tende ad essere più elevata per banche piccole e meno capitalizzate, che possono partecipare alle piattaforme di Open Banking al fine di superare vincoli dimensionali e di risorse. Nel complesso, l'effetto positivo di tale propensione sulla performance delle banche può giustificare la partecipazione di queste a piattaforme di Open Banking. La seconda parte della tesi si concentra sul rapporto banca-FinTech, attraverso il quale le banche ottengono l’accesso a tecnologie avanzate utili a migliorare i propri servizi digitali e le FinTech possono assicurarsi un percorso di sviluppo più rapido e meno rischioso, attraverso l’accesso a nuove risorse finanziarie e ad una più ampia base di clientela e rete distributiva. L’obiettivo è quello di esplorare se i benefici teorizzati del rapporto banca-FinTech si verificano nella sostanza e, assumendo la prospettiva delle FinTech, si indaga se le alleanze strategiche con le banche influenzano la loro performance, crescita e visibilità. I risultati mostrano che il rapporto banca-FinTech non genera performance positive; al contrario, c'è un effetto positivo sulla crescita dei ricavi e sulla visibilità, potenzialmente consentendo alle FinTech di raggiungere rapidamente un break-even point subito dopo la prima fase del loro ciclo di vita. Infine, la tesi esamina il contributo delle FinTech al perseguimento dell'Agenda 2030, un piano d'azione per le persone, il pianeta e la prosperità che integra fattori economici, ambientali e sociali. Facendo leva sulle nuove tecnologie, le imprese FinTech possono contribuire agli SDG grazie alla loro capacità di veicolare le risorse finanziarie verso usi sostenibili e di mitigare l'esclusione finanziaria. Tuttavia, questo contributo può essere ostacolato dalla fase di start-up in cui tipicamente si trovano e in cui il rischio di fallimento è elevato. La cooperazione con le banche può aiutarle nel loro percorso di crescita, sostenendone il potenziale contributo all'Agenda 2030. Si studia, quindi, se l'orientamento alla sostenibilità delle FinTech influisce sulla probabilità di avere uno o più rapporti con le banche e se tale effetto differisce tra diversi tipi di accordi. I risultati mostrano una relazione positiva, rivelando che il rapporto banca-FinTech può essere uno strumento utile nel perseguimento dell'Agenda 2030 e, in quanto tale, considerato dai regolatori nella formulazione di linee guida e normative.
Il rapporto banca-FinTech: Open Banking, performance e profili di sostenibilità per PMI e individui / Daniela Pennetta , 2022 Feb 11. 34. ciclo, Anno Accademico 2020/2021.
Il rapporto banca-FinTech: Open Banking, performance e profili di sostenibilità per PMI e individui
PENNETTA, DANIELA
2022
Abstract
The following thesis originates from the increasing competition and dynamism that traditional financial institutions are facing following the entry of new players within the financial industry, i.e. FinTech firms, and which call for revisions to traditional banking. New innovation and growth strategies of banks may also contemplate the participation to Open Banking ecosystems and cooperation with FinTech firms. Both themes are little explored in the extant literature, especially from an empirical point of view, and are the focus of this dissertation. According to PSD2, banks are required to open up access to customers’ account data to authorized Third Party Providers (TPPs), fostering Open Banking, a collaborative model in which data, services and applications are shared through APIs with TPPs, including FinTechs, with the aim to develop customer-oriented financial products and services. Nevertheless, banks may decide to comply only to minimum requirements or to adopt an active approach, moving from forced to voluntary collaboration models. The thesis examines the current attitude to partnership as an antecedent of Open Banking, exploring its structural and economic determinants and its effects on banks’ performance in the Italian context. Results reveal a low attitude to partnership, which may hinder the formation of Open Banking platforms. The attitude to partnership tends to be higher for small and less capitalized banks, which can participate to Open Banking platforms in order to overcome size and resources constraints. Overall, the positive effect of attitude to partnership on banks’ performance may justify the participation to Open Banking platforms. The second part of the thesis focuses on bank-FinTech relationship, through which incumbents’ can access to advanced technologies useful to improve their digital services and FinTechs can ensure a faster and less risky development path, by accessing to new financial resources and to banks’ wider customer base and distribution channels. Here, the purpose is to find empirical evidence of the theorized benefits of bank-FinTech relationships by assuming FinTech firms’ perspective, thus investigating if the presence and diffusion of strategic alliances with banks affect the performance, growth and visibility of FinTech firms. Our results show that bank-FinTech relationships do not generate any positive performance; on the contrary, there is a positive effect on revenue growth and visibility, potentially allowing FinTechs to quickly reach a break-even point after the first phase of their life cycle. The last part of the thesis focuses on the role of the financial system, and in particular of FinTech firms, in the pursuit of the Agenda 2030, a plan of action for people, planet and prosperity that integrates economic, environmental and social issues. Leveraging on new technologies, FinTech firms may contribute to SDGs thanks to their ability to redirect financial resources towards sustainable uses and to mitigate financial exclusion. However, this contribution may be hampered by their typical start-up phase, in which failure often occur. For this reason, cooperation with banks can help newcomers in their growth path, thus strengthening their potential contribution to the Agenda 2030. The last part of the thesis explores if SDG-orientation of FinTech firms affect the likelihood to establish one or more bank-FinTech relationships and if this effect differs between different types of agreement. Results show a positive correlation between FinTech firms’ SDG-orientation and bank-FinTech relationship, concluding that the latter may be considered as an additional avenue in the pursuit of Agenda 2030, and, as such, should be contemplated by regulators in guidelines and regulatory requirements.File | Dimensione | Formato | |
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