Fintech can worsen inequality, BIS paper warns
Diffusion of technology helps to spread the benefits evenly, authors say
Fintech may amplify existing disparities in wealth under some conditions, say the authors of a new Bank for International Settlements working paper.
But this trend may decline as new technologies become more widely used, the authors find. Jon Frost, Leonardo Gambacorta and Romina Gambacorta analyse Italian micro-data gathered by the Bank of Italy to test the spread of remote banking, one form of fintech.
Over the period 1991 to 2016, the adoption of remote banking benefitted all groups of the
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