A working paper published by the Bank for International Settlements (BIS) has found the current financial system is still “rather inefficient” in terms of the cost of financial services.

Examining how fintech has the potential to reform the financial sector, Thomas Philippon finds the unit cost of financial intermediation has declined “only marginally” since the crisis.

“Many advanced economies have reached a point where ‘more finance’ is not helpful,” he says, going on to argue “significant