The Impact of Fintechs on Financial Intermediation: A Functional Approach

Michel Crouhy, Dan Galai, Zvi Wiener

Research output: Contribution to journalArticle


We analyze fintechs and their impact on the traditional financial system from a functional perspective. Following the approach suggested by Merton (1995) [A Functional Perspective of Financial Intermediation, Financial Management 24(2), 23–41], we show how the six core functions of financial intermediation are affected by the technological developments. This analysis provides a new perspective on the future of financial services and their regulation.
Original languageEnglish
Article number2031001
Number of pages52
JournalThe Journal of FinTech
Issue number1
StatePublished - 2021


  • Fintech
  • cryptocurrencies
  • P2P lending
  • intermediation
  • payments
  • big-tech
  • roboadvisory
  • blockchain


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