Federal Reserve Bank of Philadelphia
September 28–29, 2017
Special Issue on Fintech
Journal of Economics and Business (3Q2018)
Because of an unanticipated conflict, we have switched the order of two sessions:
- Keith A. Noreika, acting Comptroller of the Currency (OCC), will be presenting A Fintech Conversation with the OCC Comptroller on Thursday, September 28, at 4:10 p.m.
- As a result, the Topic Keynote — Bitcoin, Blockchain, and Cryptocurrencies has been switched to 11:45 a.m. on Friday, September 29.
Fintech: The Impact on Consumers, Banking, and Regulatory Policy
Federal Reserve Bank of Philadelphia
September 28-29, 2017
|Thursday, September 28|
|12:00 noon–12:40 p.m.||Registration and Refreshments|
|12:40 p.m.–12:50 p.m.||Welcome and Opening Remarks
William G. Spaniel (Senior Vice President, FRB Philadelphia) - Watch the video
|12:50 p.m.–1:15 p.m.||
Industry Keynote Speech
Robert Nichols (President and Chief Executive Officer, American Bankers Association)
|1:15 p.m.–2:10 p.m.||
Topic Keynote — Fintech Lending and Roles of Alternative Information - Watch the video
Tracy Basinger (Executive Vice President & Director, Financial Institution Supervision and Credit, FRB San Francisco)
Spencer Robinson (Head of Strategy, Kabbage)
|2:10 p.m.–3:55 p.m.||
Research — Fintech Lending and Roles of Alternative Information
Paper 1: “FinTechs and the Market for Financial Analysis”
Paper 2: “Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information”
Paper 3: “Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks”
|3:55 p.m.–4:10 p.m.||
|4:10 p.m.–4:50 p.m.||
A Fintech Conversation with OCC Comptroller - Watch the video
|4:50 p.m.–6:10 p.m.||
Research — Bitcoin, Blockchain, Digital Currency, and Machine Learning
Paper 4: “The Economics of Distributed Ledger Technology for Securities Settlement”
|6:10 p.m.–7:30 p.m.||Cocktail Reception|
|7:30 p.m.–9:00 p.m.||Speaker Dinner|
|Friday, September 29 - Watch the video|
|7:45 a.m.–8:45 a.m.||Continental Breakfast|
|8:45 a.m.–9:55 a.m.||
Research — Fintech and the New Financial Landscapes
Paper 1: “Competition in the Financial Advisory Market: Robo versus Traditional Advisors”
Paper 3: “Integrating the Troublemakers: A Taxonomy for Cooperation between Banks and Fintechs”
|9:55 a.m.–10:45 a.m.||
Topic Keynote – Fintech and the New Financial Landscapes
Siddhartha Jajodia (Chief Investment Officer, LendingClub)
Usman Ahmed (Head of Global Public Policy, PayPal, Inc.)
|10:45 a.m.–11:00 a.m.||Coffee Break|
|11:00 a.m.–11:45 a.m.||A Conversation with Patrick T. Harker
Patrick T. Harker (President and Chief Executive Officer, FRB Philadelphia)
Introduced by: Richard Herring (The Wharton School of the University of Pennsylvania)
Moderator: Mukul Pandya (Knowledge@Wharton)
|11:45 a.m.–12:30 p.m.||
Topic Keynote — Bitcoin, Blockchain, and Cryptocurrencies
William Nelson (Executive Managing Director, The Clearing House)
Jim Cunha (Senior Vice President, FRB Boston)
|12:30 p.m.–1:45 p.m.||Lunch|
|1:45 p.m.–3:00 p.m.||
Research — Machine Learning and Artificial Intelligence
Paper 1: “Financial Regulatory Implications of Artificial Intelligence”
Paper 3: “Between the Lines: Decipher the Firms’ Fundamentals with Artificial Intelligence”
|3:00 p.m.–3:15 p.m.||Coffee Break|
|3:15 p.m.–4:30 p.m.||
Research — Marketplace Lending and Crowdfunding
Paper 2: “Profit Sharing: A Contracting Solution to Harness the Wisdom of the Crowd”
Paper 3: “Financing Efficiency of Securities-Based Crowdfunding”
|4:30 p.m.–5:15 p.m.||
Topic Keynote — Machine Learning and Artificial Intelligence
John Schindler (Federal Reserve Board)
Gurvinder Ahluwalia (Founder of Digital Twin Labs, LLC; previously CTO Technical Solutioning and Blockchain, IBM)
|5:15 p.m.–5:25 p.m.||Closing Remarks
James D. Narron (First Vice President and Chief Operating Officer, FRB Philadelphia)
The Federal Reserve Bank of Philadelphia and the Journal of Economics and Business (JEB) invited authors to submit papers that deal with topics related to various aspects of fintech.
Fintech has changed the financial landscape and has been quite disruptive.
On the supply side, nonbank fintech servicers have grown rapidly in response to more stringent and complex financial regulations following the recent crisis. Some have argued that with its technology platforms and ability to use alternative information sources for credit decisions and unconventional underwriting techniques, the fintech shadow banking sector has been able to offer faster, better, and cheaper services to its customers in terms of processing times, automatic applications, minimal demands for financial documents, and funding as early as the same day. On the demand side, as more millennials make up the pool of small business owners, they may be more comfortable with technology and may prefer dealing with an online lender versus an in-person loan officer. Given the speed of innovation to date, there is likely to be continued advancements in this space.
In addition, blockchain technology, which was initially used for Bitcoin transactions, also has the potential to create a major disruption in the financial landscape. Moreover, many countries (including Sweden, Korea, and China) have explored their own digital currencies. It remains unclear whether this sector will continue to grow (since it has not yet gone through the entire economic cycle) and what the impact would be on monetary policy and financial stability overall.
We solicited original research papers that fall within the fintech area. The deadline for submissions was June 15, 2017.
Authors of accepted papers for the conference were notified by July 1, 2017. The special issue will be published in 3Q2018.
The Franklin Hotel at Independence Park (about a 10-minute walk)
401 Chestnut Street
Philadelphia, PA 19106
A block of rooms has been reserved at the Franklin Hotel for the nights of September 26-29, 2017 ($183.00 per night).
Due to limited availability, please reserve a room before August 25, 2017, by clicking the link above.
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