This document presents the results of the third fact-finding FinTech survey conducted by Bank of Italy in the first half of 2021.
Released twice-yearly, the survey covered the entire banking system, comprising 59 banking groups and 53 stand-alone banks. A further 51 non-bank intermediaries also took part,1 selected based on their volume of operations; some of the respondents, though operating on a smaller scale, were included because of their business models or propensity to innovate.
The participation rate was 97 per cent; considering banks alone, the coverage rate in terms of assets was equal to 98.7 per cent of the system total.
The first part of this document describes the main results of the survey, with reference to the investments approved, interaction between the banks and firms in making these investments and holdings of crypto-assets.
The second part examines the characteristics of the projects in terms of technology, objectives, implementation and the repercussions on business models and the risk profiles of intermediaries. Their implications for open banking, customer experience, and the technologies used to combat money laundering and terrorist financing, are also assessed.