Disruption of financial intermediation by FinTech

a review on crowdfunding and blockchain

Research output: Contribution to journalArticle

26 Citations (Scopus)


Based on a systematic review of influential publications among 402 papers published between 2010 and 2018, this paper identifies gaps in Economics and Finance research regarding two applications of FinTech: crowdfunding and blockchain. Analysing these records shows that (i) current research on FinTech is fragmented with limited theoretical grounding; (ii) crowdfunding and blockchain can be regarded as two innovations that may disrupt traditional financial intermediation but in different ways; (iii) crowdfunding platforms substitute for traditional financial intermediaries and serve as a new intermediary, without eliminating the need for intermediation; (iv) similar to crowdfunding, blockchain also creates new intermediaries; and (v) the trust element inherent in blockchain enables blockchain to eliminate the need for intermediaries in some financial areas but not all.
Original languageEnglish
Pages (from-to)965-992
Number of pages28
JournalAccounting and Finance
Issue number4
Publication statusPublished - Dec 2018
Externally publishedYes


  • Blockchain
  • Crowdfunding
  • Financial intermediation
  • FinTech

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