Marketplace lending, financial analysis, and the future of credit: integration, profitability, and risk management
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken
Wiley
[2016]
|
| Schriftenreihe: | The Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Cover image Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xxiii, 317 Seiten Diagramme |
| ISBN: | 9781119099161 |
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| 650 | 4 | |a Financial services industry |x Technological innovations | |
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Datensatz im Suchindex
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| adam_text | MARKETPLACE LENDING, FINANCIAL ANALYSIS, AND THE FUTURE OF CREDIT
/ / / / / / / AKKIZIDIS, IOANNIS S.YYEAUTHOR
: : : : : : : 2016
TABLE OF CONTENTS / INHALTSVERZEICHNIS
^^ - DILEMMA 269 15.5 FROM PRODUCER TO SUPPLIER AND MOVING TO A NEW
SINGULARITY 271 15.6 FROM CLOSED INNOVATION TO OPEN SERVICES INNOVATION
272 15.7 THE ROLE OF LEADERSHIP IN DRIVING EMERGENT STRATEGY 273 15.8
CONCLUDING REMARKS 274 CHAPTER 16 THE HYBRID FINANCIAL SECTOR 277 16.1
FORCES OF COMPETITION IN THE DIGITAL AGE 277 16.2 THE DANGERS OF KNIFE
FIGHTS 279 16.3 GOOD IDEAS IN MARKETPLACE LENDING THAT MIGHT BE HERE TO
STAY 280 16.4 THE ALTERNATIVE TO THE HYBRID FINANCIAL SECTOR: A DOOMSDAY
SCENARIO FOR ESTABLISHED BANKS? 286 16.5 CONCLUDING REMARKS 286 CHAPTER
17 UNIFIED ANALYTICS 289 17.1 WHY DO MARKETPLACE LENDING PLATFORMS NEED
UNIFIED FINANCIAL ANALYTICS? 290 17.2 AN OVERVIEW OF A UNIFIED ANALYTICS
PLATFORM 296 17.3 CONCLUDING REMARKS 301 BIBLIOGRAPHY 303
DIESES SCHRIFTSTCK WURDE MASCHINELL ERZEUGT.
Contents
Preface xvii
Acknowledgments xix
About the Authors xxi
About the Website xxiii
Introduction 1
1.1 Who is This Book For? 2
1.2 What is FinTech? 2
1.2. Î Distinction between Financial Technology Innovation and
Financial Innovation 3
1.3 Why Does This Book Focus on Online Lending? 4
1.4 The Hybrid Financial Sector: The Opportunity to Build a Healthier
Financial System 5
PART ONE
FinTech and the Online Lending Landscape—Where Are We Now? 11
CHAPTER i
Introduction to toe Bittiness Models in Financial Technology 15
f. Î Innovation Themes in FinTech 15
LLÎ Online lending 15
1.1.2 Crowdfunding and crowdinvesting 17
1.1.3 Transactions and payments 17
1. L4 Personal Financial Management 17
1. L5 Digital currency and cryptocurrency 13
1.1.6 Mobile point of sale imPOS) ig
1.1.7 Online financial advisory 1 g
L 1.8 Mobile-first banks [9
1.1.9 A dynamic and fragmented space j 9
vN
Viii MARKETPLACE LENDING, FINANCIAL ANALYSIS, AND THE FUTURE OF CREDIT
1.2 The Promises and Pitfalls of FinTech Business Models 20
1.2.1 Streamlining the user experience (UX) and digital integration 21
1.2.2 Setting an industry standard that the financial industry failed to get
off the ground 21
1.2.3 Using someone else’s network while only paying marginal cost 21
1.2.4 Providing a worse service to customers at a lower price 21
1.3 The Pitfalls 22
1.3.1 Overestimating the ability of data science to deal with concentration
and adverse selection 22
1.3.2 Overestimating the value of Big Data in transactions 23
1.3.3 Overestimating people’s willingness to trust a FinTech company
instead of another middleman 23
1.3.4 Overestimating the regulators’ willingness to pardon a FinTech
company flouting the rules 23
1.4 Why is Financial Technology Innovation Important? 23
1.5 Challenges and Roadblocks for FinTech Companies 24
1.5.1 Lack of a human interface 24
1.5.2 The need for banking licenses 25
1.5.3 Concerns over privacy 26
1.6 FinTech is a Long-Term Play 26
1.7 Concluding Remarks 27
CHAPTER 2
How Does Online Lending Work? An Overview with a Focus on Marketplace Lending 29
2.1 Reliance on Technology and Data 29
2.2 How Do Online Lenders Differ From Banks? 30
2.3 Types of Online Lenders 31
2.3.1 Marketplace lending platforms 31
2.3.2 Online balance sheet lenders 34
2.3.3 Lender-agnostic marketplaces 35
2.4 Some Background on Peer-to-Peer Networks 36
2.4.1 Disintermediation or re-intermediation? 38
2.4.2 Infomediaries, intermediary-oriented marketplaces, and the
information value chain 39
2.5 The Business Model of Marketplace Lending Platforms 40
2.6 Onboarding Process 41
2.6.1 Borrower onboarding 41
2.6.2 Lender onboarding 43
2.7 Comparing Marketplace Loans with Bank Credit or Credit Card Debt 44
2.7.1 How do marketplace loans differ from bank credit? 45
2.7.2 How do marketplace loans differ from credit cards? 46
2.8 Who Are the Alternative Borrowers? 47
2.9 Who Are Investors in Marketplace Loans? 48
2.10 Underwriting and Credit Scoring 48
2.11 Regulation 49
2.11.1 Transparency and disclosure 50
2.11.2 Standardization of oversight and monitoring 50
Contents
IX
2.12 The Response of Banks to Online Lending 51
2.13 Concluding Remarks 52
CHAPTER 3
What Made the Rise of Online Lending Possible? 57
3.1 Technological Factors 57
3.1.1 Cheap and ubiquitous computing power, coupled with a revolution
in Big Data and analytics 57
3.1.2 Faster technology adoption 58
3.1.3 Internet proliferation and network effects 58
3.1.4 The boom in mobile screens 60
3.2 Social Factors 62
3.2.1 Digital connectedness and friendships 62
3.2.2 Impatience with the know-your-customer process 63
3.2.3 Sentiment against the established financial sector 63
3.3 Structural Factors 63
3.3.1 Stricter banking regulation 64
3.3.2 Disappearance of smaller banks has decreased access to credit for
consumers and SMEs 64
3.3.3 Low interest rate environment 65
3.4 The Perfect Storm 65
3.4.1 From unbundling to fragmentation and back 66
3.5 A Divergence of Trends 66
3.6 Concluding Remarks 67
CHAPTER 4
Why FinTech Lives Outside of Banks 69
4.1 The Technology Mudslide Hypothesis: Sustaining Innovation vs.
Disruptive Innovation 70
4.1.1 Small unproven markets with low-margin products 72
4.1.2 The need for discovery-driven planning 73
4.2 Will Banks Notice the Next FinTech Breakthrough? 73
4.2.1 Incentive misalignment between the short term and the long term 74
4.2.2 Forcing banks to collaborate with online lenders 75
4.2.3 Innovating in-house vs. buying innovation 75
4.3 Why Do Banks Have Difficulty in Innovating? 76
4.3.1 Underinvestment in core competencies 77
4.3.2 Imprisoned resources 77
4.3.3 Bounded innovation 77
4.3.4 Performers vs. producers 78
4.3.5 Divergence between core competencies of banks with customer
needs 78
4.4 Developing Core Competence in Financial Technology Innovation 79
4.4.1 The trap of marginal thinking 80
4.4.2 The way forward 80
4.5 Concluding Remarks 81
X
MARKETPLACE LENDING, FINANCIAL ANALYSIS, AND THE FUTURE OF CREDIT
PART TWO
The Status Quo of Analytics in the Financial Industry—The Perspective of
Banks 83
P2.1 Banking is Innovation 84
P2.2 Banking Goes Mobile 84
P2.3 Banks Are Far From Dead 85
P2.4 How to Read This Part of the Book 85
P2.5 What We Discuss in This Part 86
CHAPTERS
Financial Contracts 89
5.1 Contract Elements 89
5.2 Time in Financial Contracts 90
5.3 Contract Mechanisms Producing Financial Events 92
5.3.1 Principal patterns 94
5.3.2 Interest patterns 99
5.3.3 Accrual interest patterns 101
5.3.4 Credit enhancements patterns 102
5.3.5 Behavior patterns 103
5.3.6 Other patterns 104
5.3.7 Example of financial events 104
5.4 Concluding Remarks 106
CHAPTER 6
Markets 107
6.1 Real֊world and Risk-neutral Expectations of Markets 108
6.2 Economic Scenarios Based on Real-world Probabilities 109
6.3 The Risk-neutral Expectations 110
6.3.1 Yield curves 110
6.3.2 Forward rates and prices 111
6.4 Beyond Market Risk-Free Rates 113
6.4.1 Credit discount spreads based on risk-neutral default probabilities 114
6.4.2 Liquidity spreads 115
6.5 Discounting Cash Flows 116
6.6 Considering Market Elements in P2P Finance 117
6.7 Concluding Remarks 118
CHAPTER 7
Counterparties 121
7.1 Types and Roles of Counterparties 121
7.2 Descriptive Characteristics 123
7.3 Default Probability 124
7.3.1 Structural models 125
7.3.2 Intensity models 127
7.3.3 Real-world and risk-neutral default probabilities 128
7.4 Credit Ratings 129
Contents XI
7.5 Credit Spreads Based on Real-world Probabilities 130
7.6 Link of Counterparties via Markets 131
7.6.1 Allocating obligor to its own specific risk 133
7.6.2 Allocating obligor to specific market 134
7.6.3 Apportioning obligors across several markets 134
7.6.4 Allocating several obligors to a single market 135
7.6.5 Allocating obligors to several correlated markets 135
7.7 Concluding Remarks 137
CHAPTER 8
Behavior Risk 139
8.1 Prepayments 140
8.2 Draw-downs/Remaining Principal/Facilities and Credit Lines 141
8.3 Withdrawals 143
8.4 Selling 143
8.5 Default and Downgrading 144
8.6 Use at Default 145
8.7 Recoveries 146
8.8 Concluding Remarks 147
CHAPTER 9
Credit Exposures 151
9.1 Gross Exposure 151
9.2 Net Exposure 152
9.3 Evolution of the Gross and Net Exposures 152
9.4 Exposure Distribution 155
9.5 Credit Losses 156
9.6 Link of Counterparties via Credit Exposures 157
9.7 Concluding Remarks 158
CHAPTER 10
Credit Enhancements 161
10.1 What Are Credit Enhancements? Types and Structure 162
10.2 Asset-based Credit Enhancements 162
10.2.1 Allocating collateral to credit exposures 163
10.2.2 Valuing and adjusting asset-based credit enhancements 164
10.3 Counterparty-based Credit Enhancements 165
10.3.1 Guarantees 165
10.3.2 Allocating guarantees to credit exposures 165
10.3.3 Credit derivatives 166
10.3.4 Lack of credit enhancements in marketplace lending exposures 167
10.4 Additional Elements Considered in Credit Enhancements 168
10.4.1 Double default 168
10.4.2 Wrong way risk 169
10.4.3 Maturity mismatch and payment times 170
10.4.4 Contracts and counterparties dependencies via credit
enhancements
170
xii_________________MARKETPLACE LENDING, FINANCIAL ANALYSIS, AND THE FUTURE OF CREDIT
10.5 Extending Credit Enhancements in Marketplace Lending 170
10.5.1 Real estate titles 172
10.5.2 Phone contracts as stores of value 172
10.5.3 Loyalty points 173
10.5.4 Life insurance 174
10.5.5 Guarantor systems 174
10.6 Concluding Remarks 175
CHAPTER 11
Systemic and Concentration Risks 177
11.1 Credit Exposure Systemic Risk 177
11.1.1 Chain reactions after default credit event 178
11.1.2 Chain reactions after credit downgrading 180
11.2 Counterparty Systemic Risk 180
11.3 Systemic Risk Exposures and Losses 183
11.4 Credit Exposure Concentration Risk 184
11.5 Counterparty Concentration Risk 185
11.6 Systemic Risk and Portfolio Diversification 187
11.7 Concluding Remarks 187
CHAPTER 12
Liquidity, Value, income, Risk and New Production 189
12.1 Liquidity 190
12.1.1 Financial contracts and liquidity 191
12.1.2 The time factor and types of analysis in liquidity 191
12.1.3 Market and funding liquidity risks 192
12.1.4 Measuring and reporting liquidity and risk 195
12.2 Value and Income 197
12.2.1 Estimating value 197
12.2.2 Estimating income 198
12.2.3 Profit and loss 199
12.2.4 Valuation principles 199
12.2.5 Risk on value and income 199
12.2.6 Stress testing 200
12.2.7 Designing dynamic and integrated stress testing 200
12.2.8 Stochastic process 201
12.2.9 Economic capital allocation and risk adjustments 202
12.2.10 Some key points in applying risk management 203
12.3 New Production 203
12.4 Treasury and Funds Transfer Pricing (FTP) 205
12.4.1 Funds transfer pricing (FTP) and transfer rates 207
i 2.4.2 Treasury in P2P finance 209
12.5 Concluding Remarks 210
Contents Xij l
PART THREE
Toward the Future ot the Hybrid Financial Sector 215
P3.1 Dangers of a Big Bang Approach to Catch Up with Technology Innovation 216
P3.2 The Need to Collaborate in a Hybrid Financial System 217
CHAPTER 13
Profitability and Risk of Marketplace Loans 219
13.1 Underlying Assumptions of the Analysis 220
13.1.1 Getting the input data 220
13.1.2 Time 220
13.1.3 Risk factors 220
13.1.4 Mapping the financial contract 220
13.1.5 Calculating contractual financial events 220
13.1.6 Constructing portfolios 221
13.1.7 Analysis outputs 221
13.2 Risk Factors 222
13.2.1 Market risk 222
13.2.2 Counterparty credit risk 223
13.2.3 Behavior 224
13.3 Portfolio Construction 224
13.3.1 Portfolio exposure 225
13.4 Modeling Portfolio Performance 226
13.4.1 Income performance 226
13.4.2 Liquidity performance 227
13.4.3 Stress testing 228
13.4.4 Stress test scenarios 231
13.5 Risk Management 236
13.5.1 Operational risk 239
13.5.2 Likely overestimation of borrower quality in marketplace lending 240
13.5.3 A note on portfolio restructuring and optimization 245
13.5.4 A note on collateral and hedging exposure 246
13.6 The Road Forward 246
13.7 Concluding Remarks 247
CHAPTBt 14
Digital Competencies and Digital Dilemmas 251
14.1 Digital Competencies 252
14.1.1 Banks lag in some areas and lead in others: Analytics 252
14.2 Digital Dilemmas 255
14.2.1 Dilemma 1: Disrupt or defend? 255
14.2.2 Dilemma 2: Cooperate or compete? 256
14.2.3 Dilemma 3: Diversify or concentrate? 258
14.2.4 Dilemma 4: Keep digital businesses separate or integrate them? 259
14.2.5 Dilemma 5: Buy or sell businesses in the portfolio? 259
14.3 Concluding Remarks 260
XÏV MARKETPLACE LENDING, FINANCIAL ANALYSIS, AND THE FUTURE OF CREDIT
CHAPTER 15
Digital Strategy 263
15.1 Who Needs Digital Strategy? 263
15.2 Frameworks to Analyze the impact of Innovation 264
15.2.1 The diffusion of innovations 264
15.2.2 The hype cycle 265
15.2.3 Big Bang Disruption 266
15.3 Spotting Signs of Trouble on the Horizon 267
15.4 How Banks Can Overcome the Innovator’s Dilemma 269
15.4.1 Develop disruptive innovation in a separate company 269
15.4.2 Plan to fail cheaply 270
15.4.3 Let those in charge of innovation formulate their own rules and
processes 270
15.4.4 Find new markets 271
15.5 From Producer to Supplier and Moving to a New Singularity 271
15.6 From Closed Innovation to Open Services Innovation 272
15.7 The Role of Leadership in Driving Emergent Strategy 273
15.8 Concluding Remarks 274
CHAPTER 16
The Hybrid Financial Sector 277
16.1 Forces of Competition in the Digital Age 277
16.1.1 New pressure on prices and margins 277
16.1.2 Competitors emerging from unexpected places 278
16.1.3 Winner֊takes֊all dynamics 278
16.1.4 Plug-and-play business models 278
16.1.5 Growing talent mismatches 278
16.1.6 Converging global supply and demands 279
16.1.7 Relentlessly evolving business models—at higher velocity 279
16.2 The Dangers of Knife Fights 279
16.3 Good Ideas in Marketplace Lending That Might Be Here to Stay 280
16.3.1 Credit scoring with fringe alternative data 280
16.3.2 Responsive, always-on banking and near-real-time credit 281
i 6.3.3 Lending as a Service (LaaS) 282
16.3.4 The ability to invest in fragments of loans 283
16.3.5 Unbundled, streamlined financial services 284
16.3.6 High standards for data and transparency 284
16.4 The Alternative to the Hybrid Financial Sector: A Doomsday Scenario for
Established Banks? 286
16.5 Concluding Remarks 286
CHAPTER 17
Unified Analytics 289
17.1 Why Do Marketplace Lending Platforms Need Unified Financial Analytics? 290
17.1.1 Advantages for lenders 292
17. L2 Advantages for borrowers 293
17. L3 Advantages for marketplace lending platforms 294
Contents
XV
17.1.4 Advantages for guarantors and protection sellers 295
17.1.5 Advantages for banks 295
17.2 An Overview of a Unified Analytics Platform 296
17.2.1 Standardizing financial data and analytics 299
17.3 Concluding Remarks 301
Bibliography 303
Index 307
|
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| author | Akkizidis, Ioannis S. Stagars, Manuel 1974- |
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| id | DE-604.BV043398821 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:24:56Z |
| institution | BVB |
| isbn | 9781119099161 |
| language | English |
| lccn | 015041581 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-028817385 |
| oclc_num | 953636947 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-739 DE-92 |
| owner_facet | DE-355 DE-BY-UBR DE-739 DE-92 |
| physical | xxiii, 317 Seiten Diagramme |
| publishDate | 2016 |
| publishDateSearch | 2016 |
| publishDateSort | 2016 |
| publisher | Wiley |
| record_format | marc |
| series2 | The Wiley finance series |
| spelling | Akkizidis, Ioannis S. Verfasser (DE-588)185100236 aut Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management Ioannis Akkizidis, Manuel Stagars Hoboken Wiley [2016] xxiii, 317 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier The Wiley finance series Includes bibliographical references and index BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Financial services industry Technological innovations Credit Technological innovations Risk management BUSINESS & ECONOMICS / Finance Kreditwesen (DE-588)4032950-1 gnd rswk-swf Finanzdienstleistung (DE-588)4212226-0 gnd rswk-swf Digitalisierung (DE-588)4123065-6 gnd rswk-swf Kreditwesen (DE-588)4032950-1 s Finanzdienstleistung (DE-588)4212226-0 s Digitalisierung (DE-588)4123065-6 s b DE-604 Stagars, Manuel 1974- Verfasser (DE-588)111156812X aut Erscheint auch als Online-Ausgabe 978-1-119-09917-8 Erscheint auch als Online-Ausgabe 978-1-119-09918-5 Erscheint auch als Online-Ausgabe 978-1-119-09943-7 http://catalogimages.wiley.com/images/db/jimages/9781119099161.jpg Cover image LoC Fremddatenuebernahme application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028817385&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028817385&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Akkizidis, Ioannis S. Stagars, Manuel 1974- Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Financial services industry Technological innovations Credit Technological innovations Risk management BUSINESS & ECONOMICS / Finance Kreditwesen (DE-588)4032950-1 gnd Finanzdienstleistung (DE-588)4212226-0 gnd Digitalisierung (DE-588)4123065-6 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4212226-0 (DE-588)4123065-6 |
| title | Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management |
| title_auth | Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management |
| title_exact_search | Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management |
| title_full | Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management Ioannis Akkizidis, Manuel Stagars |
| title_fullStr | Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management Ioannis Akkizidis, Manuel Stagars |
| title_full_unstemmed | Marketplace lending, financial analysis, and the future of credit integration, profitability, and risk management Ioannis Akkizidis, Manuel Stagars |
| title_short | Marketplace lending, financial analysis, and the future of credit |
| title_sort | marketplace lending financial analysis and the future of credit integration profitability and risk management |
| title_sub | integration, profitability, and risk management |
| topic | BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Financial services industry Technological innovations Credit Technological innovations Risk management BUSINESS & ECONOMICS / Finance Kreditwesen (DE-588)4032950-1 gnd Finanzdienstleistung (DE-588)4212226-0 gnd Digitalisierung (DE-588)4123065-6 gnd |
| topic_facet | BUSINESS & ECONOMICS / Finance Wirtschaft Financial services industry Technological innovations Credit Technological innovations Risk management Kreditwesen Finanzdienstleistung Digitalisierung |
| url | http://catalogimages.wiley.com/images/db/jimages/9781119099161.jpg http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028817385&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028817385&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT akkizidisioanniss marketplacelendingfinancialanalysisandthefutureofcreditintegrationprofitabilityandriskmanagement AT stagarsmanuel marketplacelendingfinancialanalysisandthefutureofcreditintegrationprofitabilityandriskmanagement |
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