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Journal of Financial Services Research

Erschienen in:

11.01.2023

Banks and FinTech Acquisitions

verfasst von: Kyung Yoon Kwon, Philip Molyneux, Livia Pancotto, Alessio Reghezza

Erschienen in: Journal of Financial Services Research | Ausgabe 1/2024

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Abstract

This paper investigates ex-ante factors influencing international bank acquisition of FinTech companies from 2010–2018. Using hand-collected data, we show that bank boards with a larger female presence as well as those that have CEOs with longer tenure are more likely to pursue FinTech acquisitions. The financial performance also matters as banks with greater capital strength and liquidity are more likely to be acquirers. In line with prior expectations, banks with higher IT spending, suggesting greater in-house development of digital solutions, are less likely to target FinTech acquisitions. In addition, younger CEOs and banks with lower IT spending are also found to be more likely to make multiple FinTech acquisitions. The nationality diversity in the boardroom matters for cross-border bank-FinTech deals.

Vorheriger Artikel What Triggers Consumer Adoption of Central Bank Digital Currency?

Nächster Artikel How FinTech Affects Bank Systemic Risk: Evidence from China

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The Financial Stability Board (FSB 2017, p.7) defines FinTech as “technology-enabled financial innovation that could result in new business models, applications, processes, or products with an associated material effect on financial markets and institutions and the provision of financial services”. This definition has also been adopted by the Basel Committee on Banking Supervision (BCBS).

The current and third phase of FinTech, where non-bank players use new key technologies to provide financial services directly to clients, started around the 2008-global financial crisis (Thakor 2020). The initial phase, between 1866–1967, refers to the first transatlantic cable and the introduction of the telegraph. The second phase, between 1967–2008, regards the rise and development of electronic payments and clearing systems, as well as the Automated Teller Machines (ATMs) and online banking.

Based on a KPMG survey (KPMG, 2017), “emergining FinTech” represents the greatest source of disruption for financial instutions, followed by “growing global regulatory complexity” and “new business models”.

Acquisition, rather than internal development, can be a preferred strategy when the targeted resources are distant from the acquirer’s area of expertise or when rapidity is key (Capron and Mitchell 2009; Lee and Lieberman 2010).

Besides these considerations, our focus on acquisitions, rather than other forms of integration, has been also motivated by the data. Specifically, we were able to retrieve systematically organized and clearly filtered data on banks’ FinTech acquisitions (refer to Sect. 3.1).

The terms of the acquisition of Quantiguous Solutions, as well as those of WePay, have not been disclosed. ING has paid €260 million to acquire a 75% stake in Payvision.

Refer to Amel et al. (2004) and DeYoung et al. (2009) for detailed reviews of the international evidence on ex-post effects of M&As in the financial sector.

A relatively large body of literature (Bliss and Rosen 2001; Datta et al. 2001; Hagendorff and Vallascas 2011; among others) focuses on the relationship between CEO’s personal wealth benefits and acquisitions.

In a seminal contribution, Bantel and Jackson (1989) explore the relationship between the personal features of banks’ top managers and innovation adoptions. The authors show that more innovative banks are led by more educated and diverse teams. Yadav et al. (2007) demonstrate that the CEO’s attentional focus plays a crucial role in driving innovation. Outside the banking sphere, Galasso and Simcoe (2011) argue that overconfident CEOs, who potentially underestimate risks, are more likely to promote innovation. Custódio et al. (2019) argue that firms led by more generalist CEOs tend to produce more patents.

With reference to the banking industry, a number of contributions explore how boardroom gender diversity affects bank risk (Berger et al. 2014; Palvia et al. 2015; Farag and Mallin 2017; Cardillo et al. 2020; Arnaboldi et al. 2021; amongst others).

The digitalisation process must be driven by the top, fostering innovation within the entire organisation, while changing the existing culture. For instance, the current CEO of JPMorgan Chase, Jamie Dimon, has declared the intention of the bank to become more aggressive and creative in its acquisition strategy, by especially targeting FinTech firms. Refer to www.pymnts.com/news/banking/2020/jpmorgan-ceo-bank-plans-fintech-other-acquisitions/.

Neo-banks are digital financial firms that extensively use technology to provide retail banking services, mainly through smartphones and internet-based platforms. Successful examples of neo-banks are Atom and Monzo in the UK, N-26 in Germany, Webank in China, Simple and Varo Money in the U.S, KakaoBank in South Korea.

As per Stulz (2019, p.86), the “typical FinTech company is a specialised firm that challenges a specific product line of banks”. In contrast, BigTech companies, such as Alibaba, Amazon, Apple or Google, are large and established technological platforms in the market for digital services, not only limited to financial services.

In addition, in order to access technology, banks can lead and/or participate as FinTech accelerators, incubators and training programmes.

In some regions, the increasing competition between non-bank firms and banks in payment services has been also promoted by the phenomenon of “Open Banking”, which has led banks to open up information on their customers to third parties.

In order to fund their lending activity, online platforms rely on credit markets and/or individual investors, who could significantly cut down their investments, especially during highly distressed periods, such as the current pandemic situation.

Table 1 in the Online Appendix reports the distribution over time of the FinTech and non-FinTech acquisitions undertaken by the banks in our sample.

However, our sample size is comparable to that of previous studies that consider standard banks’ acquisitions over more extended sample periods. For instance, Minnick et al. (2011) examine the impact of CEO compensation on banks’ acquisition decisions utilising 159 deals during 1997–2005. Hagendorff and Vallascas (2011), in order to explore the relation between CEO pay incentives and bank risk-taking, employ a sample of 172 acquisitions during 1993–2007.

Specifically, the counterfactual is created via a logit model and we apply one-to-one nearest neighbour, imposing a tolerance level on the maximum propensity score distance (caliper) between acquiring and non-acquiring banks equal to 0.01 (Dehejia and Wahba 2002; Anderson et al. 2017). As evident from Table 10 in Appendix A, following the PSM, the size difference between the FinTech-acquiring banks and the matched FinTech-non-acquiring banks is not statistically significant, with a 0.99 p-value. Figure 1 in Appendix A reinforces the evidence that the matching exercise has produced two groups of banks of comparable size, with no significant differences.

In a robustness test, reported in the Online Appendix, we also perform our main analysis by using a logit regression model. Results are consistent.

Refer to Table 9 in Appendix A for details on the way the selected variables are constructed.

We consider a comprehensive set of factors to minimize potential omitted variable bias. In order to avoid potential multicollinearity issues, we perform a correlation analysis, for which the results are reported in Table 11 in Appendix A, and calculated the variance inflation factor, which is found to be 1.40.

The economic magnitude of the results is computed on the basis of the most comprehensive model specification (namely, column 4).

However, the CEO’s nationality is proven to be relevant in the case of cross-border acquisitions. This aspect will be investigated in Sect. 4.2.1.

As for the main regressions presented in Sect. 4.1, we include all our selected variables. However, in the interests of brevity, in the current section, we report and discuss only the results for the variables that are central to our additional analyses.

In particular, 65 banks engage in a single acquisition whilst 15 banks engage in multiple acquisitions. On average, banks acquire 1.33 FinTech companies over the sample period. Five is the highest number of acquisitions undertaken by a single bank.

As for our main matching strategy, we apply one-to-one nearest neighbor with no replacement and impose a tolerance level on the maximum propensity score distance (caliper) between the treatment and the control group equal to 0.01. Based on this alternative procedure, we match fewer (89) observations.

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Titel: Banks and FinTech Acquisitions
verfasst von: Kyung Yoon Kwon
Philip Molyneux
Livia Pancotto
Alessio Reghezza
Publikationsdatum: 11.01.2023
Verlag: Springer US
Erschienen in: Journal of Financial Services Research / Ausgabe 1/2024
Print ISSN: 0920-8550
Elektronische ISSN: 1573-0735
DOI: https://doi.org/10.1007/s10693-022-00396-x