数字化和创新——金融健康的机遇和风险

No31 Digitalisation and innovation– Jon Frost, Jermy Prenio, Vatsala Shreeti and David Symington April 2026 FSI Briefs are written by staff members of the Financial Stability Institute (FSI) of the Bank for InternationalSettlements (BIS), sometimes in cooperation with other experts. They are short notes on regulatory andsupervisory subjects of topical interest and are technical in character. The views expressed in this This publication is available on the BIS website (www.bis.org). To contact the BIS Media and PublicRelationsteam,pleaseemailmedia@bis.org.Youcansignupforemailalertsat Digitalisation and innovation – opportunities and risks for Highlights •Digital innovation is enhancing access to payments, credit, savings and insurance, and can helppeople to manage their financial obligations and have greater confidence in their financial future.•But these benefits are emerging alongside new vulnerabilities: a global surge in scams and fraud,greater overindebtedness among some digital borrowers and the use of ill-suited investmentproducts.•In line with these competing forces, aggregate trends in financial health are mixed; in some 1.Introduction Around the world, financial services have undergone a rapid transformation in recent years. The financialtechnology (fintech) revolution has featured breakthroughs in artificial intelligence (AI) and the entry ofnew players such as big technology companies (big techs) and other non-banks (BIS (2019); Croxson et al(2023)). These shifts have transformed the delivery of financial services for existing customers andexpanded access for those that were previously financially excluded (Klapper et al (2025)). For example,big techs and fintech entrants have introduced payment services, often supported by digital public In addition to improving the delivery of financial services, these changes can in principle supportthe objective of bringing meaningful gains for households’ and individuals’ financial health. Financial 1Jon Frost (jon.frost@bis.org), Jermy Prenio (jermy.prenio@bis.org) and Vatsala Shreeti (vatsala.shreeti@bis.org) are at the Bankfor International Settlements (BIS); David Symington (david.symington@unsgsa.org) is at the Office of the United NationsSecretary-General’s Special Advocate (UNSGSA) for Financial Health. Jon Frost is also a research affiliate with the CambridgeCentre for Alternative Finance (CCAF). The views expressed here are those of the authors and do not necessarily reflect thoseof the BIS, UNSGSA or any affiliated institution. The authors are grateful to Nicole Allan, Eva Bakker, Magda Bianco, TamaraCook, Eloise Duncan, Johannes Ehrentraud, Gaston Gelos, Japke Kaastra, Stella Klemperer, Gelo Madrid, Joanne Marsden, Peter This paper is based on background notes for sessions on “Digitalisation and innovation – opportunities for financial health”and “Digitalisation and innovation – risks to financial health” at a workshop on “Achieving stability, resilience and inclusivegrowth through financial health” jointly organised by the BIS and the UNSGSA on 11–12 November 2025 in Basel. institutions, it encompasses individuals’ ability to do at least four things: (i) manage their finances; (ii) buildresilience to financial shocks; (iii) achieve short- and long-term financial goals; and (iv) feel secure abouttheir financial lives (Cantú et al (2024); GPFI (2024); Iravantchi et al (2025); Kaastra et al (2025); Klapper etal (2025); UN (2025)). Greater competition from new providers and new financial products can help However, there is no guarantee that digital innovations will necessarily bring about improvedfinancial health for households and individuals. Digital innovations can also allow bad actors to commitfraud and scams more effectively. Moreover, greater access to credit or investment products can lead toborrowers taking on excessive debt, or savers making risky investments. Overall, whether digital innovation In this brief, we discuss the measurement of financial health, and outline opportunities createdby digital technologies to improve financial health in five areas: (i) payments; (ii) credit; (iii) savings andinvestment; (iv) insurance; and (v) combating fraud and scams. We then discuss risks arising from digitalinnovation around new avenues for fraud and scams, risks of overindebtedness and ill-suited investment 2.Measuring financial health Accurately and consistently measuring the financial health of households and individuals is a challengingtask. Unlike traditional metrics that focus solely on income or credit scores, financial health assessmentsmust contend with both objective and subjective elements to provide a more holistic view. Measurement Actors in many jurisdictions are working to identify the most relevant financial and economicmeasures for this purpose. The four dimensions are, again, whether individuals can: (i) manage theirfinances; (ii) build resilience to financial shocks; (iii) achieve short- and long-term financi