Banking Intermediation: the Great Transformation

Banking intermediation has constantly evolved over the last decades to adapt to the changes in the economic and regulatory environment. This article traces the main stages of this transformation, from the “boring” banks of the “Trente Glorieuses” period to the current stage of “shadow banking”, at the heart of the great financial crisis of 2008. A comparative typology of the main forms of intermediation is presented. Recent and future developments in banking intermediation in the context of the digital revolution are also analyzed.