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Over the past decades, thanks to a continuous process of digitalization, the financial industry has witnessed the advent and growth of new providers alongside traditional intermediaries, experiencing radical changes across all areas of service provision (e.g. Alalwan et al., 2024; Bertoni et al., 2022; Gomber et al., 2017). The very essence of finance and banking—namely, lending and capital provision—has been particularly and deeply affected by digital transformation (e.g. Chen et al., 2019; Cong and He, 2019; Thakor, 2020; Battisti et al., 2022), as the search for funding by...
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