The risk of “bank-runs,” which stems from maturity transformation by commercial banks, has been considered as the main trigger of systemic crisis. Reflecting the above, central banks have traditionally been assumed to provide its “lender of last resort” function mainly to commercial banks and other depository institutions.
Since more and more non-financial institutions are providing payment services under “FinTech” developments and there seem to be structural changes in the supply-side of financial services, however, risk profiles might also change from those originally assumed.