Company Description
Università degli Studi di Milano-Bicocca is a multidisciplinary university offering education and research opportunities across seven academic areas: economics, statistics, law, medicine, psychology, sociology, science, and education. Doctoral programs are coordinated by a dedicated Doctoral School within its expansive academic framework, which also includes specialized schools. Research activities are conducted within university departments, centers of excellence, and interuniversity research centers. Located in Milan, the university fosters a dynamic environment for academic and professional growth.
Role Description
PhD project title: Banking Intermediation Under Digital Disruption: DeFi, Emerging Risks, and Business Model Transformation
This project explores how DeFi, stablecoins and CBDCs are reshaping traditional banking intermediation. While the existing literature often studies these developments separately, this PhD will provide an integrated and empirical assessment of how digital finance is transforming banks’ core functions, business models and risk profiles.
The research will focus on:
• identifying which intermediation activities are most exposed to disintermediation or re-bundling
• assessing the impact on banks’ revenue models, governance, risk appetite and partnerships
• developing a framework to evaluate strategic responses under different risk and regulatory scenarios
The project also addresses a crucial challenge of digital transformation: balancing financial inclusion and innovation with operational resilience, cyber risk, systemic spillovers, and the risk of new forms of digital exclusion.
The selected PhD candidate will benefit from an international experience through collaboration between:
• University of Milano-Bicocca, Milan, Italy
• Warsaw School of Economics, Warsaw, Poland
Supervision:
Paola Bongini, Professor of Banking and Finance, UNIMIB
Małgorzata Iwanicz-Drozdowska, Professor of Finance, Warsaw School of Economics
Qualifications
* Strong research and analytical skills, including the ability to design, conduct, and present independent research studies.
* Excellent writing and communication skills for preparing academic publications and presentations.
* Knowledge in the candidate’s chosen field within the seven academic areas (economics, law, medicine, psychology, sociology, science, or education).
* Collaboration and team-working abilities, especially in interdisciplinary settings.
* Proficiency in relevant software and tools used for academic research and data analysis.
* Commitment to on-site engagement and active participation in university-hosted activities in Milan.
* A Master’s degree in a relevant field is required for eligibility to the doctoral program.