Bank Competition Amid Digital Disruption: Implications for Financial Inclusion
利用3G网络推广的自然实验，研究数字技术如何改变银行竞争格局，发现年轻用户推动银行策略分化，可能损害老年储户福利，并探讨补贴老年用户采用数字服务的成本效益。
ABSTRACT We examine how digital disruption affects bank competition using the staggered rollout of 3G mobile networks. 3G expansion increased mobile banking adoption among tech‐savvy households, reducing branch networks—especially in younger counties. Banks' strategies diverged: Less branch‐reliant banks closed branches and competed on price, while more branch‐reliant banks maintained branches but raised spreads. A structural model shows that perceived digital service improvements among younger consumers drove these shifts, reducing welfare for older savers. Counterfactuals demonstrate that subsidizing adoption for older savers can cost‐effectively reduce these disparities, facilitating a smoother digital transition.