Fintech Lending and Credit Market Competition
研究金融科技贷款如何影响信贷获取、利率和社会福利，发现当金融科技贷款人的筛选准确率高于银行时，可能对高质量借款人的信贷获取产生负面影响，并在某些条件下降低信贷配置效率和社会福利。
Abstract This article studies how the rise of financial technology (Fintech) lending affects credit access, interest rates, and social welfare. We consider a lending competition model with two incumbent banks and a Fintech lender, which use different information and technologies to assess borrower creditworthiness. We show that Fintech lending could negatively affect high-quality borrowers’ access to credit when the Fintech lender’s screening accuracy is superior to that of the banks. Furthermore, Fintech lending may worsen the allocative efficiency of credit and reduce social welfare under some conditions. Analytical and numerical results suggest that Fintech lending mostly reduces the expected interest rates.