Lender Automation and Racial Disparities in Credit Access
研究发现贷款流程自动化通过支持小额贷款、扩大银行地理覆盖和消除人为偏见，减少了信贷获取中的种族差异，尤其体现在薪资保护计划中黑人企业从自动化金融科技贷款机构获得更多贷款。
ABSTRACT Process automation reduces racial disparities in credit access by enabling smaller loans, broadening banks' geographic reach, and removing human biases from decision making. We document these findings in the context of the Paycheck Protection Program (PPP), where private lenders faced no credit risk but decided which firms to serve. Black‐owned firms obtained PPP loans primarily from automated fintech lenders, especially in areas with high racial animus. After traditional banks automated their loan processing procedures, their PPP lending to Black‐owned firms increased. Our findings cannot be fully explained by racial differences in loan application behaviors, preexisting banking relationships, firm performance, or fraud rates.