Mortgage lending through a fintech web platform. The roles of competition, diversification, and automation
研究银行如何通过在线平台向无分支机构的地区提供抵押贷款，发现银行向更集中的市场提供更多更便宜的贷款，并利用贷款改善区域投资组合多元化，同时自动化降低了运营成本。
How do banks offer and price mortgages when an online platform enables them to reach regions where they have no branches? With unique data on responses from differently located banks to each applying household and a shift-share instrument for market concentration, we find banks to make more and cheaper offers to more concentrated local markets. We rationalize this as investments in lucrative market shares given customer switching costs. Banks also improve their inter-regional portfolio diversification with more attractive offers to regions more complementary to their home locales. Finally, banks` choices become increasingly automated, reducing their operating costs.