What Is Fueling FinTech Lending? The Role of Banking Market Structure
通过分析小企业贷款产品，研究银行市场结构如何影响金融科技贷款增长，发现金融科技更多替代大型/非本地银行的贷款，而非小型/本地银行。
Abstract We study the broad question about the sources of FinTech lending growth by examining a specific representative product for which the technologies of both FinTech and the incumbent competitors can be identified and compared—small business lending. We test whether the presence of incumbents employing different technologies affects FinTech penetration, and find more FinTech lending where large/out-of-market banks are more prevalent. Using stress test exposures and Community Reinvestment Act examinations as instruments, we find that FinTech credit more often substitutes for loans by large/out-of-market banks than small/in-market banks. Results are consistent with FinTech advantages in processing hard information, rather than hardening soft information.