What’s Your Bank’s FinTech Score? Technology Integrating Banking into the Broker Intermediation Model
定义了金融科技为银行将技术融入经纪中介模式，并开发了一个实证的“金融科技评分”，发现低分银行依赖表内贷款，高分银行则更多使用证券化、经纪存款和非利息收入，且这种业务模式转变有助于降低金融中介成本。
Abstract We define FinTech as banks’ integration of technology into the broker intermediation model. Unlike traditional dealer banks relying on leveraged balance sheets for intermediation, FinTech banks adopt a technology-driven broker model. Using nonlinear and machine learning algorithms, we develop an empirical “FinTech score” that shows on-balance sheet lending for low-FinTech-score banks versus securitization, brokered deposits, and non-interest income for high-score banks. Using two complementary measures of operational efficiency, we find that this technology-driven shift in business models (either holistically or via mergers) helps explain reductions in the cost of financial intermediation. Our bank-specific, time-varying FinTech score provides insights into the distribution of FinTech integration into U.S. banking.