How disruptive is financial technology?
研究金融科技通过加剧存款竞争、提高存款利率来颠覆银行业，发现小金融机构存款成本上升约5.9%，但价格变化有效防止了流动性流失，规模和地理多元化可缓解冲击。
We study whether Financial Technology (Fintech) disrupts the banking sector by intensifying competition for scarce deposits funds and raising deposit rates. Using difference-in-difference estimation around the exogenous removal of marketplace platform investing restrictions by US states, we show the cost of deposits increase by approximately 5.9% within small financial institutions. However, these price changes are effective in preventing a drain of liquidity. Size and geographical diversification through branch networks can mitigate the effects of Fintech competition by sourcing deposits from less competitive markets. The findings highlight the unintended consequences of the growing Fintech sector on banks and offer policy insights for regulators and managers into the ongoing development and impact of technology on the banking sector.