In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of … banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as … substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation …

This paper studies the economics behind the investment in information technologies (IT) by U.S. commercial banks in the … past decade. By linking banks' IT spending to their lending technologies, we analyze the distinctive natures of banks … improving banks' ability of soft information production and transmission, while investment in software IT helps enhance banks …