FinTech firms can do, but FinTech firms benefit from an uneven playing field in that they are less regulated than banks. The … uneven playing field enables non-bank FinTech firms to challenge banks for specific products whose success is not tied to … loans to small firms. Both Fintech and BigTech are contributing to a secular trend of banks losing their comparative …

impact of financial innovation on money demand, the welfare cost of inflation, the gains of disinflation and the benefit of …

In this paper, we review the growing literature on FinTech lending – the provision of credit facilitated by technology … that improves the customer-lender interaction or lenders’ screening and monitoring of borrowers. FinTech lending has grown … convenience and speed appears to have been more central to FinTech lending’s growth than improved screening or monitoring, though …

We study the personal credit market using unique individual-level data covering fintech and traditional lenders. We … show that fintech lenders acquire market share by first lending to higher-risk borrowers and then to safer borrowers, and … mainly rely on hard information to make credit decisions. Fintech borrowers are significantly more likely to default than …

We investigate how banking relationships that combine lending and underwriting services affect the terms of lending … and underwriting services to extract value from combined lending and underwriting relationships. We also find that …

This paper assesses the potential impact of FinTech on the finance industry, focusing on financial stability and access … to services. I document first that financial services remain surprisingly expensive, which explains the emergence of new …, and therefore unlikely to deliver much structural change. FinTech, on the other hand, can bring deep changes but is likely …

A growing body of rigorous research shows that financial services innovations can have important positive impacts on …

This paper examines the impact of government assistance through R&D grants on innovation output for firms in New … Operation Survey, we find that receiving a grant almost doubles the probability that a firm introduces new goods and services to … the world while its effects on process innovation and any product innovation are relatively much weaker. Moreover, there …

New technology promises to expand the supply of financial services to borrowers poorly served by the banking system …. Does it succeed? We study the response of FinTech to financial services demand created by the introduction of the Paycheck … Protection Program (PPP). We find that FinTech is disproportionately used in ZIP codes with fewer bank branches, lower incomes …

interest. FinTech algorithms also discriminate, but 40% less than face-to-face lenders. These results are consistent with both … FinTech and non-FinTech lenders extracting monopoly rents in weaker competitive environments or profiling borrowers on low … silver linings emerge in the FinTech era: (1) Discrimination is declining; algorithmic lending may have increased competition …