讲座主题：The Impact of Fintech on Banking：Evidence from Banks’ Partnering with Zelle
摘要：Despite a burgeoning literature on Fintech lending that has been occurring from outside the financial industry, less is known about the adoption of Fintech by banks and its implications. We fill this gap by investigating banks’ partnering with Zelle. We document a network effect in banks’ decisions to partner with Zelle as they are positively affected by Zelle penetration in the market that the banks operate. Zelle partnering is followed by higher growth in partnering banks’ deposits and, consequently, small business lending, in the market with greater Zelle penetration. For identification, we rely on (1) estimations of cross-branch variations within a bank to account for bank-level lending opportunities and (2) an exogenous shock to a bank’s Zelle-partnering status due to bank mergers. Overall, our findings are consistent with the interactive nature of banks’ technology adoption and the positive impact of Fintech on banks’ deposit taking and small business lending.
西交利物浦大学国际商学院金融学副教授。他的研究重点是资产定价、市场摩擦、企业融资、信贷风险，以及宏观经济和银行业之间的相互联系。肖亚军副教授拥有同济大学工程学士学位、凯泽斯劳滕大学数学硕士学位和博士学位，以及法兰克福大学金融博士学位。目前已经在Review of Finance、Journal of Money、Credit and Banking、Review of Asset Pricing Studies、Journal of Economic Dynamics and Control等国际期刊表论文多篇。
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