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CATEGORIES:Finance Seminars\, CJBS
SUMMARY:DOES FINTECH SUBSTITUTE FOR BANKS? EVIDENCE FROM T
 HE PAYCHECK PROTECTION PROGRAM - Isil Erel\, David
  A. Rismiller Chair in Finance\, Academic Director
  of the Risk Institute\, Fisher College of Busines
 s of the Ohio State University.
DTSTART;TZID=Europe/London:20201117T130000
DTEND;TZID=Europe/London:20201117T140000
UID:TALK153565AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/153565
DESCRIPTION:New technology promises to expand the supply of fi
 nancial services to borrowers poorly served by the
  banking system. Does it succeed? We study the res
 ponse of FinTech to financial services demand crea
 ted by the introduction of the Paycheck Protection
  Program (PPP). We find that FinTech is disproport
 ionately used in ZIP codes with fewer bank branche
 s\, lower incomes\, and a larger minority share of
  the population\, as well as in industries with li
 ttle ex ante small business lending. FinTech's rol
 e in PPP provision is also greater in counties whe
 re the economic effects of the COVID-19 pandemic w
 ere more severe. Using the predicted responsivenes
 s of traditional banks to the program in areas whe
 re they have branches as an instrument\, we also s
 how that only a small fraction of borrowers substi
 tuted to FinTech lenders when local traditional ba
 nks were not available.
LOCATION:Webinar (via Zoom online)
CONTACT:Emily Brown
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