弥合差距？金融科技与金融普惠（英）

BRIDGING THE GAP?FINTECH AND FINANCIAL INCLUSION2024Josep Gisbert and José E. GutiérrezDocumentos de TrabajoN.º 2426BRIDGING THE GAP? FINTECH AND FINANCIAL INCLUSIONJosep Gisbert (**)IE UNIVERSITY José E. Gutiérrez (***)BANCO DE ESPAÑABRIDGING THE GAP? FINTECH AND FINANCIAL INCLUSION (*)(*) The authors thank Luis Fernández Lafuerza, David Martínez-Miera, Carlos Pérez Montes, Rafael Repullo, Javier Suárez, Samuel Vigne, two anonymous referees, and the seminar audience at the Bank of Spain for their helpful feedback. This article is the authors’ exclusive responsibility and does not necessarily reflect the opinion of the Banco de España or the Eurosystem.(**) E-mail: josep.gisbert@ie.edu(***) E-mail: josee.gutierrez@bde.es (corresponding author)Documentos de Trabajo. N.º 2426August 2024https://doi.org/10.53479/37433The Working Paper Series seeks to disseminate original research in economics and finance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet at the following website: http://www.bde.es.Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. © BANCO DE ESPAÑA, Madrid, 2024ISSN: 1579-8666 (on line)AbstractThe rise of FinTech lenders offers an opportunity to promote financial access but may disrupt banks’ banking efforts. This paper presents a banking model where an incumbent bank specializes in certain niche markets. When a FinTech lender enters, competition intensifies, reducing the bank’s gains from serving some of its niches. Although FinTech lending can help serve certain unattended niches, the bank may abandon others, creating an ambiguous impact on financial inclusion. Financial inclusion may even decline when the FinTech lender is less efficient at serving new niches and better able to compete with the bank for its customers.Keywords: FinTech, financial inclusion, soft information, regulatory arbitrage, economic growth.JEL classification: G21, G23, G28.ResumenLa expansión de la industria FinTech ofrece la posibilidad de ampliar el acceso al crédito a través del uso de tecnologías alternativas, sin embargo, podría afectar a los incentivos de la banca tradicional para promover la bancarización. Este documento desarrolla un modelo de competencia bancaria donde un banco ya establecido se especializa en la atención de ciertos nichos del mercado de crédito. Tras la entrada de un intermediario FinTech, la competencia se incrementa, reduciendo así la rentabilidad del banco en atender algunos de sus nichos. A pesar de que la FinTech podrí