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FinTech and Customer Capital

Author

Listed:
  • Bianca He
  • Lauren Mostrom
  • Amir Sufi

Abstract

Financial Technology (“FinTech”) firms invest significantly more in customer capital relative to traditional financial firms, and such investment builds valuable customer capital. Higher investment by FinTech firms is not accounted for by sectoral focus or differences in firm age. Reasons for higher customer capital investment are explored, including the need to build trust with customers, the focus on downstream segments of the financial marketplace, the operation of platform-based business models, and a heavier reliance on valuable customer data.

Suggested Citation

  • Bianca He & Lauren Mostrom & Amir Sufi, 2026. "FinTech and Customer Capital," NBER Working Papers 34710, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34710
    Note: AP CF EFG ME PR
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising

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