Fintech and Customer Capital

Bianca He, Lauren Mostrom and Amir Sufi

AEA Papers and Proceedings, 2026, vol. 116, 490-497

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.

JEL-codes: D22 G20 L25 M31 (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1257/pandp.20261079

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