FinTech and Customer Capital

Bianca He (), Lauren Mostrom () and Amir Sufi ()
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Bianca He: University of Chicago
Lauren Mostrom: University of Chicago
Amir Sufi: University of Chicago – Booth School of Business and NBER

No 2026-14, Working Papers from Becker Friedman Institute for Research In Economics

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: G23 M3 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2026
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