Surviving the fintech disruption

• 成果类型: Article
• 署名作者: Jiang, Wei; Tang, Yuehua; Xiao, Rachel J.; Yao, Vincent
• 署名单位: National Bureau of Economic Research; Emory University; State University System of Florida; University of Florida; Fordham University; University System of Georgia; Georgia State University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104071
• 发表日期: 2025
• 关键词: FinTech; creative destruction; jobs; tasks; TECHNOLOGY; INNOVATION

摘要

We examine the impact of fintech on firm labor demand, job turnover, and firm performance. Occupations with higher exposure to fintech experience a net decline in job postings and employment, though both complementary and substitutive effects emerge across different sectors. Fintech blurs traditional industry boundaries, creating demand for workers with a combination of finance and technology skills. In response, firms upskill through hiring, reallocate talent internally, and pivot innovation to new areas. As a result, firms are better equipped to absorb the shock than individual workers, with innovative firms even experiencing growth in employment, sales, and productivity upon fintech disruption.