New technology promises to expand the supply of financial services to small businesses poorly served by banks. Does it succeed? We study the response of FinTech to financial services demand created by the introduction of the Paycheck Protection Program. FinTech is disproportionately used in ZIP codes with fewer bank branches, lower incomes, and more minority households, and in industries with fewer banking relationships. It is also greater in counties where the economic effects of the COVID-19 pandemic were more severe. Substitution between FinTech and banks is economically small, implying that FinTech mostly expands, rather than redistributes, the supply of financial services.

新技术有望扩大对银行服务不足的小企业的金融服务供应。它成功了吗？我们研究了金融科技对引入薪资保护计划所产生的金融服务需求的反应。金融科技不成比例地用于银行分支机构较少、收入较低和少数族裔家庭较多的邮政编码，以及银行关系较少的行业。在 COVID-19 大流行的经济影响更严重的县，这种情况也更大。金融科技和银行之间的替代在经济上很小，这意味着金融科技主要是扩大而不是重新分配金融服务的供应。