Customer Data Access and Fintech Entry: Early Evidence from Open Banking

We are grateful to Mark Boyd for sharing Platformable's data and Zhaochen Jiang for outstanding research support. For comments, we are grateful to Isha Agarwal, Jonathan Berk, Bo Bian, Charlie Calomiris, Olivier Darmouni, Douglas Diamond, Maryam Farboodi, Zhiguo He, Sean Higgins, Steve Kaplan, Arvind Krishnamurthy, Theresa Kuchler, Luc Laeven, Stefan Nagel, Tomek Piskorski, Ragu Rajan, Amit Seru, Amir Sufi, Ansgar Walther, Luigi Zingales, Yao Zeng, and seminar and conference audiences at the Barcelona Summer Forum; Bank of Canada workshop; Bank of Sweden; CKGSB; Columbia; HEC Lausanne; EFA; Entrepreneurship and Innovation at Nova SBE; Erasmus University in Rotterdam; Esade Spring Workshop (Barcelona); FDIC 21st Annual Bank Research Conference; FIRS; HEC Workshop on Entrepreneurship; Imperial College London; Maastricht University; NBER SI Corporate Finance; NBER Economics of Privacy Conference; NFA; NY Fed Fintech Conference; NYU WAPFIN (Women Assistant Professors in Finance); OCC Conference; Oxford University; Rome Junior Finance Conference; Stanford; Stockholm School of Economics; Wharton; UBC; UBC Winter Finance Conference; Universidad Carlos III de Madrid; University of Warwick; USC; and UTD Finance Conference. Gornall thanks the SSHRC for their support. The FCA Financial Lives Survey data for this research has been provided by the Consumer Data Research Centre, an ESRC Data Investment, under project ID CDRC 1512, ES/L011840/1; ES/L011891/1. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Bank of England, the MPC, the FPC, or the PRC, nor those of the Financial Conduct Authority. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.