Surviving the Fintech Disruption

Columbia Business School Research Paper Forthcoming

70 Pages Posted: 7 Jul 2021 Last revised: 17 May 2022

See all articles by Wei Jiang

Wei Jiang

Emory University Goizueta Business School; ECGI; NBER

Yuehua Tang

University of Florida - Department of Finance

Rachel Xiao

Georgia State University - Department of Finance

Vincent Yao

Georgia State University - J. Mack Robinson College of Business

Multiple version iconThere are 2 versions of this paper

Date Written: December 18, 2021

Abstract

Based on a new measure of fintech exposure at the occupation level, constructed by intersecting textual information in job task descriptions and fintech patents, we document a significant decline of job postings in the most exposed occupations. Firms resort to upskilling, requiring more finance and software "combo" skills, higher educational attainment, and more work experience when hiring in fintech-exposed occupations. In the meanwhile, more sub-occupations were created among the most exposed. Financial firms and innovative firms are able to offset the disruptive effect from the fintech shock. However, only inventors (but not acquisition-driven innovators) enjoy growth in hiring, sales, and productivity.

Keywords: Fintech, Disruption, Jobs, Tasks, Technology, Innovation

JEL Classification: J23, O33, G30

Suggested Citation

Jiang, Wei and Tang, Yuehua and Xiao, Rachel and Yao, Vincent, Surviving the Fintech Disruption (December 18, 2021). Columbia Business School Research Paper Forthcoming, Available at SSRN: https://ssrn.com/abstract=3834776 or http://dx.doi.org/10.2139/ssrn.3834776

Wei Jiang

Emory University Goizueta Business School ( email )

1300 Clifton Rd
Atlanta, GA 30322
United States

ECGI ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

NBER ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
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Yuehua Tang

University of Florida - Department of Finance ( email )

P.O. Box 117168
Gainesville, FL 32611
United States

HOME PAGE: http://sites.google.com/site/yuehuatang

Rachel Xiao (Contact Author)

Georgia State University - Department of Finance ( email )

University Plaza
Atlanta, GA 30303-3083
United States

Vincent Yao

Georgia State University - J. Mack Robinson College of Business ( email )

P.O. Box 4050
Atlanta, GA 30303-3083
United States

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