Investing in Lending Technology: IT Spending in Banking

For helpful comments, the authors thank Doug Diamond, Francesco D’Acunto (discussant), Isil Erel (discussant), Mark Flannery, Yueran Ma, Jun Pan (discussant), Nitzan Tzur-Ilan (discussant), João Granja, Nicola Pierri, Manju Puri, and Raghu Rajan. The authors are thankful for valuable comments from seminar and conference participants at the Richmond Fed, University of Connecticut, University of Florida, University of Chicago, City University of New York, 5th IMF Annual Macro-Financial Conference, EFA, SFS Calvacade, and the 22nd Annual Conference in Digital Economics, and AFA 2023 in New Orleans. All errors are the authors’ own.