Research On The Impact Of Financial Technology On TFP Of Commercial Banks

With the rapid development of basic technologies such as big data,cloud computing,blockchain and artificial intelligence,we have promoted the deep integration of finance and technology,opened the financial technology era of commercial banks,brought opportunities and challenges to commercial banks that have been at the core of the financial industry for a long time,and the financial technology is reshaping the ecology of the banking industry.On the one hand,the application of financial technology in commercial banks has changed the traditional financial service mode,optimized the customer experience,and provided an opportunity for the transformation and upgrading of banks.On the other hand,financial technology has impacted the intermediary position of banks and weakened the competitiveness of banks.Faced with the opportunities and challenges brought by financial technology,banks have to deal with how to clarify the impact of financial technology on the efficiency of commercial banks,and how to take advantage of the development trend of financial technology to promote their own transformation and upgrading and improve operation efficiency.In this paper,we make the calculation about the TFP(total factor productivity)of 14 commercial banks from 2014 to 2020 through DEA Malmquist index,and in order to construct the financial technology index,we used text mining method.Based on the technology track theory,this paper studies the influence mechanism of financial technology on the TFP of commercial banks.This paper studies from the following aspects:(1)Using the system generalized moment model(SYSGMM)to empirically test the impact of financial technology on the TFP of commercial banks;(2)Introduce the intermediary utility to study the role of technology track jump in the impact of financial technology on the TFP of commercial banks.Meanwhile,in the robustness test,this paper selects the technical change(TC)index decomposed by Malmquist index as the replacement variable of TFP for robustness test.The results show that:(1)The development of financial technology can significantly promote the TFP of commercial banks.(2)From the perspective of influence mechanism,the jump of technology track is mainly affected by three key factors: technological innovation,market demand and policy environment.The development of financial technology promotes the jump of technology track through the impact on technological innovation and market demand of banking industry.With the arrival of the tide of financial technology,commercial banks continue to carry out information and network transformation.At the same time,marketing channels,risk management,operation methods have also ushered in transformation and upgrading.This means that commercial banks have made a leap from the original technological track,which improves the original technological energy level.Higher technological energy level represents higher TFP.(3)Commercial banks should accumulate basic technology to improve their technological innovation ability,meet the needs of marketization,and promote the transformation and upgrading of business model in the era of financial technology.