How Do Banks Compete? Evidence from Advertising Videos

This version: April 2026. We thank Paul Goldsmith-Pinkham, Umit Gurun, Can Huang, Naz Koont, Phil Strahan, Richard Thakor, Lulu Wang, Jidong Zhou, and workshop participants at Community Banking Research Conference, Financial Intermediation in the Third Millennium: Perils and Pearls of Technology, FMA, Georgetown, Georgia State, HKU Summer Finance Conference, McGill, MFA, Michigan State, NBER SI (Big Data and High-Performance Computing), NUS, NTU, SMU, TAMU Young Scholars Finance Consortium, Temple, Tsinghua PBCSF, UBC, UT Austin, Yale (Finance, Marketing), and Yeshiva. All errors are our own. The conclusions drawn from the Nielsen data are those of the researchers and do not reflect the views of Nielsen. Nielsen is not responsible for, had no role in, and was not involved in analyzing and preparing the results reported herein. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• September 3, 2025