| Dependent variables | TC (Total cost) | Personnel expenses + Operating expenses + Interest expenses |
| PBT (Profit before tax) | Income before taxes |
| Input-price variables | PL (Price of labour) | Personnel expenses ÷ Total assets |
| PK (Price of physical capital) | Operating expenses ÷ Fixed assets |
| PF (Price of funds) | Interest expenses ÷ Total deposits |
| Equity | Bank’s equity capital (treated as a quasi-fixed input) |
| Outputs | Y1 (Total loans) | Short- and long-term loans outstanding |
| Y2 (Other earning assets) | Investment bonds + Bonds + Certificates of deposit |
| Determinants of efficiency (FinTech variables) | DIG-PAY | Adults (15+) who made or received a digital payment (%) |
| BUY-ONLINE | Adults (15+) who bought something online via phone or internet (%) |
| PAY-BILLS | Adults (15+) using a phone or the internet to pay bills (%) |
| N-MOB-TRAN | Mobile & internet banking transactions per 1,000 adults (annual) |
| CARD | Adults (15+) owning a debit or credit card (%) |
| ATM | Number of automated teller machines (country-wide) |
| Control variables | Size | Natural log of total assets |
| ROA | Annual return on assets (bank-level) |