인터넷전문은행 도입이 국내 은행산업에 미치는 영향: 산업조직론적 관점에서의 분석

Recent developments in information and communications technology have led to the rapid emergence of innovative financial services, often termed FinTech. This trend also propels the introduction of the Internet-Banks, which provide banking services primarily via mobile and Internet channels. On one hand, the introduction of the Internet-Banks is being expected to revitalize the Korean banking industry, which has been stagnant nearly for twenty years. On the other hand, unlike other countries, Korea already possesses advanced consumer finance infrastructure with a high rate of online banking usage. Thus additional benefits would be limited while adverse effects would be larger due to a relaxation of separation of banking and commerce and an increased risk of the financial system with the spread of shadow banking In this paper, we analyze how the industrial organizational approaches can be used to investigate the effects of introduction of the Internet-Banks on the Korean retail banking industry and discuss regulatory implications and some perspectives for future research. Specifically, we overview issues regarding the Internet-Banks, and then theoretically examine the impact of the introduction of the Internet-Banks on the domestic banking industry under various scenarios from the perspective of Industrial Organizational approaches. Although the final outcome will vary depending on how FinTech services and the convergence of financial services will progress, the following three implications can be derived. First, the effects of consumer switching costs are as follows: If moderately high switching costs are incurred, the existing banks will delay innovation and lower investment costs while focusing on maintaining existing customers. Then they can choose to follow the entrants’ strategy if new entrants are introducing new products or services. In addition, if horizontal differentiation is not great as in lending markets and prices (or interest rates) appear to be strategic complements, the existing companies can choose strategies that allow entrance while the existing banks make appropriate investments. On the other hand, if the switching costs are so low that the share of the existing customers switching to new entrants is high and prices (or interest rates) are in a strategic substitute relationship, the existing banks may also more actively engage in service innovation activities. Second, the effects of network externality are as follows: Newly entering banks that have not reached some degree of economies of scale may reduce costs by outsourcing part of their businesses through cooperation with the existing banks and provide stable customer services. Not only newly entering banks but also the existing banks have motivation for cooperation. However, such cooperation is difficult to be maintained in the long term because all of them are in a competitive relationship. Meanwhile, for a competitor, various means-the rising cost of competitors, mergers and acquisitions, etc.―can be taken advantage of. If the new entrant has already a sufficient consumer base and utilizes network externality at least or better than existing banks, it will successfully enter the business without having any additional cooperation with the existing banks or will maintain an equal partnership. This case is likely to ultimately lead to the development of a comprehensive financial platform including the Internet banks. Third, the effects on consumer welfare are as follows: It is expected that mixed bundling among related products for synergies will be more active with the launch of the Internet banks. The impact on consumer welfare will be different depending on the degree of substitution of cross-products, and on the utility to the consumer from single-channel effects such as one-stop shopping. However, for those who want to use only some individual services, it may have negative effects due to high burden of costs. On the other hand, if there are economies of scope that can be implemented in a more open form, both competition and consumer welfare will increase without increasing costs of using individual services due to the similarities of business models focused on financial platform. This suggests that it may have positive effects for the existing banks to enter the field where the Internet banks are currently operating in terms of consumer welfare only.