핀테크가 은행업에 미치는 비대칭적 영향과 정책적 시사점

FinTech refers to a variety of financial services provided based on information and communication technology. Banks offer a range of financial services in an integrated manner, which creates economies of scope or synergy in the process, and, as FinTech spreads, the form, the scale and the nature of the synergies will change the banking sector as a whole. In terms of Big Data technology and service provision costs, FinTech firms can have strengths for a while. In response, some banks may choose a business model that maintains the economies of scope among inter-institutional services by embracing external FinTech services. On the other hand, it is also possible to continue to compete directly with FinTech companies based on synergies from the comprehensive provision of deposit taking, payment/settlement and credits. If FinTech's growth is driven by competition in non-credit markets such as payments and remittance, banks are likely to be more motivated to engage in vertical restraint activities due to weaker revenue bases, which is not economically desirable. On the other hand, if fair access to the financial infrastructure and countermeasures against shadow financial problems are provided, the emergence of FinTech firms will lead to the development of retail banking services. In the case of the credit market, competitions between banks and FinTech firms lead to both positive and negative effects on the information production and bank solvency issue. An appropriate level of information sharing policy will facilitate the complementary role of credit information to the credit market, and will improve social welfare. However, conflicts between the use of personal information protection policies and the use of big data will remain problematic.