핀테크 확대가 금융안정에 미치는 영향

Theoretical studies have suggested that the entrance of technology-based companies into the financial market can cause both positive and negative impacts on market stability. This study tested empirically whether the entrance and expansion of fintech company services has a more positive or more negative effect on financial stability. Statistical analyses, based on data before and after the year 2017, which is when internet-only banks first started operating in South Korea, suggest that the financial stability of commercial banks has improved since the entrance of internet-only banks. However, there was no statistically significant effect of fintech expansion on the financial stability of local banks and specialized banks. Based on these findings, this study offers both a theoretical positive effect on financial stability through improved efficiency and a negative effect through increased risk taking behavior. We also found that fintech companies and existing financial institutions can work together as good partners for recruiting new customers and increasing profitability. In the future, fintech companies may threaten the lending market and the existing financial system may face dramatic changes. Financial regulators should consider these possibilities for the future.