1. LGERI 2 LG Business Insight 2015 6 17 . . , , , , . . , . . (banking) (bank) . . . ID . . . , . , . . . . , . . . kunwoo.kim@lgeri.com 1. 2. 3. Unbundling() 4. 2. LGERI LG Business Insight 2015 6 17 3 . ICT() . , . Venture Scanner 2015 6 9 , 53 1,141 , , , , , .1 2014 122.1 2013 40.5 3 .2 2014 63% . (IPO) . P2P (Lending Club) 2014 12 14 8 7000 . 12 17 (OnDeck) 2 . 2014 , . 3 ActiveX . 9 (Alipay) . . , . ActiveX 10 , 2001 3 . . ICT , . , (Fintech) (Electronic Banking) 1Venture Scanner, Where are FinTech Innovations Happening?(2015 6) 2Accenture, The Future of Fintech and Banking: Digitally disrupted or reimagined?(2015 3) 3. LGERI 4 LG Business Insight 2015 6 17 . . 1. () . , () . ICT . IT, (Electronic Banking), (Financial Engineering), (Technology Financing) ICT , . . , HTS(), , . 90 ( 1, 2 ). ? ICT ? , ? . 0 20 40 60 80 100 (11) (11) (10) (11) (09) (11) (12) (14) () () (%) 1 , : ( ) : 0 20 40 60 80 2005 2007 2009 2011 2013 2015 CD/ATM 2 : : 4. LGERI LG Business Insight 2015 6 17 5 . . 2007 . 24 . 2011 (Software is eating the world) .3 , 3Wall Street Journal, Why Software Is Eating The World(2011 8) . (Early Adopter)? (adoption) . . 5000 . , , (bill of exchange) , . . 2 (back office) . (IC) , . 1980 PC (front office) . , , . . , . , (HTS) . . : , (2010) Firdos T. Shroff, Modern Banking Technology(2007) 5. LGERI 6 LG Business Insight 2015 6 17 . , , . , , , 4 . , . . . 4 . Gartner The Nexus of Forces .4 5 1994 . . . (banking) (bank) . . . 4Gartner, The Nexus of Forces : Social, Mobile, Cloud and Information(2012 6) 5Banking is necessary-banks are not( , 1994) . 6. LGERI LG Business Insight 2015 6 17 7 . . , M-Pesa , . , . . . SNS, , . , , (New Normal) . , , .6 '' , . . CEO '' (Jumpstart Our Business Startups Acts) (IPO) . 6OECD, Financing SMEs and Entrepreneurs 2015: An OECD Scoreboard(2015 4) M-Pesa . 7. LGERI 8 LG Business Insight 2015 6 17 . , 2012 4 (accredited investor) , , P2P . , , . , . . . . Accenture , 2008~2014 74% . . . .7 ICT . . , ICT 7( , 2015 1) . 8. LGERI LG Business Insight 2015 6 17 9 . . , '' . 1 MMF . 2. ? . , (Electronic Banking) . ErnstYoung (Traditional Fintech) (Emergent Fintech) .8 (facilitator) (disruptor) . , . (BIS) , 8ErnstYoung, Landscaping UK Fintech(2014 8) . 9. LGERI 10 LG Business Insight 2015 6 17 ICT , . . IT , . , ICT . . . . , . , Zopa P2P , . Dumb Pipe9 9Dumb Pipe Smart Pipe Dumb Pipe . 1 * (supply chain) (intermediaries) . . : ErnstYoung, Landscaping UK Fintech(2014 8), LG (Electronic Banking) (Fintech; Financial Technology) (BIS) (innovation in financial services where technology is the key enabler) Positioning (facilitator) : (disruptor) : * IBM(IT), Infosys(IT), SunGard(), Symantec() Alipay(), Transferwise(), Kickstarter( ), Lending Club(P2P ), Wealthfront( ), FidorBank(), CoinBase(Bitcoin) IT ()-(+)-() ()-(+)-() PC , /IT , 10. LGERI LG Business Insight 2015 6 17 11 . , . . SWIFT10 . , 11 . , , , , IoT(), VR( ) ICT . . , . , . , . . 65 . , . vs (Clayton Christensen) (creative 10SWIFT (Society for Worldwide Interbank Financial Telecommunication) . 1973 5 . , , SWIFT 11 (UK Government Office for Science) . 1) Financial technologies (FinTech) integrate fiance and technology in ways that will disrupt traditional fiancial models and businesses and provide an array of new services to businesses and consumers 2) FinTech/fiancial technologies-used to describe innovation in financial services, covering new products from start- ups, or the adoption of new approaches by existing players where technology is the key enabler. It spans many industries including banking, insurance, asset management and trading. 11. LGERI 12 LG Business Insight 2015 6 17 , . destruction) (disruptive innovation) . (sustaining innovation) , (disruptive innovation) . (The Innovators Dilemma) , . . , . , , . , . (Shadow Banking) . , P2P . 2014 7% 110 .12 , . CEO Jamie 12Goldman Sachs, Future of Finance Part 1: The rise of the new Shadow Bank(2015 3) 12. LGERI LG Business Insight 2015 6 17 13 . Dimon (Slilcon Valley is coming) . , Urs Rohner (disruption) . PwC , . (fundamental changes) . , .13 2015 1 , .14 3. Unbundling() Unbundling .15 ATM (Walter Wriston) . . . 2014 10 13Bank of England, One Bank Research Agenda(2015 2) 14, 2015 (2015 1) 15Information about money has become almost as important as money itself ( , , 1967-1984 ) 13. LGERI 14 LG Business Insight 2015 6 17 .16 ICT . . Unbundling of a Bank . , (unbundling) . , , , , , ( , ) (P2P , Crowdfunding ) (commoditized)17 . , . (niche) . . . , . ? Unbundling of a Bank 2 . 16Financial transactions are just numbers; its just information. (Bloomberg, Andreessen on Finance: We Can Reinvent the Entire Thing, 2014 10) 17 - Unbundling of a Bank.(Source: CBinsights) 14. LGERI LG Business Insight 2015 6 17 15 , , , , . . . 4 ( 3 ). (1) (), (2) MA, (3) , (4) . 3 MA BBVA, OnDeck (14.5) BBVA, Simple 1.17 MA(14.4) Wells Fargo, (14.8) Commonwealth Bank, Property Guide ( ), , (14.2) Barclays, P2P RainFin 49% (14.3) HSBC, 2 (14.5) Bank of America, Cardlytics Santander, Funding Circle (13.7) Sber Bank( ), Deniz Bank(SNS Banking ) 35 (12.6) UBS, Innovation Spaces (14.5) Garanti( ), GPS SNS : Wayne BuschJuan Pedro Moreno, Banks New Competitors: Starbucks, Google, and Alibaba, HBR(2014 2) Karen MillsBrayden McCarthy, The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game, HBS(2014 7) Accenture, The Future of Fintech and Banking: Digitally disrupted or reimagined?(2015 3) 2 - , , , , , ( ) Venmo(), TransferWise(), Coinbase() - , , , , (), , Kickstarter(), Lending Club(P2P ), Wealthfront(), FidorBank() , - , , () Bought By Many() , , - , , (, ), TrustCloud(), CREDScore(), Mint() : KIF, (2005 11), LG 15. LGERI 16 LG Business Insight 2015 6 17 (Biometrics) . . , ID 17 . . , , , , ID, , . , , IoT . ID ? , , . , , (Biometrics) . , , . . , ID . - P2P , () () , , , , . 16. LGERI LG Business Insight 2015 6 17 17 (Uber) P2P , . , . . , , , . , . . . (Uber) , , P2P , ? ? (Transferwise) (VoIP) (Skype) 2011 P2P . . , A B , C D , A C D B (swap) . A B, D C , . . 10 1 , (daylight robbery) . , 9 , 5 . . , . . (daylight robbery) A B C D 2() 2() A B C D TransferWise 2() 3 : LG 17. LGERI 18 LG Business Insight 2015 6 17 2009 2015 100% . . , . , KickStarter , . 2009 2015 100% , . . , . . . , . . . . Zopa P2P . . , , Pricing . . . , ( ) 0 10 20 30 40 2009 2010 2011 2012 2013 2014 2015e () 100.5% 4 , : : Massollution 18. LGERI LG Business Insight 2015 6 17 19 . . , (CREDScore) , , . Wealthfront, OnDeck . , , , . . (network industry) . , . . . . , , P2P . . , 1 OTT OTT Over The Top . , VoIP( ), , , . ' ' '' OTT . (network industry) , . OTT , OTT . OTT , . . OTT , . 19. LGERI 20 LG Business Insight 2015 6 17 . . . . , . . . . , , , , . . . . . , , . (; ) . 4. 5 . 20. LGERI LG Business Insight 2015 6 17 21 , . (digital first) . . , . , . . . , 24 ? (Narrow banking) () () (wide bank) . Economist 2015 5 The fintech revolution , P2P , .1 , . (Volcker Rule)2 1The Economist, The fintech revolution(2015 5) 2 , (Vickers Rule)3 , 4 , . 3 4IMF, Making Banks Safers: Can Volcker and Vickers Do IT?(2011 11) ( ) 5 : , (2007 1) 21. LGERI 22 LG Business Insight 2015 6 17 , . . . . ICT , . , (regulatory arbitrage) . . , , (gray zone) . . . .18 , . , (disruptive innovation) . (Joseph Schumpeter) . () 18LG Business Insight, (2015 1) 22. LGERI LG Business Insight 2015 6 17 23 ' ' . () . '' '' . . , (user experience) , . . , (disintermediation) , . . .www.lgeri.com