국내 인터넷전문은행은 ICT기업 등 혁신성 있는 경영주체의 금융산업 진입을 활성화함으로써 이들이 금융산업의 혁신을 추동하는 ‘메기’ 역할을 유도하려는 정책적 목적을 가지고 도입되었다. 인터넷전문은행 도입의 구체적 목표 가운데 가장 중요한 것 중 하나로 지목되던 중·저신용 대출시장에 초점을 맞추어 인터넷전문은행의 도입 초기 효과를 분석하는 것이 본 고의 목적이다. 분석 결과, 중·저신용자에 대한 대출을 예전부터 적극적으로 하던 저축은행이 인터넷전문은행의 등장에 맞추어 중·저신용자 대출을 상당히 빠른 속도로 늘렸으며, 특히 저신용보다는 중·저신용 대출을 더 빠르게 증가시켰다는 점을 확인하였다. 그리고 가격(금리) 측면에서도 중·저신용 차주를 대상으로 하는 신용스프레드도 2018년∼2019년을 기점으로 크게 낮아졌다는 점도 확인할 수 있었다. 이와 같은 실증분석 결과는 인터넷전문은행이 애초 설립 당시 도입 목적에 부합하는 행위를 다소나마 함으로써 다른 업권의 대출도 확대시키는 역할을 하였다고 볼 수 있다.

The advent of Internet-only banks in Korea was accompanied by a policy objective aimed at fostering innovation within the financial sector, particularly by Information and Communication Technology (ICT) companies. These entities were expected to assume a “catfish” role, propelling advancements and novelty within the financial industry. The Financial Services Commission has articulated that the establishment of Internet-only banks was driven by a multifaceted agenda, primarily centered on enhancing consumer financial experiences through innovation, promoting competitive dynamics within the banking sector, and catalyzing new growth engines for the future. This study examines the lending behavior of private financial institutions to low- and medium-credit borrowers during the initial settlement period of Internet-only banks, from 2017 to 2020. While a comprehensive analysis of the “catfish” effect would necessitate an examination of ICT infrastructure, the impact of new products, and the evolving business culture, these broader effects are challenging to isolate during the initial period. Consequently, the present study focuses on the medium- and low-credit loan market, a pivotal policy objective for Internet-only banks. The findings indicate that savings banks that had been active in lending to low- and medium-credit borrowers increased their lending rapidly in response to the introduction of Internet-only banks. Notably, these banks increased their lending to medium-credit borrowers at a faster rate compared to low-credit borrowers. Furthermore, our analysis reveals a substantial decline in credit spreads for low- and medium-credit borrowers, in terms of price (interest rates), from 2018 to 2019. These empirical findings suggest that Internet-only banks have contributed to the expansion of the lending market, thereby fulfilling some of the original objectives for their establishment. As the role of Internet-only banks in the market for medium- and low-credit loans becomes more apparent, their competitive impact on the broader banking industry is expected to increase. While some studies suggest that increased competition may destabilize the financial sector (e.g., Jimenez et al., 2013), others argue for a positive relationship with stability (e.g., Boyd & De Nicolo, 2005; Vives, 2018). This discrepancy underscores the necessity for additional research in this domain.