On September 8, Lee Yong Woo, the senator of Democratic Party, gave presentation about “the future of finance after Corona 19” at the Digital Asset Expo (DAXPO) 2020. The three reasons the existing financial sector cannot effectively respond to the challenges of fintech were mentioned: ▲The legacy problem ▲Self cannibalization ▲Supplier mind.

According to the speech, general stock brokerage firms were able to lower fees, but they couldn’t. In the existing brokerage sector, it generates the most profits and uses a lot of manpower, because the moment you pay the commission, you have to lower your profits and manpower. Senator Lee said, “Even when there is no change in the market, there should not be a carnivalization that destroys its own territory. But even if there is no change in the industry, if a new competitor enters, the competitor can take over my territory anyway. In such an environment, it could be a way of financial transformation to grow other organizations within the company that can snag an existing one.”

In regards to the view from the supplier side, “When a company conducts consumer research, only a few of the marketing department and executives receive reports. It simply becomes a supplier mind that people will buy if you make good things. You have to reverse this stereotype and think about the customer first.”

번역: 김동우 기자