| With the high degree of integration of finance and technology,fintech institutions have quickly become the focus of the financial industry and have a profound impact on the future financial order,posing great challenges to the operation and management of commercial banks.However,at the same time,the comparative advantages of fintech institutions and commercial banks can complement each other,and there is room for cooperation and symbiosis between the two sides.Therefore,it will have important theoretical and practical significance to discuss the mechanism of competition and cooperation between the two sides.Based on this,this paper studies the competition and cooperation relationship between fintech institutions and commercial banks from the perspective of game.First of all,this paper reviews relevant studies on Fintech,its impact on commercial banks and the competition and cooperation game between Fintech institutions and commercial banks.From the existing literature,most of the literature discusses the opportunities and challenges brought by Fintech for banks,while the research on the competition and cooperation relationship between Fintech institutions and commercial banks has not been carried out in depth.Secondly,the Hotelling model is constructed to depict the differentiated competition between Fintech institutions and commercial banks in stages.The findings are as follows: In the initial stage when Fintech institutions enter the market,they expand the market mainly by setting lower market prices and providing more diversified products and services;in the following game process,the competition between the two sides intensifies,commercial banks can choose to increase the transfer cost of funds to limit the encroachment of financial technology institutions on the market share,while Fintech institutions need to leverage their innovative advantages to increase the stickiness of customers’ electronic payments;in the final game process,the two sides adopt differentiated competition strategy,and commercial banks and Fintech institutions respectively improve quality preference and price preference to stabilize and develop their respective market segments,so as to achieve a benign interactive market pattern.Finally,this paper introduces an evolutionary game model to analyze the competition and cooperation interaction between Fintech institutions and commercial banks under the assumption of bounded rationality.The research shows that: First,after analyzing the strategy selection of the supply chain system composed of Fintech institutions and commercial banks under the guidance of cooperation,it is found that the evolutionary stability strategy of the system is related to the innovation perception coefficient and marketing sensitivity coefficient of consumers,and the greater the innovation perception coefficient and the marketing sensitivity coefficient are not the better,when they are too large,banks and Fintech institutions will do nothing;second,in the dual equilibrium strategy with asymptotically stable points of(0,1)and(1,0)under the leadership of cooperation,the coefficients of consumer innovation perception and marketing promotion cost are directly proportional to the probability of asymptotically stable points of(0,1),and the coefficients of consumer marketing sensitivity,technological innovation cost and consumer price sensitivity are directly proportional to the probability of asymptotically stable points of(1,0);third,in the case of competition and cooperation between commercial banks and fintech institutions,the probability of the game system eventually converging to the state of(cooperation,cooperation)is proportional to the intensity of penalty for breach of contract,when the intensity of penalty is large enough,the competition and cooperation strategy of both game parties will always evolve into(cooperation,cooperation)strategy.According to the research conclusion,this paper puts forward relevant suggestions from the aspects of resolving interest conflicts,seeking breakthroughs in cooperative business,government guidance and supervision,etc.,so as to enable both parties to develop in a healthy and orderly direction. |
