金融业“内卷式”竞争没有出路

Core Viewpoint - The financial industry is facing "involution" competition, characterized by homogenized services, excessive price cuts, and a focus on short-term performance at the expense of risk management, leading to decreased efficiency and increased financial risks [1][2]. Group 1: Causes of "Involution" Competition - The limited total amount of economic and financial resources leads institutions to engage in price-cutting to capture a larger share of the market, resulting in lower interest rates on consumer and business loans [2]. - The high number of financial institutions creates a "many monks, little porridge" situation, resulting in significant service homogenization [2]. - Large enterprises leverage their bargaining power to force financial institutions into irrational price competition, further exacerbating the issue [2]. Group 2: Consequences of "Involution" Competition - The direct consequence of this competition is the narrowing of net interest margins, which raises financing costs for the financial industry, reduces operating profits, and diminishes profitability and risk resistance [1]. - The prevalence of low-quality, price-driven competition undermines the industry's innovation capacity and creates obstacles to high-quality development [1]. Group 3: Solutions to Address "Involution" Competition - There is a need for a paradigm shift from scale-oriented to value-oriented approaches, emphasizing service quality over price competition [2]. - Financial regulatory bodies and industry self-regulatory organizations should establish industry agreements to set behavioral baselines and create effective penalty mechanisms for violations, such as a "blacklist" system for institutions engaging in illegal price cuts [2]. - Encouraging financial institutions to innovate and diversify their product offerings can help break the cycle of homogenized competition and foster healthy competition within the industry [2].