Digital disruption and market structure: the case of internet banking
研究了1997-2018年欧盟国家网络银行采用对市场结构的影响，发现网络银行最初在更集中的市场推出，消费者渗透率更高但增长较慢，最终导致市场去集中化和区域市场整合。
Abstract We provide an econometric study of the adoption of internet banking, a case of a potentially disruptive digital technology which could devalue/replace an incumbent legacy. Our aim is to better understand the extent to which it disrupted the market structure where incumbents start with a strong customer base. We study both regional integration and national concentration dimensions of market structure in EU member states during the period of 1997–2018. We find that internet banking was initially introduced earlier in more concentrated markets. Although consumer uptake was slower over time than in less concentrated markets, the initial higher consumer penetration in more concentrated markets was sustained until market maturity. We further find a substantial de-concentrating effect of internet banking, and evidence of integration in previously regionalized markets following uptake.