Examining Success Factors of Online P2P Lending Service Using Kano Model and Fuzzy-AHP

Kano 모형과 Fuzzy-AHP를 이용한 온라인 P2P 금융 서비스 성공요인 도출

  • 안경민 (동국대학교 테크노경영협동과정) ;
  • 이영찬 (동국대학교 경주캠퍼스 경영학부)
  • Received : 2018.03.18
  • Accepted : 2018.06.04
  • Published : 2018.06.30


Recently, new financial services related to FinTech has gained attention more and more. Online P2P financial services transactions such as FinTech require careful examination of the constituents of information systems as an investment is made based on the information presented on the online platform without direct face-to-face contact. The purpose of this study is to find out the success factors of online P2P Lending service among FinTech. To serve the purpose, we build IS (information system) success model, and then use Kano model and fuzzy analytic hierarchy process (Fuzzy-AHP) to find out factors for the success of online P2P Lending service. In particular, this study uses Kano model to classify information system satisfaction factors and to calculate the satisfaction coefficient. The Kano model, however, has a drawback of evaluating single criterion. Therefore, we use multi-criteria decision-making technique such as Fuzzy-AHP to derive the relative importance of the factors. The analysis results show different results depending on the analysis technique. In the Kano model, most of the information system factors are a one-dimensional quality attribute. The satisfaction coefficient is highest for personalized service, followed by the responsiveness of service, ease of using a system, understanding of information, usefulness of information' reliability. The service reliability is the highest in dissatisfaction coefficient, followed by system security, service responsiveness, system stability, and personalized service. The results of the Fuzzy-AHP analysis shows that the usefulness of information quality, the personalization of service quality, and the security of system quality are the significant factors and the stability of system quality was a secondary factor.


  1. 김광희, 전상택, 이형주 2010. "인터넷쇼핑몰 서비스품질이 재구매의도에 미치는 영향에 관한 연구," 전자상거래학회지 (11:4), pp. 3-28.
  2. 김영규 2016. "국내증권형 크라우드 펀딩 현황 및 전망," 과학기술정책 (26:2), pp. 34-40.
  3. 김학건, 박광우 2013. "온라인 개인간 대출시장에서의 차입자 특성 연구," 한국경영과학회지(38:4), pp. 79-94.
  4. 김학건, 박광우, 이병태, 최은호 2013. "온라인 개인 간 (P2P) 대출의 상환 성공요인에 관한 연구," 재무연구 (26:3), pp. 381-415.
  5. 박현숙, 이명진 2011. "국내 금융서비스의 온라인 서비스품질 척도개발," 상품학연구 (29:1), pp. 27-43.
  6. 서병호 2015. "금융 포커스: 국내은행의 P2P 대출시장 진출과 시사점," 주간금융브리프 (24:45), pp. 10-11.
  7. 신동호, 채명신 2012. "온라인 P2P 대출의 상환실패 요인에 대한 실증연구," 대한경영학회지 (25:5), pp. 2233-2254.
  8. 서우종, 서창수, 홍진원, 서충립 2007. "중국 인터넷쇼핑몰의 품질과 구매의도 사이에서 만족과 신뢰의 매개효과에 관한 실증분석," e-비즈니스연구(8:2), pp. 33-59.
  9. 서우종, 원욱연, 홍진원 2010. "SNS 웹 사이트의 품질요인이 사용자 만족, 지속적 사용의도 및 구전의도에 미치는 영향에 대한 실증 연구," 산업혁신연구 (26:1), pp. 99-132.
  10. 신상훈, 조현, 김성희 2012. "온라인 증권 거래 정보기술의 후 (後) 채택 행위에 영향을 미치는 요인," 한국정보기술학회논문지 (10:10), pp. 139-145.
  11. 신아름, 이상복 2007. "Kano 모델을 기반으로 총체적 고객만족계수의 개발에 관한 연구, 산업공학(IE interfaces) (20:4), pp. 479-487.
  12. 양금, 이영찬 2016. "온라인 P2P 대출의도의 영향 요인에 관한 연구: 런런다이 사례를 중심으로," 정보시스템연구 (25:2), pp. 79-110.
  13. 이석기, 조현 2011. "사용자 만족도에 따른 정보시스템 성공요인의 차이에 관한 연구," 한국정보기술학회논문지 (9:4), pp. 173-178.
  14. 이재광, 김종무, 이강은, 윤소라, 조현 2017. "핀테크 수용에 영향을 미치는 요인에 관한 연구: 모바일 결제 서비스를 중심으로," 지식경영연구 (18:3), pp. 181-199.
  15. 이정민, 이재남 2011. "소셜쇼핑의 성공요인: 사회적 자본이론과 정보시스템 성공모델의 관점에서," 지식경영연구 (12:5), pp. 41-57.
  16. 조휘형 2012. "스마트폰의 지각된 품질요인이 만족 및 지속적 사용의도에 미치는 영향에 관한 연구-수정된 DeLone & McLean 의 정보시스템 성공모델 관점으로," Entrue Journal of Information Technology (11:2), pp. 167-180.
  17. Baskerville, R. L., and Wood-Harper, A. T. 1996. "A critical perspective on action research as a method for information systems research," Journal of information Technology (11:3), pp. 235-246.
  18. Chang, D. Y. 1996. "Applications of the extent analysis method on fuzzy AHP," European Journal of Operation Research (95:3), pp. 649-655.
  19. Chen, D., and Han, C. 2012. "A Comparative Study of online P2P Lending in the USA and China," Journal of Internet Banking and Commerce (17:2), pp. 1-15.
  20. Chou, W. C., and Cheng, Y. P. 2012. "A hybrid fuzzy MCDM approach for evaluating website quality of professional accounting firms," Expert Systems with Applications (39:3), pp. 2783-2793.
  21. Cristobal, E., Flavian, C., and Guinaliu, M. 2007. "Perceived e-service quality (PeSQ ) Measurement validation and effects on consumer satisfaction and web site loyalty," Managing service quality: An international journal (17:3), pp.317-340.
  22. Delone, W. H., and Maclean, E. R. 1992. "Information systems success: The quest for the dependent variable," Information Systems Research (3:1), pp. 60-95.
  23. Delone, W. H., and McLean, E. R. 2003, "The DeLone and McLean model of information systems success: a tenyear update," Journal of management information systems (19:4), pp. 9-30.
  24. Dorf leitner, G., Priberny, C., Schuster, S., Stoiber, J., Weber, M. de Castro, I., and Kammler, J. 2016. "Descriptiontext related soft information in peer-topeer lending-Evidence from two leading European platforms," Journal of Banking & Finance (64), pp. 169-187.
  25. Fang, Y. H., Chiu, C. M., and Wang, E. T. 2011, "Understa nding customers' satisfaction and repurchase intentions: An integration of IS success model, trust, and justice," Internet Research (21:4), pp. 479-503.
  26. Greiner, M. E., and Wang, H. 2009. "The role of social capital in people-to-people lending marketplaces," ICIS 2009 proceedings (29).
  27. Ji, Y. G., Hwangbo, H., Yi, J. S., Rau, P. P., Fang, X., and Ling, C. 2010. "The influence of cultural differences on the use of social network services and the formation of social capital," Journal of Human-Computer Interaction (26:11-12), pp. 1100-1121.
  28. Keramati, A., and Salehi, M., 2013. "Website success comparison in the context of e-recruitment: An analytic network process(ANP) approach," Applied Soft Computing (13:1), pp. 173-180.
  29. Lee, E., and Lee, B. 2012. "Herding behavior in online P2P lending: Anempirical investigation," Electronic Commerce Research and Applications (11:5), pp. 495-503.
  30. Lee, Y., and Kozar, K. A. 2006. "Investigating the effect of website quality on e-busines ssuccess: An analytic hierarchy process (AHP) approach," Decision support systems (42:3), pp. 1383-1401.
  31. Lin, M., Prabhala, N. R., and Viswanathan, S. 2013. "Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending," Management Science (59:1), pp. 17-35.
  32. Liu, D., Brass, D.J., Lu, Y., and Chen, D., 2015. "Friendships in online peer-to-peer lending: pipes, prisms, and relational herding," MIS Quarterly ( 39:3), pp. 729-742.
  33. Ma, B. J., Zhou, Z. L., and Hu, F. Y. 2017. "Pricing Mechanisms in the Online Peer-to-Peer Lending Market," Electronic Commerce Research and Applications (26), pp.119-130
  34. Milne, A., and Parboteeah, P. 2016. "The Business Models and Economics of Peer-to-Peer Lending (16), pp.1-31.
  35. Molla, A., and Licker, P. S. 2001. "E-Commerce Systems Success: An Attempt to Extend and Respecify the Delone and MaClean Model of IS Success," Journal of Electronic Commerce Research (2:4), pp. 131-141.
  36. Parasuraman, A., Zeithaml, V. A., and Malhotra, A. 2005. "ES-QUAL a multipleitem scale for assessing electronic service quality," Journal of service research (7:3), pp. 213-233.
  37. Pitt, L. F., Watson, R. T., and Kavan, C. B. 1995. "Service quality: a measure of information systems effectiveness," MIS quarterly (19:2), pp. 173-187.
  38. Pitt, L. F., Watson, R. T., and Kavan, C. B. 1997. "Measuring information systems service quality: concerns for a complete canvas," MIS quarterly (21:2), pp. 209-221.
  39. Pope, D. G., a nd Sydnor, J. R. 2011. "What's in a Picture? Evidence of Discrimination from," Journal of Human Resources (46:1), pp. 53-92.
  40. Yang, Z., Zhang, Y., and Jia, H. 2017, "Influencing Factors of Online P2P Lending Success Rate in China," Annals of Data Science (4:2), pp. 289-305.
  41. Yu, X., Guo, S., Guo, J., and Huang, X. 2011. "Rank B2C e-commerce websites in e-alliance based on AHP and fuzzy TOPSIS," Expert Systems with Applications (38:4), pp. 3550-3557.
  42. Yum, H., Lee, B., and Chae, M. 2012. "From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms," Electronic Commerce Research and Applications (11:5), pp.469-483.
  43. Watson, R. T., Pitt, L. F., and Kavan, C. B. 1998. "Measur ing informat ion systems service quality: lessons from two longitudinal case studies," MIS quarterly (22:1), pp. 61-79.
  44. Wei, Z., and Lin, M. 2016. "Market mechanisms in online peer-to-pee lending," Management Science (63:12), pp. 4236-4257.
  45. Zadeh, L. A. 1965. "Fuzzy Sets," Informatioin Control (8:3), pp. 338-353.
  46. Zhang, K., and Chen, X. 2017, "Herding in a P2P lending market: Rational inference OR irrational trust?," Electronic Commerce Research and Applications (23), pp. 45-53.
  47. Zhang, P., and Von Dran, G. M. 2000. "Satisfiers and dissatisfiers: A twofactor model for website design and evaluation," Journal of the Americansociety for information science (51:14), pp. 1253-1268.<::AID-ASI1039>3.0.CO;2-O