Users' demand for financial services, whether large or small, can be met in the financial market, which is probably the best gift that financial technology has brought us in this era.
Wen|Qin Zhuo
Edit|刘煜
The trend of the world is vast and prosperous.
It is an interesting topic to discuss the relationship between traditional finance and new finance in the context of the times.
For a long time in the past, for the traditional financial industry, the rise of Internet finance has always been regarded as a huge invasion. The mutual gold platform relies on powerful Internet technology, and the independent individuals in it are the tentacles. Starting from deposits, loans, and payments, while making a big financial market cake, they also share a part of what should have flowed to the tradition. Financial profit.
"If the bank does not change, we will change the bank.", "If the bank does not change, it will become a dinosaur that will die in the 21st century." When Ma Yun and Bill Gates both made a screaming voice, Under the change and being changed, a fission of the financial industry's ecological pattern initiated by technology and starting from the needs of users is opening.
At the same time, we also found that traditional finance began to change, innovate, and even counterattack.
But returning to the essence of finance - that is, providing customers with high-quality, satisfactory financial service propositions, we can't help but think about the current financial ecological pattern, what are the advantages and disadvantages in the industry? Where is the future of finance changed and changed?
On the afternoon of April 11, at the Boao Forum for Asia Financial Forum, Ma Weihua, former head of China Merchants Bank, Chen Jin, CEO of Zhong An Insurance, Li Dongrong, President of China Internet Association, Franz PAASCHE, Senior Vice President of Paypal, and Enzo QUATTROCIOCCH, Secretary General of EBRD Mr. Wen Wenchao, President of China UnionPay, Mike Wells, CEO of Prudential, and Yuan Chenglong, CEO of Jinping, conducted the theme of “The Future of Financeâ€.
Today, when we form an interesting dialogue camp with banks, insurance, payment clearing companies, mutual gold platforms and representatives of regulatory agencies, what kind of sparks will they be? After the brutal growth and mutual wrestling, what kind of future will the financial industry usher in?
01 | Opposition
When the enemy is already under the city, some people are still asleep in a dream.
In the past March, Virgin Creative, the ATM manufacturing operator, released the 2017 annual performance report. It is expected that the company will achieve a revenue of 43.06 million yuan in 2017, down 60.74% year-on-year; the net profit of returning home will be 3.181 million yuan, down 90.68% year-on-year. Virgin Creative explained that in 2017, Alipay and WeChat payment developed rapidly, and mobile payment replaced a large amount of small cash payment, which seriously affected the deployment of self-service equipment such as bank ATM, resulting in a significant decline in the company's annual performance.
Under the impact of the Internet financial boom, Virgin Creative is only a microcosm in the ATM industry. The pressure on traditional financial institutions has long been self-evident when the upstream suppliers of the company have been severely suppressed.
Ma Weihua, the former president of China Merchants Bank, pointed out at the Boao Forum for Asia Financial Forum that the technology disintermediation, channel disintermediation and customer relationship disintermediation caused by Internet finance have brought enormous challenges to traditional finance.
“In the past, most banks were indirect financing. Banks have always played an intermediary role, taking deposits from residents and businesses, lending to the residents and businesses they need, and paying for various consumption scenarios.â€
However, Internet finance has broken this closed-loop chain. Internet finance has many characteristics such as “high convenience, low cost, fast and flexible, and experience-orientedâ€. It subverts the traditional financial industry's profit source model and capital business model. Infiltration of deposits, loans, payments, etc., gradually weakening the functions of traditional financial intermediation and reducing the living space of banks.
First of all, the third-party payment represented by Alipay and WeChat payment has risen rapidly, and through the application in daily consumption scenarios, and extended to the areas of wealth management and insurance, it has quickly absorbed the traditional financial risks such as banks. Institutions and other deposits.
Then, the rapid outbreak of the online lending platform represented by Internet financial platforms such as Ant Financial and Upward Financial Services, with the mission of Inclusive Finance, quickly builds up social investment funds and small micro capital needs through the network extending in all directions. A bridge that quickly docks.
According to the data of domestic regulatory agencies, there are currently 41,000 Internet financial platforms, more than 2,000 in operation, involving 680 million users, the most of which are third-party payment users. The cumulative transaction volume of Internet payment, online lending and equity crowdfunding is more than 70 trillion, of which 64 trillion yuan is paid by the Internet and more than 6 trillion is borrowed by the Internet, and it is on the rise.
Yuan Chenglong said that when the financial technology first appeared, the market was mixed and the market players won the innovation and layout. As technology becomes more and more in the financial field, the risk control model and credit system are changing. In addition to innovation and layout, endurance has become the winning point. Nowadays, the mature management and Fintech's survival of the fittest are being staged. Under the integration of financial technology, traditional finance and real economy innovation, the strength and endurance of the industry companies will determine the development of Fintech in the next five years.
When the market enters the link of strong supervision and survival of the fittest, it means that the entire Internet finance industry is moving towards a more mature stage. More and more powerful competitiveness is emerging. How will the traditional financial industry respond to the challenges?
02 | Change
Sardines are lazy and do not like sports. The sardines caught by fishermen often die before returning to the dock. But as long as a sardine's natural enemy squid is placed in the sardines, the sardines can return to the port alive. This is the so-called "squid effect."
Some people say that the days of the traditional financial industry have been too comfortable, and it can even be said that they have reached the point of "making money by lying down." This has also led to a series of problems such as low rates of traditional financial institutions, lack of innovation, lack of progress, and redundancy of personnel.
The rise of Internet finance, just as the introduction of a squid in traditional financial institutions, quickly ignited their fighting spirit and crisis awareness. After a brief shock, traditional financial companies began to counterattack, lay out online business, fight against mobile payments, and start a war of traditional finance vs. emerging finance.
Ma Weihua said that as early as 2014, China Merchants Bank established a “one-two-wing†strategy with retail finance as the main body, corporate finance and interbank finance as the two wings, and then proposed a “mobile first†strategy based on this – in accordance with the “network†The strategic path of “chemical, digital and intelligentâ€, “built-in platform, external expansion scenario, traffic managementâ€, builds a light development model for China Merchants Bank's retail business.
The core of the “mobile first†strategy is to adapt to the trend of online and mobile behavior of customers, and make full use of the advantages of their retail customers to insert mobile priority wings into traditional products and service processes.
Under the guidance of this strategy, China Merchants Bank took the lead in launching innovative services such as Lightning Loan, Brush Facet, One Flash, and Capricorn. At the same time, it continued to iterate two apps, Mobile Banking and Pocket Life, and opened the traditional bank to the future bank. The evolutionary door has brought about a surge in the total number of retail customers of China Merchants Bank.
When traditional finance falls in love with science and technology, in addition to endogenous changes, it is more of a majestic tradition that the traditional financial industry adapts to and integrates into the trend of the times. As of 2017, the total number of CMB customers has exceeded 100 million, reaching the top of the country's best retail banks, becoming the veritable retail king.
In terms of mobile payments, the self-innovation of traditional financial institutions for Internet finance has become even more intense. At the end of 2017, under the guidance of the central bank, China UnionPay, together with major commercial banks and payment institutions, jointly released their own mobile payment portal, “Cloud Flash Pay†APP.
Under the strong stimulation of various operational measures, the number of active users reached 4.7 million in December 2017, more than double the size of active users in January 2017, and only after one month in February 2018, cloud flash The number of active participants exceeded 10 million, reaching 10.17 million.
"Because technology has developed, the Internet of Things and payment are becoming more and more virtualized. Young people say that I have to pay at any time. I am going to do banking at any time. If your bank is still waiting in the lobby, then your customers will No, this challenge is what you have to deal with." Ma Weihua said frankly.
03 | Fusion
"No one can eliminate who, and each other should be a state of mutual integration and complementary advantages." If you can't beat your opponent, join them.
After a confrontation and change, a new financial landscape was born.
In Yuan Chenglong's view, the future of finance will present four new characteristics: new integration, new stability, new experience and new ecology.
New integration: finance and the real economy, finance and technology, together form a new integration. The so-called new integration, first, the boundaries between finance and the real industry are more blurred, finance and the real economy are harmonious; second, the new convergence of finance and technology, manifested by the wide application of big data, so that long-tail customers enjoy The benefits of financial services, while the risk control system will be more efficient and intelligent, showing the characteristics of information, data, automation and intelligence. In short, finance and the real economy, finance and technology are no longer separate from each other.
New stability: Accelerating development of regulatory technology will promote the industry to become more stable. In his view, technological innovation has made trust analysis, risk management, loan approval, etc. in the financial sector more efficient and accurate, and strongly promoted and ensured financial stability, thus bringing the whole industry to a new stable situation. That is to say, based on technology to track the entire business information flow, truly achieve an efficient and comprehensive "no dead angle" supervision, so that financial formation of a new stable situation.
New experience: upgraded financial consumer experience, richer services and more convenient experience. He explained: "With the development of science and technology, the financial experience of consumers in the future will be even more extreme. Financial technology is an irreversible trend, which will inevitably bring a new experience to financial consumption."
New Ecology: Financial consumers, financial service providers, and financial regulatory authorities have built a more dynamic new financial ecosystem. In the future financial ecology, financial consumers will be the core of the ecology, free to choose financial products and services, while financial service providers are more open, financial services cover a wider range, financial cross-border integration becomes the norm, and financial regulatory layers are more The supervision framework is maintained in a multi-site manner. The three financial entities in the future will coordinate and interact with each other to form a new ecological ecology.
Since then, a new type of ecology centered on financial consumers has emerged.
After experiencing the stages of confrontation, conflict, mutual impact, and mutual change, both traditional finance and emerging finance have realized that financial consumer service demand is the core, relying on financial technology as a boost, learning from each other, integrating with each other, and self-improvement. It is the magic weapon to cope with future competition and challenges.
"It is misleading to regard financial technology as an industry. The application of technology in all walks of life is appropriate and inevitable. Therefore, finance and technology will eventually move toward integration." Yuan Chenglong said.
As an industry-based, technology-based Internet financial service platform, since its establishment in 2013, through the application of financial technology, the company has been operating safely for nearly 5 years, with a cumulative registered number of 10 million users. More than 40 billion yuan.
At the end of 2017, the company officially released the Fintech X brand strategy, with the financial technology 4i matrix as the core, combining the “small-distributed†inclusive financial principles with the initial focus of the service real economy, creating an integrated core service. The financial service platform will provide more quality services for more SMEs and users, meet the needs of more groups, and strive to implement inclusive finance.
Yuan Chenglong said, "The use of financial technology can make a difference in achieving such achievements."
04 | Conclusion
Banks, payment and clearing companies, third-party payment platforms, and mutual gold companies... It should be acknowledged that this is the financial ethics of a hundred schools of thought and flowers that can be created in the current era.
The demand for financial services by users, whether large or small, can be met in the financial market. This is probably the best gift that financial technology has brought us in this era.
Fortunately, when you encounter such an era, you must be worthy of such an era.
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