In 2005, the World Bank's annual microfinance conference for the first time put forward "Inclusive Finance" (Inclusive Finance), also known as "inclusive finance Inclusive Finance, also known as "Inclusive Finance". It is generally recognized that inclusive finance refers to the premise of affordable costs of financial institutions, through continuous competition and innovation, in order to ensure that financial services exclusion targets gradually access to the relevant services they need.
In December 2015, China issued the Circular on the Plan for Promoting the Development of Inclusive Finance (2016-2020) , which makes it clear that: by 2020, it is necessary to establish a system of inclusive financial services and guarantees that is compatible with the establishment of a moderately affluent society in a comprehensive manner, in particular, it is necessary to enable micro and small enterprises, farmers, urban low-income groups, the poor and the In particular, small and micro-enterprises, farmers, urban low-income people, poor people and people with disabilities, the elderly and other timely access to reasonably priced, convenient and safe financial services.
In recent years, under the guidance and promotion of the policy, China's banking industry has taken a series of measures to develop inclusive finance, such as the establishment of large banks to set up inclusive finance divisions, small and medium-sized banks to increase the innovation of financial products and services, expanding the coverage of basic financial services, enhancing the convenience of financial services, and strengthening the weak mitigation of the supply of financial services, which has achieved relatively obvious results.
However, China's inclusive finance still has some deficiencies and problems. China's vast territory, uneven economic development, different levels of regional development, the comprehensive promotion of financial inclusion faces greater challenges. In recent years, under the banner of "financial inclusion" and pseudo-innovation in our country, infringing on the legitimate rights and interests of financial consumers, but also to a certain extent, disturbing the financial order, affecting social stability. In this case, how to achieve financial inclusion "cost-coverable" "risk-controllable" still needs to be further explored.
To change the shortcomings and problems of inclusive finance, in addition to the need to increase the government's capital investment and policy support, infrastructure and credit environment construction, it is important to promote the further development of China's inclusive finance through the depth of the application of digital technologies and innovation. "Digital Inclusive Finance (Digital Inclusive Finance)". There is no doubt that Digital Inclusive Finance leading is an important way out for the sustainable development of inclusive finance. From the bank level, the key is to adhere to the principle of commercial sustainability, relying on financial technology to innovate products and services, exploring new modes of inclusive financial development, taking the road of digital inclusive financial development, and enhancing the capacity and efficiency of inclusive financial services.
The scope of inclusive finance is very broad, inclusive finance is the opportunity for all people to have a more convenient, lower-cost access to the financial services they need, including access to money, microfinance, and so on, and even including the exchange of change. For a more precise answer, it is important to be more specific. Here to say in rural areas to push the issue of microfinance, which is an important element of financial inclusion, the biggest difficulty is usually can not find people, are out of work, and then put the loan, the expiration of the collection is difficult. If you want to know more, you can chat privately.
Problem 1: Inclusive competition is fierce, product homogenization is serious.
On the one hand, there is no industry-uniform interest rate pricing for the marketing of inclusive products, so in the marketing process, it is easy to have a "war of interest rates" and the phenomenon of grabbing and digging, which makes the financing structure of the enterprise unstable, or the behavior of blind expansion.
On the other hand, in order to meet the financing needs of small and medium-sized enterprises in the process of transformation of old and new kinetic energy, effectively enhance customer stickiness, and establish a new model of small and medium-sized enterprise service in line with the modernized economic system, the four banks have innovated and launched the "Internet + Enterprise Tax Loan Products". For example, there are four enterprise tax credit loan products in the market, as shown in the table below:
In general, the above products are connected to the business, tax, finance and other models through big data to achieve high-volume online customer acquisition, to a certain extent, to solve the problem of asymmetric information and difficult to guarantee, and at the same time, greatly improve the service efficiency and degree of convenience. However, from the perspective of product development and customer orientation, how to further strengthen product innovation and create a distinctive microfinance product system is a challenge in the expansion of inclusive finance business.
According to the recent "Banking and Insurance Regulatory Commission released 2020 the first quarter of the banking and insurance industry, the main regulatory indicators of the data situation" shows that at the end of the first quarter, commercial banks non-performing loan balances, non-performing loan rates have risen, but the overall quality of credit assets is stable, mainly due to the structural factors and epidemics brought about by the short-term impact caused by the rise in the quarter of the banking industry's non-performing loan rate, the outbreak of bad also There is a lag, which also brings challenges for banks to expand their inclusive business.
In recent years, some banks have set up inclusive finance divisions, initially establishing an organizational structure and efficient operational mechanism that enables the organic integration of green finance, inclusive finance and rural finance.
However, from the perspective of the number of employees in the inclusive line, the majority of part-time inclusive business, especially in the grassroots outlets in the county where inclusive business is very important.
Overall, the bank's P&W line presents the problem of lagging behind the development of specialized team building. On the one hand, the account manager team is understaffed. The speed of business acceptance of the account managers of the branches within the jurisdiction cannot keep up with the speed of development of small and micro-enterprises and the speed of marketing of other banks; on the other hand, the team engaged in small and micro-enterprise business is not highly specialized. At present, in order to meet the needs of market competition and development, microfinance products are updated and iterated very quickly, but some account managers are accustomed to the traditional micro-credit business process, the acceptance of new micro-enterprise products is not high, and the basis of product development and design, service innovation and risk management are relatively weak.
Countermeasures:
(a) Strengthen the concept of updating, and fully understand the strategic significance of the deep grasp of the innovation of financial services for small and micro enterprises.
(2) Strengthen the internal work of the service, and comprehensively promote the innovation of the financial service system mechanism of small and micro enterprises.
(3) Strengthen the strategic alliance, and strive to improve the ecological environment of financial service innovation for small and micro enterprises.
(d) Strengthening team building and fostering an excellent team capable of fighting the war.
After the United Nations launched the concept of inclusive finance in 2005, the international community began to pay extensive attention to it. Less developed countries and regions have vigorously promoted the development of inclusive finance, and many countries have achieved promising results. In recent years, the Chinese government has also issued a number of documents to vigorously promote the development of inclusive finance in China, aiming to allow all social classes and groups to enjoy appropriate and effective financial services, so as to establish an effective, all-round financial system to provide services for all social classes and groups.
Under the vigorous promotion of the government and the efforts of all sectors of society***, China's inclusive financial services have made astonishing progress, with the initial establishment of a diversified service system, a certain level of service coverage, and a certain degree of popularization of mobile Internet payments. According to a report released by the People's Bank of China, as of the end of 2018, the balance of inclusive financial loans reached RMB 13.39 trillion. However, compared to its huge service objects and capital demand, the development of inclusive finance still has a very big gap with the requirements of China's economic and social development and the expectations of society. How to further promote the development of inclusive finance has become an important issue in deepening the reform of China's financial system.
1 China's inclusive financial development exposed problems
1.1 The top-level design of inclusive finance is not in place
In recent years, China's national level attaches great importance to the development of inclusive finance, and has issued a lot of relevant policy documents to promote its development. These documents planned the development of inclusive finance at the macro level, but did not refine it, and there is no systematic layout of inclusive finance, which leads to a lack of subjective initiative on the part of financial institutions in the development of inclusive finance.
In addition, the top-level design of the inclusive financial infrastructure is also problematic. First, the legal system related to inclusive finance is not sound, resulting in the lack of clear legal norms for the development of inclusive finance. Secondly, the credit system of inclusive finance is slow to be built, which makes the construction of inclusive finance credit system difficult due to the special target of inclusive financial services. Finally, the regulatory policy of inclusive finance is not sound, leading to the lack of inclusive financial supervision.
1.2 Inadequate understanding of financial inclusion
Both providers and consumers of inclusive financial services have inadequate understanding of financial inclusion. Some providers of inclusive financial services have a misunderstanding of inclusive finance, equating inclusive finance with "poverty alleviation", either ignoring the risk problems, lowering credit standards, and blindly promoting the development of inclusive finance, or neglecting the risk of problems, lowering credit standards, and blindly promoting the development of inclusive finance.
At the same time, since the consumers of inclusive financial services are vulnerable groups, this group of people have a relatively low level of education and do not know much about finance. It is easy for them to in the case of half-understanding of the products offered by inclusive finance, only see the high returns but ignore the risk problems, resulting in disputes with the service providers. There are also some unscrupulous institutions that take advantage of consumers' lack of financial knowledge to do some fraudulent and illegal behavior in the name of financial inclusion, which has a very bad social impact and restricts the development of financial inclusion.
1.3 Inclusive financial services system is not sound
At present, China has initially established a diversified inclusive financial services system with commercial banks as the main and a variety of financial institutions co-existing. However, due to the fact that large financial institutions represented by commercial banks mainly serve high-end customers, they lack attention to the development of inclusive finance, resulting in the slow progress of inclusive finance. While microfinance companies, village and town banks as the main financial institutions, although the main object of service is rural finance, small and micro-finance, but its own strength is insufficient, technology is relatively backward, resulting in the service is not deep enough, the coverage is not wide. Policy-oriented financial institutions, on the other hand, mostly rely on financial allocations, lack of commercial sustainability, unable to guarantee the sustainable development of inclusive finance.
1.4 Inclusive financial risk control system is not sound
Inclusive finance has a high-risk character due to the special nature of the service object. In addition to facing the traditional risks of credit risk, interest rate risk, operational risk, liquidity risk, country risk, inclusive finance has to face the technical risk, legal risk, information security risk, capital misappropriation risk, money laundering and cashing risk derived from the process of inclusive financial development. [1] Inclusive finance needs to establish a sound risk control system.
At present, China's inclusive finance has not established a safe and effective risk prevention system, in risk control exists in larger problems. Inclusive financial consumers are mainly long-tail groups, information collection is difficult, resulting in its risk control is very difficult, the investigation cost is very high, the traditional risk control methods can not be adapted to the risk control of inclusive finance. [2] Therefore, many financial institutions ignore the risk, resulting in a large number of risk accumulation.
1.5 Insufficient innovation of inclusive financial products and high financing costs
Although the current providers of inclusive financial services have launched many inclusive financial products, most of the product designs have many problems, in terms of loan amount, loan tenure, guarantee method and so on. , in terms of loan amount, loan term, guarantee method and other designs are dull, homogeneous and lacking in innovation, especially in terms of interest rates, which are generally high. Inclusive financial consumers come from a wide range of sources and have diverse needs, which are often not met at all by these products. Moreover, a large number of consumers of inclusive financial products lack the ability to identify the products, and the regulatory authorities are not in place to supervise the products, leading to confusion in the market of inclusive financial products and increasing the risks of inclusive finance. Coupled with the fact that the current financing costs of most inclusive financial products are around 15% to 20%, which is lower than loan sharks but much higher than the lending rates of banks. This will undoubtedly have a negative impact on the promotion of inclusive financial products and the provision of inclusive services.
2 Countermeasures to promote the development of China's inclusive finance
2.1 Strengthen the top-level design and improve the construction of inclusive financial infrastructure
The development of inclusive finance should be market-driven, but also inseparable from the government's planning and guidance. China's government should further plan the development of inclusive finance in detail, in integrated planning, balanced layout, organization and coordination, policy support and other aspects to make a systematic layout, the establishment of a more inclusive inclusive financial system, to improve the efficiency of the allocation of financial resources, so that the social benefits and economic benefits of the realization of the organic unity.
These are the most important factors in the development of an inclusive financial system.
In terms of financial infrastructure, the first step is to accelerate the pace of the legal system related to financial inclusion, and actively introduce financial laws and regulations to regulate the development of financial inclusion while escorting it. Secondly, we should accelerate the construction of the credit system and credit platform for inclusive finance, and actively combine financial technology to expand the coverage of the existing credit system and alleviate the information asymmetry problem encountered in the development of inclusive finance. Finally, strengthen supervision, improve the financial inclusion regulatory toolbox, timely crackdown on unlawful behavior, and correct behavior that disrupts the market order.
2.2 Raise awareness and strengthen the education and protection of financial consumers
On one hand, strengthen training and awareness-raising for inclusive financial service providers, so that they clearly understand that inclusive finance is not "poverty alleviation". Although inclusive finance is a financial model for disadvantaged groups, the business is very broad, the demand for capital is very large, is a piece of business "blue ocean", waiting for inclusive financial service providers to vigorously explore. At the same time, the development of inclusive finance can not ignore the risk, can not blindly promote, should follow the market rules to actively promote.
On the other side, the consumer education and protection system should be improved. Providers of inclusive financial services should use the Internet, microblogging, microblogging, brochures, publicity mobile car and other tools to actively carry out financial literacy, popularize financial knowledge, so that inclusive financial consumers can rationally use financial tools to enjoy financial services. At the same time, the government should formulate policies to protect consumer rights and interests, handle financial consumer disputes appropriately, and protect the legitimate rights and interests of vulnerable groups. In this way, we can create a favorable financial ecological environment and better promote the development of inclusive finance.
2.3 Improve the inclusive financial service system and deepen the reform of the financial system
The state should accelerate the reform and transformation of the existing traditional commercial financial institutions, and actively guide the large-scale financial institutions represented by commercial banks to continue to support the development of inclusive finance, and to expand their permeability and efficiency in the inclusive financial market. Inclusive Finance market to expand its penetration rate and coverage, and to improve the level and quality of its services. The state should based on existing financial institutions such as microfinance companies and village and town banks, learn from the experience of the Grameen Bank, and guide various types of capital to enter the inclusive financial market by improving relevant supporting policies and providing policy support, and set up specialized inclusive financial institutions, so as to enhance the direct service to the general public. Inclusive financial institutions, so as to enhance the direct service of inclusive financial consumers. The functions and capabilities of policy-oriented financial institutions should also be further expanded and strengthened to fully support the development of inclusive finance.
2.4 Improve the financial risk control system through financial technology
With the rapid development of inclusive finance, the potential financial risks are also accumulating. At present, most of the inclusive financial service providers still use the traditional risk control system for risk prevention and control, which is completely unable to meet the development needs of China's inclusive finance. China has formed a set of Internet-based modern inclusive financial development system, in risk prevention and control of China should also take advantage of the characteristics of financial technology will be reasonably applied to the risk prevention and control of inclusive finance to go, and the establishment of a set of China's inclusive financial system to match the inclusive financial risk control system. The system of risk control for inclusive finance. Providers of inclusive financial services should proactively apply big data and other financial technologies to every aspect of the pre-lending, lending and post-lending processes of inclusive financial services, improve their own level of financial risk analysis and assessment, improve their risk control models, and accurately identify, early-warning, preventing and controlling inclusive financial risks. And governments at all levels should also introduce appropriate support policies to promote the process of financial inclusion digitization.
2.5 Reducing financing costs and launching product customization services
Providers of inclusive financial services should, according to the characteristics of the diversity of consumers' financial needs, intensify their independent innovation efforts, combine financial technology, and provide customized services for consumers. The providers of inclusive financial services can, according to the different financial services needs of consumers, combined with the consumers' own situation, in the amount of loan, loan period, loan interest rate, guarantee mode aspects to carry out a reasonable design, to provide high-quality inclusive financial services. In inclusive financial product innovation, especially pay attention to the innovation of guarantee mode, not only limited to real estate mortgage guarantee, to actively try the insurance fund guarantee, mutual insurance, reinsurance guarantee and other guarantee mode. Product lending rate design should take the road of capital preservation. Inclusive finance should be to provide financial services to consumers in a low-cost, wide-coverage, accessible and sustainable way. Providers of inclusive financial services should find a balance between economic and social interests, and provide "inclusive" financial services for inclusive consumers.