Differences in the rise of domestic and foreign financial technology
Emerging financial technology has originated in the United States and other developed countries in recent years, and has now become a hot area for various types of capital investment institutions at home and abroad to chase. Fintech innovation is a very wide range of fields, including the Internet, big data, cloud computing, blockchain and machine learning and other artificial intelligence. In today's digital era, financial technology is not only hardware equipment, software development and application, as well as integrated, personalized and comprehensive service solutions, but also inevitably "Internet + technology + big data" model, because leaving big data, the so-called fintech is also "water without a source, no wood", the core of fintech. "The core competitiveness of financial technology requires easy access to big data through modern technical means, and intelligent analysis and mining of big data through algorithms.
With the path of penetration and integration of emerging technologies into the financial sector by foreign countries is different, the domestic more should be regarded as an extension of the future transformation and development of Internet finance. On the one hand, Internet finance has greatly solved the problem of information asymmetry between domestic financial transaction subjects, and made financial activities more efficient through the collection, ****enjoyment, storage and dissemination of information nearly free of charge. But with the rapid development of modern society and technological advances, only to solve the information asymmetry is still unable to meet people's increasingly upgraded financial consumption needs, people began to focus on a more intelligent, experiential, efficient service experience, thus the application of the new technology in Internet finance is really full of people's expectations. On the other hand, the domestic financial technology is a new exploration of the Internet financial development bottleneck encountered after their own breakthrough. In the previous years after the Internet financial barbaric growth, the new normal economy, industry risks continue to be exposed, regulatory norms are increasingly strengthened, Internet finance is stepping into a new period of rational development. How to find the next wind mouth of Internet finance, financial technology has become a key area of concern for the industry. Many domestic Internet financial enterprises truly recognize that the essence of Internet finance is risk management, and the lack of professional risk management is an inherent defect of Internet finance in the early stage, but if they can seize the future financial development trend, play their own advantages of scientific and technological innovation in the future of the financial division of labor and the advantages of the flexible institutional mechanism, or cooperate with traditional financial institutions to form a complementary advantage, then it may become an important path to the transformation of Internet finance. An important path.
Financial technology triggered a high degree of social concern
We see the development trend of financial technology and influence at the same time, about science and technology financial and financial technology dispute, just as some years ago, the Internet financial and financial Internet debate, for the domestic and foreign industry attention, and the two even tit for tat, with science and technology as the entry point of the new financial subversive remarks on the traditional financial reappearance of the jianghu. Practically speaking, Internet finance has not completed the mission of subversion, financial technology can really subvert traditional finance? The so-called disruptive change, in fact, is destructive innovation, that is, to break the original market competition pattern, and then the formation of a new competitive order, including new business subjects to replace the original market leader, new services and business models to replace the old business model. Analyzed from social psychology, the current high level of social concern and heated debate about financial technology is, to a certain extent, the expectation that people will bring new fair opportunities by subverting the existing competition. In the real business world, once the competitive barriers are formed through low-cost or differentiation strategies, late entrants will have to pay a higher price before they can threaten or replace the existing rulers of the world. Disruptive change provides a new opportunity and possibility for new entrants or traditional underdogs to surprise and challenge the successful ones, or even replace them. This is the entrepreneurial public psychology is full of expectations, in the business order, after all, embodies a kind of equal opportunity market economy concept. The United States of America's Apple subverted the traditional cell phone giants such as Nokia, China's WeChat social software subverted the traditional mode of communication and information services, Ali's Taobao e-commerce platform has revolutionized the traditional commercial wholesale and retail business, and all of these vivid success stories have allowed people to see the achievability of this hope. Especially in the era of "mass entrepreneurship and innovation", "making the impossible possible" has become the psychological expectation and invisible incentive for the general public and entrepreneurs. The effect of scientific and technological innovation is obviously non-linear, Moore's law tells us that when the new technology accumulates to reach a breakthrough node, its impact on the social economy and life is often disruptive, showing explosive. And for a long time, precisely because finance is a special industry that is highly regulated and has a high threshold of access, people naturally expect fintech to be the magical key that opens the door to the financial wall.
Fintech is not completely disruptive
To speak generally about the disruptive nature of fintech to traditional finance is inevitably a bit of a generalization that leaves out a lot of things. Because the connotation and boundaries of modern finance are very broad, including traditional banks, insurance, securities, funds and asset management and other types of financial institutions, but also includes the Internet finance and other new financial services. The application of fintech in these different fields will produce different effects. From the banking perspective alone, it can be categorized into business areas such as accounts and payment and settlement, wealth management, investment and financing. From the analysis of the path of the Internet cutting into traditional finance, it has basically experienced the process of continuous extension and penetration from payment to wealth management end and then to financing end, and from basic finance to core financial hinterland. However, the impact and influence brought by Internet finance in different fields are obviously different. In the field of payment and wealth management, due to the application of Internet technology, the traditional business pattern has been subverted with efficient service and good experience, especially breaking the traditional financial 2/8 law of customer stratification. The general public can no longer distinguish the investment threshold, and can participate in payment and wealth investment independently and share the benefits, which in a sense accomplishes inclusive finance. However, in the field of investment and financing, it is very different. The investment and financing field has also experienced the importance of customer experience, pure online operation of the Internet business model, but with the exposure of P2P as the representative of the Internet financing risks, Internet companies began to reflect, in fact, through the automatic customer acquisition, independent operation, automatic approval, automatic lending, "a key that is the loan" model can not effectively address the most critical Pain points. The so-called pure online, emphasizing the ultimate customer experience, precisely at the expense of the loss of many risk control links. On the contrary, this is exactly the culture that traditional banks have always insisted on, that is, risk control is the prerequisite, and service efficiency can be sacrificed for the sake of risk management, and efforts are made to find an optimal balance between the two. Therefore, the practice generally involves the focus area of risk decision-making, the application of financial technology is mainly in the precision marketing and risk monitoring, etc., although there are many financial institutions are trying to apply it to establish a new type of risk decision-making model and manage credit decision-making behavior, but still in the stage of exploration and trial and error, so far, has not yet formed a relatively clear and mature and batchable mode of operation.
After further analysis, we will find that the current successful disruptive areas of Internet finance are basically financial businesses that have a short business processing chain and do not require users to make too many empirical decisions. For example, the purchase of financial products, mainly customers to compare prices, according to the expected return, the amount of money, the duration of the decision, in fact, the financial institutions or Internet companies only provide a trading platform or channel, which is not involved in the user's decision-making process. Of course, banks and other institutions need to protect customer information, identify customers and ensure security, operational risk is the primary risk borne by such financial institutions. Due to the complexity of the investment and financing field, professional risk decision-making is very important, more need to experience or even intuition involved in the main, supplemented by model decision-making, decision-making process is also relatively long. Online lending, for example, involves several operational details such as loan application, due diligence, business approval, legal contract signing as well as lending and collection. In this type of business, it is not entirely up to the customer to make simple decisions to conclude the transaction, but rather requires interaction between the investor and the bank and other institutions to decide whether or not to invest and lend money, with credit risk being the main risk it bears. Therefore, in the financing field, although also trying to combine the customer experience to design products and provide services to enhance the sense of customer participation and transparency of the business, but in general still has not met the expectations of the outside world, the core of which is the main body of the decision-making and risk responsibility is very different from the main body of the payment and other financial activities, which leads to the standardized business and specialized business on the Internet technology response to the big difference. The author believes that the simpler the standardized business, the simpler the decision-making, the easier it is to start from the customer experience to subvert the existing service model; and the more complex professional and personalized financial services, the need for decision-making from a professional point of view, should not be entirely based on the customer experience as the highest standard.
One of the main reasons for the current problems in Internet finance is the excessive standardization and insufficient specialization. The loan or credit-like business that is not easy to standardize the design of the standardization of the design, without distinction, will make the risk management a formality. Now a lot of Internet finance in the establishment of institutions and personnel teams and other means of offline risk management, or to highlight the specific scenarios of financing, in fact, for this excessive standardization of correction. In the author's view, the future path of fintech, in the bank payment and settlement, in wealth management and other fields, may have a disruptive impact, reshaping the financial industry; but in the financing-related fields, it is difficult to say that it produces subversive power, but organic integration with traditional experience and means. This involves the positioning of China's financial technology enterprises, the future may develop in two directions: one is in the customer's simple decision-making in the field of finance to make a big difference, revolutionizing the existing service model and business pattern; the other is in the transaction between the two sides need to interact with the depth of the complex field, more likely to work closely with traditional commercial banks and other financial institutions, complement each other's strengths, the formation of synergies, *** together with the blueprint of a new finance.
These are the most common types of financial services.