The current development situation of Internet finance
A variety of models have emerged in the development of Internet finance. As mentioned before, Internet finance in a broad sense covers six models of traditional financial business networking, third-party payment, big data finance, P2P online lending, crowdfunding and third-party financial platforms, and these six models are also the current The model that emerged in the development process of my country's Internet finance. Among them, the networked model of traditional financial services refers to the establishment of online banking, online securities and online insurance platforms by traditional financial institutions such as major banks, securities companies and insurance companies to realize online transfers, online investment and financial management, online fund lending, and online securities. and insurance transactions and the provision of related information services and other traditional financial business models; the third-party payment model refers to the third-party payment platform signed with major domestic and foreign banks in e-commerce transactions to eliminate the information asymmetry problem between buyers and sellers The model that provides payment services to both parties; the big data financial model refers to a model that relies on the massive, unstructured data generated by e-commerce transactions to provide financial services to those in need of funds through professional data mining and analysis. ; The P2P online lending model refers to a model in which both supply and demand parties of funds directly lend funds through a third-party Internet platform; the crowdfunding model refers to a model in which fund demanders display ideas and projects on the Internet, provide returns, and raise funds; The third-party financial service platform model refers to the model of establishing a third-party financial service platform to sell financial products or provide services for the sale of financial products.
Internet financial models are constantly being innovated and enriched. Within the scope of the models covered by the above-mentioned Internet finance, in recent years, especially since 2013, as people have shown that Internet technology has reduced the cost of financial transactions and reduced information asymmetry in the process of financial transactions during its penetration into the financial field. With the deepening of the understanding of the advantages of improving the degree and improving the efficiency of financial transactions, the content of my country's Internet financial development model has also been constantly innovated and enriched. The innovation and richness of the content of these models are highlighted in the following three aspects: first, in banks’ online lending business; second, in third-party payment; and third, in P2P online lending. First of all, in terms of online lending business carried out by banks, the online lending business carried out by banks has innovatively developed from the traditional "offline application, offline approval, and online issuance" content to the "bank + e-commerce platform" content. "Bank's self-built e-commerce platform" content. Secondly, in terms of third-party payment, it also includes independent third-party payment, guaranteed third-party payment, etc., and innovative third-party payment tools have been developed to cooperate with funds and insurance for financial management. Third, in terms of P2P online lending, from the pure provision of information intermediary service platforms, innovative content such as cooperation between P2P platforms and guarantee institutions, online and offline integration, and creditor's rights transfer have been developed.
The scale of transactions has grown rapidly. Since 2008, the transaction scale of Internet financial models such as online banking, third-party payment and P2P online lending in my country has grown rapidly. Among them, the transaction volume of online banks increased rapidly from 285.4 trillion yuan in 2008 to 1,549 trillion yuan in 2014. The transaction volume of third-party payment also increased rapidly from 3 trillion yuan in 2009 to about 23 trillion yuan. Although the growth rate declined during this period due to the gradual saturation of the market, it still reached more than 18.6%. The transaction volume of P2P online lending increased rapidly from 150 million yuan to 329.2 billion yuan, with the growth rate even reaching about 200% during the period. By the end of 2014, the Yu'E Bao product, which was launched on June 5, 2013 in the form of a third-party payment tool and fund cooperation, had reached 185 million users, and its total scale reached 578.936 billion yuan.
Problems with Internet Finance
my country's Internet Finance was spontaneously formed and developed based on the development and widespread application of information technologies such as the Internet, and lacks effective management. my country's Internet finance was spontaneously formed and developed with the rapid development and widespread application of Internet and other information technologies in our country. It has successively experienced from online banking to third-party payment and P2P online lending to big data finance and third-party payment. The development process of financial management has exposed the problem of lack of effective management in the development process. These problems are highlighted in the following three aspects: First, big data finance, which emerged and developed based on the big data generated by the development of e-commerce, was initially realized by the cooperation between e-commerce platforms and commercial banks, and then the two gradually evolved separately. There are two forms of big data finance: e-commerce big data finance and commercial banks’ self-built e-commerce platforms. As for the self-built e-commerce platforms of commercial banks, since commercial banks are not familiar with the operation mode of e-commerce platforms, their development prospects are worrying. Secondly, the explosive development of Internet financial management in the past two years has had an impact on traditional bank deposit businesses and financial management products, and has even greatly affected the implementation of my country's monetary policy and the stability of the financial system by affecting the currency multiplier. Third, due to the low threshold and heavy regulatory workload of P2P online lending, the crazy development and continuous collapse of P2P online lending platforms have also brought a lot of risks and negative impacts to social and economic development.
The construction of Internet information technology and credit system is still imperfect.
The development of Internet finance is based on Internet information technology such as computer network communication systems and Internet financial software and hardware systems, as well as the construction of credit systems. Therefore, the perfection of Internet information technology and credit system construction plays a crucial role in the development of my country's Internet finance. At present, my country's computer network communication system still has shortcomings such as imperfect key management and encryption technology and poor TCP/IP protocol security. In addition, the open characteristics of the network communication system make it vulnerable to computer viruses and computer hacker attacks. These problems will easily cause financial transactions generated during the development process of my country's Internet finance to bring greater technical risks. In terms of Internet financial software and hardware systems, most of my country's Internet financial software and hardware systems come from abroad, and there is a lack of related systems with independent intellectual property rights. This also brings challenges to the development of my country's Internet finance in choosing the technical solutions needed for its development. Due to poor compatibility with client terminal software, it may be eliminated by technological changes and even threaten the security of the entire financial system. In terms of credit system construction, the credit system construction on which my country's Internet finance is based is still far from perfect, and credit risks are still high.
The imperfect Internet financial regulatory system has restricted the healthy and stable development of Internet finance. At this stage, my country's Internet financial regulatory system was formed on the basis of the traditional financial regulatory system with the rapid development of Internet finance since the mid-1990s. Its basic content is that the supervision of the Internet financial business of traditional financial institutions shall be supervised by the corresponding regulatory departments of the original traditional financial institutions, and the supervision of the relevant business of emerging Internet financial institutions shall be issued by the People's Bank of China to issue specific management measures or make risk warnings. It should be said that this system can meet the needs of the development of Internet finance in the early stages of its development. But since then, especially since 2013, with the rapid development of Internet finance, this regulatory system has exposed many problems. For example, there are currently problems in our country due to excessive supervision of bank-led online financing and insufficient supervision of non-bank-led online financing. As a result, commercial bank loans cannot innovate and a large number of non-bank online financing risks are huge. Questions and more. The emergence of these problems will inevitably restrict the healthy and stable development of my country's Internet finance.