The concept of "Internet finance" has emerged, and financial innovation businesses such as third-party payment, P2P lending, big data finance, Internet lending, and Internet money management have flourished in China. The emergence of these products has brought great convenience to people's lives, but also greatly impacted the credit business of traditional commercial banks.
First, the Internet financial credit to the bank credit business of the reverse promotion.
Internet financial credit business is with the development of China's market economy, one of the new credit methods, which can expand the scope of the credit object, prompting a large number of small enterprises to obtain financing channels. The lending market under the Internet finance model is an open market, and the interest rates formed by both borrowers and lenders under a fair and open supply and demand system are extremely competitive.
However, China's official price limits the interest rate of funds, so commercial banks have been in a monopoly position. The emergence of the Internet financial credit, especially the formation of open market interest rates will form the commercial bank's profit erosion, shaking the commercial bank's monopoly of the credit business, which will also force the commercial banks to carry out the reform of interest rate marketization.
In addition, the diversity of Internet products and services to meet the high-quality financial needs of customers. Under the condition of a certain number of customer subjects, commercial banks will continue to improve their service quality and level in order to prevent customer loss, so as to meet the diversified needs of customers.
Second, the impact of Internet credit on the main body of credit business.
China's financial market is based on indirect finance - that is, commercial banks deposit and loan business as the main body, commercial banks act as a medium of the role. But the emergence of Internet credit has accelerated the pace of financial disintermediation, the Internet platform for the supply and demand of funds for both sides to provide funds and information resources.
In the field of P2P, the two sides of the capital supply independently complete the transfer of funds, the commercial bank's position as the main medium has been greatly impacted.
On the other hand, in 2012, the lending scale of Internet consumer finance was only 1.86 billion yuan, and in 2018, the lending scale reached 9773.73 billion yuan.2012 to 2018, the lending scale of Internet consumer finance has increased by 5,254 times in six years, and the market scale has skyrocketed, with great prospects for development.
The emergence of Internet consumer finance has changed people's consumption pattern, and has brought great influence to the consumer credit business of traditional commercial banks, and has brought a certain impact on the financial status of commercial banks.
Third, the Internet credit to change the process of commercial bank credit business.
The traditional business processes of commercial banks include pre-credit investigation, credit review, post-credit management and other processes, which are the guarantee of the bank to control risk, but in the context of the rapid development of Internet finance, such a cumbersome process will play a hindering role. Internet credit only requires the user to provide credit status, fast lending based on big data analysis, not only shortens the time for customers to handle credit, but also effectively solves the problem of shortage of funds and capital turnover of micro and small enterprises, protects the normal operation of micro and small enterprises, and provides long-term, stable economic support for their income generation.
Fourth, Internet finance has changed the regulation of credit business. Internet finance relies on credit reports on e-commerce platforms on the basis of big data analysis, and can effectively control risks without the need for complex and inefficient guarantees from traditional commercial banks, which improves the operational efficiency of funds. However, Internet finance is another new thing, and there is currently no sound and complete Internet rule of law regulatory system.In 2018, a number of P2P blow-ups occurred nationwide, and most investors lost their blood money, which is more a reflection of the fact that the current Internet financial system in China lacks effective regulation. With the rapid development of Internet finance, it will face even more serious problems and challenges in the future, which requires government departments to strengthen institutional construction and improve the legal system to escort the rapid development of Internet finance.
The emergence and rapid development of Internet finance is a great change, it is a new form, but not out of the essence of finance. Innovation out of many financial products to meet the customer's personalized, convenient, inexpensive and safe and other needs, but also on the business of commercial banks have had an impact. It greatly facilitates our life, but also poses new challenges to market regulation. Commercial banks in this wave of technological change, but also should seize the opportunity to play out their own advantages in risk supervision and quality customer resources, the technical advantages brought about by data concentration into the competitive advantage of commercial banks, and continue to innovate credit products, in order to better adapt to the technological change as well as better service for the real economy.