Core tip: Once upon a time, our impression of finance is still limited to the suits of elites and noble cold bank counters, in the blink of an eye, our computers, cell phones at any time and any place can carry out financial transactions, technological advances to a large extent to promote the transformation of the financial industry, fintech has already opened up a new financial industry revolution.
Author: Bank of Jiangsu, Shanghai Branch
I. The era of financial technology has arrived
Once upon a time, our impression of finance was still limited to the suits of elites and noble cold bank counters, but in the blink of an eye, our computers and cell phones can carry out financial transactions anytime, anywhere, and technological advances to a large extent to promote the transformation of financial industry, fintech has opened up a new financial industry revolution. change, financial technology has opened a new financial industry revolution.
FinTech: FinTech, that is, finance (finance) technology (technology) of the abbreviation, implying the financial technology, technology and financial combination. Nowadays, the Internet as the representative of the new technology has changed people's lifestyle and payment habits, with the birth of Ali Finance, WeChat Pay, Jingdong Finance and other emerging financial industry, traditional financial institutions are also in the network environment to seek new growth points, the traditional banking business has been gradually or not able to meet the needs of the future customers, all of which shows us: FinTech era has arrived.
Second, the new changes in the banking industry in the era of financial technology
(a) Internet companies to the financial sector penetration
In the era of financial technology, the Internet "open, equal, collaborative, sharing" spirit is penetrating into the traditional financial industry. In recent years, all kinds of Internet companies are constantly transforming from non-financial fields to financial fields, especially Internet companies have the convenience of collecting and analyzing user data, coupled with the development and improvement of data mining technology, these analyses based on user data make online payment extremely convenient, which also makes the third-party payment market develop rapidly, as shown in Figure 1 [ Note: The data comes from relevant data compiled by EconoWiki. Note: the data is obtained from the relevant data published by Yiwang Intelligence Group, and the data sources mentioned below are the same;], from 2011 to 2015, China's third-party payment transaction scale developed from 8.4 trillion yuan in 2011 to 31.2 trillion yuan in 2015, an increase of nearly four times in five years. The data assets owned by these third-party payment organizations are an important challenge for the banking industry, and the lack of customer data will ultimately lead to the loss of customers and losses for commercial banks.
Figure 1. Transaction scale of China's third-party payment market, 2011-2015
(II) Online transaction scale continues to grow
In recent years, with the emergence of money fund products such as Balance Treasure on the Internet, the motivation of customers to participate in online payment and wealth management has gradually increased, and upgraded information encryption technology has made it possible to alleviate customers' concerns about the risks of online transactions. Since 2011, the number of new customers of online banking has been growing gradually, and as shown in Figure 2, the overall transaction scale of China's online banking market has shown a year-on-year increasing trend, and the transaction scale has also grown from the initial 596.7 trillion yuan to 1,600.85 trillion yuan at the end of 2015. In just a few years of development, the acceptance of online banking by users has been greatly improved compared with the previous period, and the continued popularity of e-commerce and the increasing richness of online channels for financial products will push the transaction scale of online banking to continue to maintain stable growth.
Figure 2: China's Internet Banking Transaction Scale, 2011-2015
(C) Mobile Terminal Becomes a New Channel for Payment
In the era of financial technology, the high-speed development of information technology represented by the Internet has made it very convenient for people to obtain information, which to a certain extent has increased the degree of reliance on mobile devices such as smartphones. On the other hand, the rise of WeChat, Alipay and other new payment methods has made mobile payment widely used in real life. With traditional financial institutions, mobile operators and third-party payment organizations working together, the mobile financial sector has accelerated its rise, and the banking industry has entered a new mobile Internet era. Mobile Internet is fundamentally restructuring the way of life in society and will eventually change the business operation mode of banks. Data show (see Figure 3) that in 2011, China's smartphone ownership was 200 million units, and by 2015, this figure reached 950 million units. Mobile devices, as the carrier of mobile payment, build a new bridge between banks and customers, breaking the inherent business model of banks, enabling banks to use user data from mobile terminals to adjust their business structure and product characteristics, and providing better service to customers. This enables banks to utilize user data from mobile terminals to adjust their business structure and product features to provide better services to customers while creating greater value.
Figure 3: Smartphone ownership in China, 2011-2015
(4) Intelligent technology in bank branches
In the era of financial technology, not only has the Internet brought radical changes to the banking industry, but also technology has become ubiquitous in traditional bank branches. As small as the Industrial and Commercial Bank of a pick-up sheet, the code above a detailed response to the customer's basic information and the type of business he wants to apply for, to the part of the bank has been realized with the help of advanced equipment for self-service card services, and even more, in the business hall of the Bank of Communications in Guangzhou Pearl River New City, a half-human high talking dainty white robots began to serve as a lobby manager, not only familiar with the business, but also talking and singing, cute! The whole scene. Not only is the Bank of Communications, it is understood that the CCB and many other banks will also launch robots in the outlets. With the rich expertise of the robot, it will also accompany the staff into the community to promote. Today's bank outlets no longer give the impression of the hustle and bustle of the past, but the breath of intelligence and modernization.
Three, the road to bank development in the era of financial technology
(a) Emphasis on data-driven in the era of big data
In the era of financial technology, data is an important carrier of information technology. Big data is used to describe the huge scale and complex type of data collection, once known as the cloud computing, the Internet of Things, the technology industry, another disruptive technological change, the integration of finance and science and technology plays a crucial role. As mentioned above, with the rapid development of third-party payments, the bank's payment and settlement business is facing serious challenges, the bank itself has gradually become the capital channel of some third-party payment enterprises, while the third-party payment is in the core position of being able to obtain customer data, in the era of data is everything, commercial banks can not master user data, will undoubtedly cause the loss of customers, so the future of the bank's road to development Therefore, the future development of the bank must pay attention to the driving role of data. Commercial banks can form a new type of service system integrating banks, customers and third-party payments by cooperating with external resources such as third-party payment platforms to provide customers with better services based on their usage data.
(ii) Control of banking risks in the Internet era
Commercial banks are the main body of the modern financial system. In the social and economic life, commercial banks realize the turnover flow of the vast majority of funds in the whole society and play the function of value creation through the convenience of capital financing and settlement, occupying an important position in the modern financial system. The risk of commercial banks is related to the stability of the economic and financial system.
In the era of financial technology, the Internet enterprises for the supply and demand of funds to provide financial search platform, acting as a financial information intermediary role. The supply and demand of funds can communicate directly through the Internet and mobile communication networks, and even conduct many-to-many transactions at the same time, and customer credit as well as risk management can also be accomplished through data analysis. However, we should also see that, while Internet finance provides residents with convenient investment and financial management channels, there are still risks, such as credit risk caused by the breakage of the capital chain, operational risk caused by the misappropriation of third-party account funds, reputational risk caused by capital fraud, and illegal fund-raising risk, etc., which require us to be on the alert at all times and to make improvements in the course of development.
(C) Focus on customer service in the era of mobile Internet
In the era of financial technology, commercial banks are experiencing the high-speed development of the mobile Internet, and with the changes in this general environment, the services of commercial banks are also facing important opportunities and challenges. With the increasing intelligence of mobile terminal devices, mobile Internet is gradually penetrating into all aspects of social life, and while gaining convenience, customers are often more thirsty for quality services. For commercial banks, in addition to keeping up with technological advances in mobile Internet to create good hardware, but also in the level of service should be improved. For example, China Merchants Bank launched the visual counter service, visual counter is China Merchants Bank Shenzhen Branch independently developed new non-cash self-service equipment, equipped with ID card recognizer, camera, touch screen, microphone, card reader and other hardware, customers can be through the equipment and the centralized operations center of the back office of China Merchants Bank teller direct video communication, instead of the traditional network of high counters, the need to handle the counter, "face-to-face" complex business, the establishment of a new service level. Instead of the traditional high counter of the branch, the customer can handle the complex business that requires "face-to-face signature" at the counter, and establish a "transaction alternative + sales and service-oriented" channel. The future of the bank's development, with the growing popularity of fingerprint identification, electronic scanning and other methods, customers previously need to be cumbersome document review, in person to the business hall to sign the agreement this process is expected to be a simple forensic identity replacement.
(D) Toward the pace of specialized and intelligent banks
Specialized banks, as the name suggests, hope to reduce operating costs and business risks through specialized services and risk control, and rely on their own professional expertise and advantages to achieve long-term development in a particular niche. In the era of financial technology, facing a huge number of customers and competitors, banks in the future will only be able to better attract customers if they are committed to providing more specialized services and experiences.
Intelligence, on the other hand, is to actively embrace the Internet with an open mind, to dig deep into big data, to implement intelligent services, intelligent operations and command management, to provide customers with personalized, all-around services, to perceive in real time the needs or potential needs of any customer at any time in any place, and to be able to respond to the needs of the customer in a timely manner, and to provide fast, personalized, cross-boundary and comprehensive services in any scenario, is where the Where the real intelligence lies.
A professional bank must also be intelligent to a large extent, in the era of financial technology, the future of the bank needs to implement intelligence on the basis of specialization, strengthen specialization on the basis of intelligence, find the integration point of professionalism and intelligence, do a good job of building seriously, and provide services with all their hearts, will certainly be able to go further and further in the development of the bank's road in the future.