First, eliminate information asymmetry and reduce information cost.
There is a theory in economics that the allocation of resources can be optimized if there is no transaction cost. The emergence of financial intermediaries is due to the existence of information cost in market transactions, which requires financial intermediaries to play a role. Under the internet finance, with the help of the power of the Internet, financial intermediaries are still playing a role, but their role is more effective and direct, which can minimize information costs and information asymmetry and realize financial transactions close to the ideal model.
Let's take the more common loans as an example. Compared with payment and wealth management services, this is a relatively strong field for traditional commercial banks, but it is still not competitive enough in the face of Internet finance. On the lender side, a number of new financial credit entrants, such as JD.COM Mall, Suning Appliance and HC Network, which are marked by Ali Finance, have entered the micro-finance field one after another to compete with traditional commercial banks. According to Ali financial data, by the end of 20 12, the company had served more than 200,000 small and micro enterprises. In the past two years, Ali Finance has almost maintained an annual growth rate of over 100%. It is reported that Ali Finance mainly relies on platforms such as Taobao, Alibaba and Alipay to conduct business. First, the target customers are clear and there are stable customers; Second, the credit data and behavior data accumulated by customers on the Internet are complete, the credit analysis is reliable, and the risks are controllable. In the department setting of Ali Small Loan, Taobao Loan Workshop and Ali Loan Workshop are mainly responsible for loans. Taobao loans serve sellers of Taobao and Tmall platforms, and Ali loans target small companies of B2B platforms.
JD.COM CEO Liu pointed out that JD.COM's financial business is different from Ali's, because Ali is not a supply chain service company, but a platform company, but a supply chain service company. JD.COM is more of a supply chain service company with technical channels, so the first step of competition is around the supply chain. For example, we have a supplier's supply chain finance business. Compared with Alibaba, JD.COM. The data quality of COM is better and cleaner, because there is no word of mouth and no counterfeit goods.
In addition to helping lenders to screen customers, in terms of borrowers, relying on the vertical search platform for financing loans such as Rong 360, users can get a number of bank loan products that meet their own conditions by inputting their own core requirements such as loan amount and loan term. The interest rate level and lending speed are clear at a glance, and users can make quick decisions before lending. Compared with the traditional policy of lending to banks, this method has made qualitative progress in time cost and information acquisition. With the help of the Internet, small business owners and ordinary people can conduct various financial transactions through the Internet, and complex transactions such as risk pricing and term matching will be greatly simplified and easy to operate. This is also a more democratic financial model, not controlled by a few professional elites. Under the internet financial model, we can see other people's credit ratings and transaction records; We can find suitable risk management tools and risk dispersion tools; Through cloud computing, the data can be analyzed in depth, and the information of counterparties can be grasped more deeply, which is helpful to reduce transaction costs. The high barriers built by traditional commercial banks have become defenseless in front of the Internet.
Second, it is more convenient.
In recent years, the queuing phenomenon at bank outlets and counters is serious, and things that can be done in a few minutes often have to wait 1 hour, which makes many users feel distressed. Some netizens in Weibo even broke the news that they went to the bank to queue up for a bank card at 8 am and didn't get it done until 4 pm, which was really irritating. Although the central bank has raised the transaction limit of debit card withdrawal through ATM from 5,000 yuan per card to 20,000 yuan per day, and many banks have opened online banking payment and transfer, the user experience is still not satisfactory. A post-90 s online shopper revealed that it is difficult for commercial banks to compete with Alipay in third-party payment because "the online payment user experience of banks is too poor. When paying through the bank's online platform, you always need to enter a bunch of information such as account and ID card, and some banks have to use U shield and password. It is far less convenient and easy to use than Alipay, and it can be done in a few seconds by moving the mouse.
The data also proves the feelings of netizens, and other payment channels, including third-party payment, are challenging the dominant position of banks in payment. According to the Research Report on the Development of the Third Party Payment Industry in China released by CCID Consulting, the transaction scale of Internet payment business in China in 20 12 years reached 3841200 million yuan, up 70.46% year-on-year, and nearly ten Internet payment companies occupied more than 90% of the whole market.
The third is to provide personalized services for users. Internet finance contains a variety of operating modes, which quietly challenges the traditional banking business, and providing personalized services to users has become one of the most powerful means to attract users.
With the deepening of the Internet and the rise of post-80s and post-90s customer groups, customer demand has become the core driving force of financial product service innovation. According to the report "Driving Forces of China's New Generation Consumption" released by Boston Consulting, at present, the number of wealthy consumers in China has reached 654.38+0.2 billion, and their purchasing power is 590 billion US dollars. By 2020, the number of affluent consumers between the middle class and the super-rich in China will reach 280 million, and their consumption will increase to 3 1 trillion US dollars, accounting for 5% of the total global consumption. Among them, the next generation of most wealthy consumers (that is, the second generation of sugar) is after 80 or 90. The post-80s and post-90s are different from the traditional consumer groups, and they show more and more autonomy in purchasing choices. They are fashionable in personality, highly attached to the network and pursue personalized and fresh products. In the field of e-commerce, we have witnessed the subversion of traditional stores by emerging shopping websites. In the financial field, the personalization and decentralization of user preferences have brought great challenges to traditional commercial banks. Banks need a lot of data support to meet these personalized needs efficiently, which has to rely on big data processing. Regrettably, in the past decade, most of the electronic banks built by domestic commercial banks have used electronic means to improve the efficiency of traditional channels and products, and it is rare to really use the Internet platform to open up new profit models.
There is such a real case that is widely circulated in Weibo. An American man broke into the Target store near his home to protest: "You gave me 17-year-old daughter coupons for baby diapers and strollers." The store manager immediately apologized to the visitors. In fact, the manager doesn't know that this is the result of the company running the big data system. A month later, the father came to apologize and said that his daughter was really pregnant.
This story is the result of precision marketing based on data analysis, which helps enterprises to achieve "thousands of people and thousands of faces" precision marketing. In the era of big data, marketing will rely more on data and find users more accurately. Information technology makes the global market borderless and borderless. If enterprises want to gain a firm foothold in such a market, they must use information technology to quickly obtain the most valuable information from massive information. In the era of Internet finance, traditional customer service and product methods will become non-mainstream.
Internet finance is the foundation of commercial banks. If Internet finance can develop healthily, it can fundamentally shake the traditional advantages of commercial banks.