The economic crisis of 1929- 1933 made the Keynesian idea of state intervention prevail in western capitalist society. Countries have stepped up legislation to strictly control the financial industry, such as the glass-steagall act adopted by the United States. Although this practice is helpful to stabilize the financial industry, it also brings great pressure to financial institutions, especially banks, resulting in the so-called "disintermediation" phenomenon.
In order to get more benefits, banks and other financial institutions try their best to exploit the loopholes in financial supervision. Develop new business to survive and make greater profits. It can be said that many financial innovations are reverse reactions to government management. Financial instrument innovation is an important part of business innovation, because in the financial market, instrument innovation is always in a leading position. Every new financial instrument is always accompanied by the innovation of financial transaction technology and the changes of corresponding financial institutions.
Any financial instrument is a combination of face value, income, risk, liquidity, maturity, convertibility and complexity. The innovation of financial instruments is to decompose and rearrange the characteristics of financial products and services to make them suitable for economic development and meet customers' needs for profitability, liquidity and security.
The innovation of financial instruments is the most striking and rich in content. For example, according to the demand met by innovative financial products, financial instrument innovation can be divided into:
1. Product innovation that avoids supervision. Such as negotiable payment order (NOW) account, super negotiable payment order (Super NOW) account, automatic transfer service (ATS), repurchase agreement, large negotiable certificate of deposit (CDs) and so on.
2. Product innovation that transfers risks. Such as floating rate bills, financial futures, options and interest rate swaps.
3. Increase credit innovation. Such as credit lines, bill issuing facilities and parallel loans.
4. Increase the flexibility and liquidity of product innovation. Such as bonds with warrants, junk bonds and asset securitization.
5. Product innovation to reduce financing costs. Such as leasing, Eurocurrency, project financing, loan commitment, etc. How to better consider customers and provide humanized and personalized services for customers is a central concept of bank service innovation and an eternal theme of bank competition. Major banks are constantly improving their services under the guidance of customer orientation.
In terms of deposit service, since the 1990s, major banks have successively introduced a series of customer-friendly measures, such as "one meter" service and "timing" service. After 200 1 year, some banks adopted the practice of filling in a voucher. When depositors go to the bank to deposit or withdraw money, they don't have to fill out a voucher and copy down a long list of bank card numbers as before, just verbally quote the amount of deposit and withdrawal, and they can quickly complete the relevant procedures. According to relevant statistics, the free form filling service saves 2 minutes for each customer on average.
The innovation of financing services is mainly reflected in the rapid development of financing business and the addition of a number of derivative services. For example, the launch of "Easy Loan" by China Merchants Bank, on the basis of traditional mortgage and car loan, has derived various benefits and conveniences such as refinancing, mortgage, foreclosure, parking space loan and "revolving" comprehensive loan, allowing customers to enjoy one-stop financing services under one brand.
The introduction of financial services is a model of recent banking service innovation. The wealth management business concentrates the advantages of banks in terms of reputation, capital, talents, technology and information, and helps customers to make financial planning and design different investment schemes to obtain the best income. Opening a wealth management studio, setting up a wealth management center and customizing a high-yield wealth management plan for customers have become another powerful means for banks to participate in competition. Financial brands such as Bank of China's "BOC Wealth Management", Industrial and Commercial Bank's "Wealth Management Account", Agricultural Bank's "Golden Key Wealth Management", China Merchants Bank's "Golden Sunflower", Bank of Communications's "Happy Housekeeper" and China Construction Bank have all achieved good market results and formed their own brands. The innovation of commercial banks' debt business mainly occurred after the 1960s, mainly in the deposit business of commercial banks.
① The innovation of deposit business of commercial banks is the transformation of traditional business and the creation and expansion of new deposit methods, and its development trend is shown in the following four aspects: a. The diversification of deposit instruments' functions, that is, the development of deposit instruments from single function to multi-function; B. Securitization of deposits, that is, changing the fixed form of creditor's rights and debts of deposits in the past and replacing it with negotiable securities that can be circulated and transferred in the secondary market, such as large negotiable certificates of deposit; C computerization of deposit operations, such as account opening, deposit and withdrawal, interest calculation and transfer. , are all computer-operated; D. changes in deposit structure, that is, the proportion of demand deposits decreased, and the proportion of time deposits and savings deposits increased.
② The new deposit accounts of commercial banks are personalized and humanized, which caters to the different needs of different customers in the market. Mainly includes: transferable payment instruction account (now); Super transferable payment instruction account (Super Now); Telephone transfer service and automatic transfer service (ATS); Stock draft account; Money market mutual funds; Agreement account; Personal pension account; Time deposit account (TDA); Remote control service (RSU), etc.
(3) Expand the scope and use of commercial bank loans. In the past, loans from commercial banks were generally used for temporary and short-term capital transfer, but now they are increasingly becoming an important tool to make up for the liquidity of commercial banks' assets, improve returns and reduce risks, and the financing scope has also expanded from the domestic market to the global market. The innovation of commercial banks' asset business is mainly manifested in the loan business, which is embodied in the following four aspects:
① Changes in loan structure. Long-term loan business, especially consumer loan business, has always been considered by commercial banks as unsuitable business. However, since 1980s, commercial banks have continuously expanded their long-term loan business, and great changes have taken place in terms of term and investment. Taking American commercial banks as an example, long-term loans, mainly real estate loans, have accounted for more than 30% of the total assets of commercial banks; In the field of consumer loans, consumers from all walks of life can apply to commercial banks for one-time repayment or installment repayment of consumer loans in terms of buying houses, automobiles, large household appliances, studying abroad and repairing houses. Consumer credit has become the main asset item of many commercial banks.
② Loan securitization. As a product of the close combination of commercial bank loan business with national debt and securities market, loan securitization is an important performance of commercial bank loan business innovation, which greatly enhances the liquidity and liquidity of commercial bank assets.
(3) The loan forms closely related to the market interest rate are constantly emerging. In the actual operation process, the loan interest rate of commercial banks is closely related to the market interest rate and the loan form changes with it, which is helpful for commercial banks to transfer the price risk of their assets caused by the sharp fluctuation of market interest rate, and it is an important innovation of commercial banks' loan business. The specific forms are: floating interest rate loans, variable interest rate mortgage loans, adjustable mortgage loans and so on. The emergence of these loan types makes the loan form more flexible and the interest rate more adaptable to market changes.
④ Off-balance-sheet loan business of commercial banks. In order to avoid risks, or evade supervision, or meet the needs of market customers, the loan business of commercial banks gradually tends to be "off-balance sheet". The specific business includes: repurchase agreement, loan amount, revolving loan commitment, revolving loan agreement, note issuance facilities, etc. In addition, the innovation of securities investment business mainly includes: stock index options, stock options and other forms. The innovation of intermediary business in commercial banks has completely changed the traditional business structure of commercial banks, greatly enhanced the competitiveness of commercial banks, found a huge new profit growth point for the development of commercial banks, and had a tremendous impact on the development of commercial banks. The innovation of intermediary business of commercial banks mainly includes:
① The settlement business is increasingly developing to electronic transfer, that is, cash, checks, bills of exchange, customs declarations and other bills or vouchers are no longer used for fund transfer or settlement, but are transferred through electronic computers and their networks. Such as "heaven and earth docking, one minute arrival" and so on.
② The innovation of trust business and the rise of private banks. With the relaxation of financial supervision and the development of financial liberalization, the trust business of commercial banks has gradually merged with the traditional deposit, loan and investment business, and the private banking business with great market potential has been greatly expanded. For example, Life Trust and Datong Trust Fund have greatly improved the profit structure of commercial banks, expanded their business scope, competed for "golden customers" and greatly improved their competitiveness by providing customers with specially designed, all-round and multi-variety financial services.
The innovation of cash management business is because commercial banks handle cash management business for customers through the application of computers, and its content is not limited to helping customers reduce the balance of idle funds and make short-term investments; It also includes providing electronic transfer service, account information service, decision support service and many other contents for enterprises (customers). This business can not only increase the fee income of commercial banks, but also close the relationship between banks and enterprises, which is conducive to attracting more customers.
④ Off-balance-sheet business closely related to intermediary business is an important content of business innovation of commercial banks, and many of them can be transformed into on-balance-sheet business under certain conditions. The direct motive of commercial banks to develop and innovate off-balance-sheet business is to avoid the special requirements of financial supervision authorities for capital, and to maintain the image of stable operation by maintaining a good balance sheet appearance. Of course, off-balance sheet business is also the inevitable product of commercial banks' transformation from traditional banking business to modern banking business in response to changes in external financial environment. Although there is no interest income from off-balance sheet business, there is considerable fee income. Judging from the development of the world banking industry, the off-balance sheet business has developed rapidly and its varieties are constantly being refurbished. The off-balance-sheet business income of some commercial banks has exceeded the traditional on-balance-sheet business income and become the pillar business of commercial banks. At present, the off-balance-sheet business of commercial banks mainly includes: trade financing business (such as commercial letters of credit, bank acceptance bills), financial guarantee business (such as letter of guarantee, standby letters of credit, loan commitment, loan sales and asset securitization) and derivative products business (such as various swap transactions, futures and forward transactions and option transactions).