Internet finance includes third-party payment, P2P online lending, Internet funds, crowdfunding and equity crowdfunding. Among them, the typical products of the third-party payment platform include Alipay, WeChat payment, and China UnionPay Express. The typical products of P2P online lending include auction loan and pleasant loan. Typical products of Internet funds include Yu 'ebao. Typical products of crowdfunding include crowdfunding in JD.COM. The typical product of equity crowdfunding is Angel Exchange.

1.P2P online lending is called Peer-to-Peerlending in English, that is, peer-to-peer credit, and it is also called "everyone's loan" in China. Peer-to-peer online lending refers to the third-party internet platform built by P2P companies, which matches the borrowers and borrowers. It is a "person-to-person" direct credit model. That is, a qualified website (a third-party company) is used as an intermediary platform, the borrower issues the loan target, and the investor bids for the loan to the borrower.

2. Peer-to-peer lending refers to the process of lending, and information, funds, contracts and procedures are all realized through the Internet. It is a new financial model developed with the development of internet and the rise of private lending, and it is also one of the development trends of financial services in the future. According to the estimation of Online Lending House, as of September 20 13, the number of P2P online lending platforms is around 500. Since September 20 13, the linear speed of the new platform has reached 3-4 per day. It is estimated that by the end of 20 13, the number of P2P online lending platforms will exceed 800.

3. China P2P online lending platform can be analyzed from three angles. According to different lending processes, P2P online lending can be divided into pure platform mode and creditor's rights transfer mode. In the pure platform mode, the relationship between borrowers and lenders is realized through direct contact and one-time bidding on the platform; In the mode of creditor's rights transfer, professional lenders on the platform participate in the lending relationship. According to the application degree of Internet in the whole business process such as user development, credit review, contract signing and loan collection, the operation mode of P2P online lending platform can also be divided into pure online mode and online-offline combination mode.

4. According to whether guarantee is provided or not, P2P online lending platforms can be divided into unsecured mode and secured mode, and secured mode includes third-party guarantee mode and platform-owned guarantee mode.

The Business Model of Internet Finance

People who have not entered the financial industry will be curious about the existence of internet finance, including me before. I am very curious. What is the internal business logic of finance? Why do so many bosses abscond?

Here, I will explain the financial The Secret Behind for children's shoes who want to enter or understand Internet finance through the four categories of Internet finance business.

Peer to peer network

There is no need to explain too much here. Recently, everyone can receive all kinds of bad news from P2P. To sum up in one sentence, if you save money, you will get good interest at maturity.

1. 1. Business logic 1: Set the virtual project first, and then find an external startup.

The harm of this model lies in that if you can't find investment within a certain period of time, you will directly start to rob Peter to pay Paul, and the losses will become bigger and bigger, which is also the reason why many bosses abscond with money.

There is a need to add knowledge here: the state stipulates that P2P needs to find projects before individuals can invest and manage wealth, otherwise it is against the law, but the state's supervision on this piece is obviously not enough. Secondly, users' funds cannot be placed on the platform for a long time and must be transferred to the corresponding institutions. It is estimated that the country will set up a supervision platform in the future. For example, Alipay WeChat needs to graft a UnionPay in the middle.

1.2. business logic 2: cooperate first and then announce it to the public.

The biggest sharing of this model is that merchants pay interest on funds first according to the settlement cycle. But it's safer than the first one, at least it won't mess around. This is the difference between a big company and a small company.

1.3. business logic 3: find a cooperative company to do micro-financing, similar to AliPay and Jingdong Small Treasury.

The advantage is to come in and go out, there is no accounting period, and it is settled according to the marginal income of seven days. Unless the wealth management company runs away, it is basically zero risk. However, the interest is relatively small, and the large amount is divided by the company and the wealth management company. Moreover, a lot of money has been divided up. According to previous research, the simplest thing that few people know is that there is a stock exchange plate (specifically, I forgot that my family will operate in that plate when there is no stock entering the warehouse), T 1, with a high daily interest rate of 60 and a low daily interest rate of around 30. So do the math for yourselves.

This product is suitable for middle and low-level people, with little spare money and can't afford high risks.

1.4. Business Logic 4: Private Financing Mode

First, look for high-quality projects that cannot be started due to project funds. Under their financing requirements, the risk control stipulates the minimum and maximum investment ratio and the corresponding commission rate for each user, so that users can invest.

The user group suitable for this kind of products basically belongs to the group with large capital deposits in their hands, mainly middle and high-level, but it is still a high-risk investment. If you want to start, you still need to analyze the market to judge which category to choose.

1.5. How to identify good projects in P2P industry?

Many people have two kinds of thinking when investing, one is diversification and the other is high return on investment. In fact, there are problems with both.

Let's talk about the first type of diversification. It is true that the ancients said that eggs can't be put in one basket, but this is just mindless diversification. That's two. I have a friend of this type. In the last two months, he closed down 300 P2P companies, and several P2P companies he invested in are on this list. Now I see that he has to pay compensation in those places every day when he doesn't go to work.

The second kind of high income, I just want to say that the risk coefficient of about 3-4.3% is low, but it is equivalent to about 5-6% risk. If it's more than 7%, I'll be happy. It's basically risky. Unless you use coupons, that's another matter.

Therefore, the choice of investment depends on whether the company is reliable or not, and then look at the investment quota inside, not too black-hearted, just a little higher than the bank.

1.5. What are the operation modes of P2P?

Coupon is a common method in P2P, and many operations are based on coupon, such as raising interest rate in the current month, raising interest rate in full (relatively strong), raising interest rate by 0.0 1 minute through membership level, value-added services and so on. I won't talk about it here. However, it is not the operation but the risk control that determines the operation plan in the finance company! The operation is only to draw up a plan, and the preferential value needs risk control modeling, otherwise it is easy to do business at a loss.

Two. Consumer finance

Simple summary: online and offline purchases of goods directly use the financial model of installment consumption, rather than cash payment.

Business models are mainly divided into two categories, one is credit card installment, and the other is no card installment.

2. 1. credit card installment (provided that a bank credit card is required)

2. 1. 1. business model 1: bank credit card installment

This kind of direct repayment in installments after repayment first has a relatively high handling fee. It is suitable for users who have accumulated a lot of money and reduced the repayment pressure to repay by installments. Here's a digression. The banking model mainly includes

1. Consumption staging is commonly known as credit card staging;

2. Bill installment includes issued bills and unsigned bills. There is also an e-stage for investment promotion, which is mainly aimed at the situation that the quota is used up. Those who need to buy other goods will directly carry out e-installment on the bill that has been issued, and the amount will be restored to the original and repaid to the e-bill;

3. Cash loan: It will be discussed in detail in the third section.

2. 1.2. Business model 2: Scenario-based consumption staging

At present, the common stages are tourism, renting, education and beauty.

This model is suitable for consumers who pay a large sum of money. The payment fee for installment repayment by credit card is high, and the payment fee for installment repayment by credit card through lending platform will be much lower. But the biggest disadvantage for consumers is that if the unit price of goods is higher than your credit card limit, you can only pay your credit card limit in installments, such as: credit limit of 30,000, goods of 40,000, you can only divide 30,000, and you still need to pay 6,543.8+0,000 yuan.

This model does not need to bear any risks for loan companies and third-party capital platforms, and the receiver of bad debts is the bank.

If you want to do interest-free activities, you need the platform to bear the cost. Generally, you rarely do interest-free interest rate cuts in installments. Because of the division of interests, the platform earns the least, the third party earns the intermediary fee, and the bank earns the big money.

This model does not need to bear any risks for loan companies and third-party capital platforms, and the receiver of bad debts is the bank.

The following figure shows the preliminary flow structure of the system behind it.

2.2. Staging without card

The so-called card-free installment actually means that consumers can buy large-value goods in installments without using credit cards.

Mainly for users with small credit cards or no credit cards.

Usually companies that do this business are qualified to lend money. Unless some small companies can't get a license, they will play the edge ball. The figure below shows the way to avoid risks.

2.2. 1. business model: good credit, self-loan; Bad credit report, lending to others

According to the latest data of Baidu Finance, Baidu has stepped on a big pit in three categories: tourism, medical beauty and education, with bad debts as high as 6-8 points. However, there are also staging companies doing well in the industry. The bad debts of medical beauty by stages are only about 1.5%, which is far better than the peer data. In order to reduce losses, consumers need to submit personal basic information and residence certification when applying for installment.

Ps: so-called in vivo authentication

1) Front and back of ID card: used to identify your personal information;

2) Face recognition: A. It is used to confirm whether you are an ID card holder, and B. It is used to confirm whether you are alive. Imagine Alipay's face recognition process, which always requires you to shake your head, blink, open your mouth and shut up. This is to judge whether you are alive or not.

If users with good credit information (commonly known as white list) lend directly, the company will not transfer them to other parties for lending, because these people have good repayment credit and generally do not lose money or earn money. However, except for users on the white list, other customer platforms are not particularly willing to give up lending opportunities. At this time, they usually look for a third-party "black" loan company (violent collection) to cooperate, earn the difference from the middle, and let the "black" loan company bear the greatest risk.

Three. Cash loan

The platform lends cash to consumers.

The predecessor of cash loans is that interest groups are all connected with the underworld. Usually, the borrowers are mainly business owners or overuse funds. It is forbidden for the state to force borrowers to repay their debts day and night by collecting debts through violence such as life control and prostitution.

Later, in order to survive and stay away from the law, they began to attack campus students (commonly known as campus loans), and the target customers were women. Why? Because women's jealousy and comparison psychology will promote the shopping desire of female consumers. And usually campus girls can't afford luxury brand LV except the meager living expenses at home. Gradually, campus loans came into their sight. However, their repayment ability is also limited, so the company will only be unable to get in and the bad debt rate is high. To solve this problem, there is now a well-known "naked loan". Women need to be photographed all over. If they don't take photos easily, they will show them to their friends around them, or they will be taken out for prostitution to pay their debts. In ancient times, if there was the word GDP, prostitution, like the current housing prices in China, ranked first. The country knows this and attaches great importance to it. All companies are not allowed to start on campus.

3. 1. Cash loan market

According to expert research, it is estimated that in less than one year, the current scale of the cash loan industry is about 600 billion-1000 billion.

From 2065438 to September 2007, the number of cash loan users reached12.57 million, with a year-on-year growth rate of nearly 250%.

Cash loans are mainly male, and the income and expenditure are generally unbalanced. Most of them are 23-40 years old, usually low-consumption users with a monthly income of less than 1 10,000, distributed in first-tier cities such as Shenzhen, Chengdu, Shanghai, Guangzhou and Beijing.

3.2. N big questions about cash loans

No credit information

Before the state suppressed and improved the chaos in the loan industry, neither the platform nor the loan company was principled. People can borrow money, and the platform will not receive the credit information system. A consumer can apply for multiple times on multiple platforms at the same time, which actually increases the repayment rate of the platform and the company.

Credit interest risk

Some media have counted 78 well-known cash loan platforms on the market. The average interest rate 1.58%, and the highest interest rate reached 598%. Borrow 50 thousand a month, I can calculate how much interest I have to pay, and I will be happy.

3.3. Legal red line

The Supreme People's Court's Opinions on the Trial of Lending Cases stipulates that:

The interest rate of private lending can be appropriately higher than the bank interest rate, but it shall not exceed 4 times the bank loan interest rate in the same period.

If the interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, the excess interest shall be deemed invalid.

3.4. Business model: white list system

In fact, the business model is the same as consumer finance, and it is also divided into white list and blacklist system. If users with good credit information (commonly known as white list) lend directly, the company will not transfer them to other parties for lending, because these people have good repayment credit and generally do not lose money or earn money. However, except for users on the white list, other customer platforms are not particularly willing to give up lending opportunities. At this time, they usually look for a third-party "black" loan company (violent collection) to cooperate, earn the difference from the middle, and let the "black" loan company bear the greatest risk.

Four. bridging/stopgap loan

Bridgeloan, also known as bridge loan, means that financial institution A can't operate because of the temporary lack of funds after getting the loan project, so it consults financial institution B and asks it to help allocate funds. After the funds of financial institution A are in place, B quits. For B, this loan is the so-called bridge loan. In China, policy banks such as CDB/ Exim Bank/Agricultural Development Bank play the role of financial institution A, while commercial banks play the role of financial institution B. ..

4. 1. Common patterns in bridge loan

4. 1. 1. One situation is that loans between financial institutions cross the bridge, that is, after financial institution A gets a good loan project, after being approved by credit approval institutions at all levels, due to the constraints of loan scale or risky assets, it temporarily lacks working capital or credit delivery capacity, so it discusses with financial institution B to let B temporarily issue loans to enterprises, and after financial institution A's funds or loan scale are in place, enterprises will return B's loans. The premise of issuing loans is that financial institution A has passed the examination and approval of this business, and clearly stipulates how long the loans should be issued. In fact, financial institution A implicitly guarantees the loan of financial institution B..

4. 1.2 In the second case, financial institution A got a loan project that it thought was good, and it was approved by credit approval agencies at all levels. However, due to various reasons or policy factors, loan enterprises can not fully meet the conditions and requirements of financial institution A's loan placement. At this time, either enterprise A finds financial institution B on its own and asks B to temporarily issue loans to the enterprise to meet the conditions and requirements for financial institution A to issue loans to the enterprise. For financial institution B, the loan is bridge loan. Different from the first case, in this case, the loan of financial institution B to the enterprise is more an independent behavior of the enterprise. Although it is also based on the premise that financial institution A has passed the examination and approval of this business, in fact, financial institution A has no responsibility for bridge loan of financial institution B. ..

4.2. bridge loan mode gameplay of the platform.

The platform usually cooperates with the bank to ask for projects, and the bank will give him one or more projects according to the quantity of the platform and inform the other party that the house has been mortgaged. According to the size of the project funds, the platform announces the total amount of funds needed by bridge loan, and when the user's investment reaches the maximum value, it will be given to the bank. During this period, users can't reflect. If there is, only the principal will be refunded.

4.3. Profit Risk in bridge loan

Generally speaking, bridge-crossing funds have a short time, but the income is high and the funds are relatively safe, so it has also become a profit model of some social funds, and some enterprises with more funds are particularly willing to operate bridge-crossing funds. But there are still some risks, such as who owns the house. If the house is entrusted to the bank for auction, the auction time is uncertain and the market value will fluctuate with the market fluctuation. If you can't sell it, the bank won't settle the funds for you in advance.

CBRC: What is the significance of strengthening the management of Internet loan business of commercial banks?

The China Banking Regulatory Commission has announced that it will strengthen the management of Internet loan business, so the introduction of this policy is bound to further standardize the barbaric development of the current Internet finance industry and avoid the systemic risks of Internet finance enterprises.

1. Effectively regulate Internet finance.

Because the financial market is constantly innovating, and the relevant regulatory authorities in our country have a certain time lag in formulating regulatory policies, there is no way to supervise some financial innovations in time, but for the rapidly developing Internet finance industry, it is in a barbaric growth stage, and the state is not thorough enough in related business management. This part of the online loan business is not standardized, especially some businesses, which protect personal privacy and standardize loans in name only. Under such circumstances, there are some hidden dangers for the healthy development of the whole industry. At this time, it is very necessary for China Banking and Insurance Regulatory Commission to strengthen the corresponding business management and standardize the normal operation and development of the Internet finance industry.

2. Avoid systemic financial risks.

As the traditional banking business is gradually replaced by internet finance, there are many loopholes and deficiencies in the corresponding loan business. If the corresponding risk investigation cannot be done in time, once systematic risks occur, it will have a very serious impact on China's financial security. At the same time, for some traditional banking businesses, many businesses have moved to the Internet, and the two intersect. The scope of interaction is also very extensive. Once the online loan business fluctuates, the bad debt rate will rise rapidly in a short period of time, which will have a certain impact on traditional internet finance, traditional banking business and even shake the stability of the national financial market. Therefore, it is very necessary to strengthen financial supervision and prevent the delay.

What impact does Internet finance have on commercial banks?

1. Internet finance has changed the way of value creation and value realization of commercial banks. In the past decade, China commercial banks have achieved sustained, rapid and stable development, with the compound annual growth rate of total assets and total liabilities approaching 20%. But so far, the development model and profit model of commercial banks are basically the traditional extensive growth model of "emphasizing investment but neglecting benefit, quantity and quality, scale and structure, speed and management", and the intensive management with the connotation of "one high, two low and three excellent" has a long way to go. At present, the spread is still the main source of income for China's commercial banks. 20 1 1, although the proportion of non-interest income in China's banking industry has increased, it only accounts for 19.3%. From the traditional way of value creation and realization of commercial banks, because their customers are mainly large enterprise customers and high-end retail customers with stable loan demand, safety, stability, low cost and low risk are the basic demands of customers. The value creation and realization of banks mainly rely on their professional technology, complex knowledge and cumbersome processes to provide customers with safe, stable, low-cost and low-risk financial products and services. Under the mode of internet finance, the types of target customers have changed, the consumption habits and patterns of customers are different, and the value appeal industry has undergone fundamental changes, completely subverting the traditional way of value creation and value realization of commercial banks. Market participants are more popular, and small and medium-sized enterprises, entrepreneurs and the general public can participate in various financial transactions through the Internet. Financial products or service providers are emerging financial institutions that focus on providing customers with fast and low-cost services, and their social division of labor and specialization have been greatly diluted. Customers are mainly small and medium-sized enterprise customers and young consumers who pursue diversified, differentiated and personalized services. Convenience, quickness, participation and experience are the basic demands of customers. The competitive basis of internet financial institutions is network technology, information technology and data processing technology, and the business processes such as demand response, term matching, risk pricing and management are greatly simplified. Under the internet finance mode, the products and services provided by financial institutions to customers are modular asset portfolios in data analysis, and the advantages of financial products based on intensive knowledge and complex technology provided by traditional commercial banks are weakened. According to the theory of destructive innovation, Internet finance has changed the competitive foundation of traditional commercial banks from safety, stability, low cost and low risk to speed, convenience and experience, and then destroyed the core business of banks from the bottom of the pyramid. Internet finance leads to the marginalization of the payment function of commercial banks. The payment mode under the Internet finance mode is based on mobile payment, and the monetary value is transferred through mobile communication equipment and wireless communication technology to pay off creditor's rights and debts. Internet finance further accelerates financial disintermediation, marginalizes the payment intermediary function of commercial banks and replaces their intermediary business. For example, Alipay, Tenpay, Tenpay and Express have been able to provide customers with settlement and payment services such as collection and payment, automatic account allocation, transfer and remittance, air and train ticket purchase, electricity and insurance payment, which has formed obvious substitution effects for commercial banks. So far, the central bank has issued payment business licenses to five batches 197 third-party payment companies, including Internet giants such as Alibaba, Tencent, Shanda, Baidu and Ebay. At present, the business scope of third-party payment has covered mobile phone and fixed phone payment, bank card payment, currency exchange, prepaid card issuance and acceptance, Internet payment, digital TV payment and so on. The services provided have infiltrated from simple payment and settlement to providing industry solutions for the whole industrial chain, and the regional scope has broken through Beijing, Shanghai and coastal areas and expanded to central and western regions such as Henan, Shanxi, Sichuan, Chongqing, Inner Mongolia and Heilongjiang. With the development of Internet and e-commerce, the transaction volume, virtual currency circulation and circulation of Internet third-party payment platforms in China are increasing, involving more and more users, and third-party payment has become a huge industry. According to the data of Analysys think tank, in 20 1 1 year, the annual transaction volume of the third-party internet payment market in China reached 2 16 trillion RMB, an increase of 99% compared with 201year. Although it is far from the business handling capacity of the national payment system of nearly 2000 trillion yuan in that year, the third-party payment institutions have extended their hands to the core business of banks, laying a leading position in the field of electronic payment. Industry insiders predict that its trading volume will usher in explosive growth in the next few years, and its business proportion will continue to increase. Reconstructing the existing financing pattern of Internet finance Under the Internet finance mode, the Internet finance search platform provides a market for both the supply and demand sides of funds to find opportunities, while modern information technology greatly reduces information asymmetry and transaction costs. The two sides basically know each other's information, and no longer need a fund intermediary, but a fund information intermediary instead. Take Zopa, the world's first personal loan company established in March 2005, as an example. It acts as an information intermediary in the process of capital lending: on the Zopa website, lenders can list the loan amount, interest rate and the time when they want to lend; Borrowers can freely find their own loan products without an intermediary, and the loan interest rate reached by both borrowers and lenders mainly depends on the lender's risk preference. Risk-loving lenders will pursue higher interest rates, while risk-averse lenders will set lower interest rates to avoid related risks. Similarly, domestic Rong 360 is also committed to providing customers with professional financing loan search services, realizing direct docking between users and business personnel, and allowing users to obtain more cost-effective financing loan products through search. It should be emphasized that Internet finance has unique advantages in serving SME financing and personal consumption loans, including simple loan approval process, fast lending speed and rich and diverse product types. For example, Ali Credit, which focuses on financing services for small and micro enterprises, has a Taobao merchant loan process including: application for 3 minutes, no manual approval, and payment 1 second. In recent years, the development of Internet finance is extremely rapid. Since the establishment of 20 10, Ali Finance has provided financing services to more than 30,000 small and medium-sized enterprises with accumulated loans of 28 billion. 20 12 In the first half of the year, a total of1300 million loans were issued, and 40,000 new corporate loans were added, with a non-performing loan ratio of only 0.72%. According to another report, some experts even predicted that "if Alibaba gets a banking license, it will not be a problem to surpass Minsheng Bank within three years!" . Therefore, the Internet financial model can not only achieve the same resource allocation efficiency as direct financing and indirect financing, but also greatly reduce transaction costs. Xie Ping, deputy general manager of China Investment Corporation, pointed out that after 20 years, the "Internet direct financing market" or "Internet financial model" may form a third financial operation mechanism different from indirect financing of commercial banks and direct financing of capital market. Mishkin (1995) pointed out that there are two main reasons for the existence of financial intermediaries: first, financial intermediaries have economies of scale and specialized technology, which can reduce the transaction cost of financing; Second, financial intermediaries have special information processing ability, which can alleviate the information asymmetry between savers and financiers and the adverse selection and moral hazard caused by it. Therefore, capital intermediary and information intermediary are the two most basic functions of commercial banks as financial intermediaries, and sharing risks and providing liquidity and information have become the most important services of banks. The emergence and rise of internet finance has posed a strong challenge to the traditional financial intermediary theory of commercial banks, which can be analyzed from three aspects: First, internet finance has reduced the market transaction cost. Although direct financing by banks and indirect financing by stock and bond markets have played an important role in promoting resource allocation and economic growth, they have also generated huge market transaction costs, including loan information collection costs, contract signing costs between banks and customers, customer credit rating evaluation costs, post-loan risk management costs and bad debt handling costs. This can be reflected in the high profits of banks and securities companies. For example, the third quarter report of 20 12 shows that 247 1 listed companies achieved a net profit of 1.49 trillion in September, of which 16 listed banks reached 8127.67 million yuan, accounting for 54.5%. Under the Internet finance mode, the operation of the fund supply and demand side relies entirely on the Internet and mobile communication networks to communicate, and multi-party transactions can be realized at the same time. Customer credit rating evaluation and risk management are also mainly completed through data analysis, and information collection, credit rating evaluation of both borrowers and lenders, bilateral signing costs and post-loan risk management costs are extremely small. Second, Internet finance reduces information asymmetry. Information asymmetry is one of the important foundations of commercial banks. Under the Internet finance mode, the information communication between the two parties is full, the transaction is transparent, the pricing is completely market-oriented, and the risk management and trust rating are completely digital. For example, a Shanghai customer needs to apply for a consumer loan with a loan term of 12 months and an amount of 65,438+10,000 yuan. When financing through the 360 professional loan search platform, he can choose from 27 loan products provided by 10 commercial banks and 9 non-bank financial institutions, and each product has its own unique product characteristics. For another example, when Zopa platform undertakes the intermediary function of capital lending, it will first rate the risk of borrowers according to the credit score of Equifax credit rating agency. Secondly, enter the borrower's family situation, loan purpose, loan amount, maximum loan interest rate and credit rating, and arrange for him to enter the corresponding market segment; Finally, the lender with a specific credit rating refers to the borrower's credit rating and combines the loan term to participate in the bidding at its own loan interest rate, and the lowest interest rate wins. Third, Internet finance accelerates financial disintermediation. The emergence and rise of a large number of third-party payment institutions in Internet finance has greatly accelerated financial disintermediation. In the traditional payment industry chain, e-commerce, third-party payment companies and banks play their respective roles: e-commerce provides users with an online trading platform; Third-party payment for establishing service level