From ” information technology + finance” to ” internet plus finance” and then to ” intelligent finance”, financial technology is now entering the 3. 0 era.
Behind this is a trillion-dollar market. According to data from iResearch, the total revenue of China’s financial science and technology enterprises will reach 654.14 billion yuan in 2017, while the revenue of financial science and technology enterprises will reach 197.49 billion yuan in 2020.
In this blue sea, traditional financial institutions have joined hands with Internet giants. Since 2017, several Internet giants in BATJ have cooperated with the traditional four major banks in big data enabling, providing financial cloud services, opening up Internet channels, accurately positioning customer groups, artificial intelligence, etc.
Credit is the core of finance. We have seen that in the field of financial science and technology, the vague concept of credit has become clear, multidimensional and transparent.
In the supply chain, enterprises have credit points, and the credit of core enterprises has become transferable, payable and traceable products through technologies such as big data. Every small and micro enterprise no longer gets a pile of accounts receivable, but real cash flow.
Financial technology has also improved the recovery efficiency of non-performing loans on mutual fund platforms, while online arbitration has largely solved the problem of overdue payments caused by the willingness to repay.
In addition, agricultural firms with high loan non-performing ratio and low provision coverage are also seeking the cooperation of Internet finance companies with data and technology to screen out a large number of borrowers without credit, which has also become a new opportunity for Internet finance.
So, what kind of development will financial technology have next?
At the recent off-line salon on the theme of financial science and technology held by Zinc Finance and Economics, Pan Yuefei, founder of Zinc Finance and Economics, invited guests such as Ding Zhigang, CEO of Zhongcaitong, Zhang Xian, general manager of the Institutional Finance Division of Aicai Group, and Wu Tao, founder and CEO of Zinc Finance and Economics. Starting from their respective fields, they discussed how financial science and technology can empower finance.
The difficulty in solving a legal dispute lies in the fact that no one trusts anyone. Information asymmetry exists in every link. This situation corresponds to the financial field, which will bring great difficulties to the handling of non-performing loans in Internet consumer finance. However, with the development of Internet finance, the Internet consumer finance industry has broken out, and the number of overdue loans has soared. The problem of social integrity needs to be solved urgently.
Fortunately, these problems can be solved through Internet arbitration. It generally takes 6 months for the traditional judicial approach to solve the bad expectations of Internet consumption finance. Moreover, the lawyer’s fees are too high, the preparation of materials is extremely complicated, and the case is also treated as a case, thus the experience and process cannot be improved.
However, the Internet arbitration service takes as long as 7 working days at the earliest, and the cost of thousands of yuan-worth of cases is less than 100 yuan, and the efficiency is very high. It can submit data online, process cases in batches, and track the whole process of handling overdue disposal after loan.
In addition, most Internet consumer finance enterprises are not prepared enough for judicial disposal. Before a large number of non-performing assets were collected through so-called ” conventional means”. Lenders can only cover losses caused by bad debts by raising loan interest rates.
Therefore, we start from the perspective of Internet arbitration and let science and technology help finance by improving judicial efficiency.
Internet arbitration is a two-way enabling mode. On the one hand, the network arbitration platform has set up a network arbitration system for the arbitration committee, allowing the arbitration committee to handle cases in batches on the system, while the network arbitration platform can also drain the arbitration committee. On the other hand, through data with the mutual fund platform, non-target transactions and businesses of the platform can be integrated into standard arbitration application materials, which can be processed in batches.
2018 is the year in which the regulatory policy changes fastest and the expected turnaround is the most difficult for the Internet finance industry. This year can be called the ” year of redemption” and will definitely leave a deep impression on the history of economy and finance.
According to online statistics, there were 280 items of regulatory policy information in 2018, including 84 items under the leadership of the central bank system, 91 items under the leadership of the China Banking Regulatory Commission system, 83 items under the leadership of the China Securities Regulatory Commission system, and 32 items under the leadership of other institutions such as the National Development and Reform Commission and the Ministry of Finance.
First of all, there are so many articles, which have an impact on the Internet finance industry. However, the strong supervision of the state is actually to drive out the bad coins and make the good coins operate in compliance with the law, ” the left is the king”.
Through the interpretation of policies, we found that the Internet finance industry has been regarded as a quasi-financial industry by regulatory agencies and should be regulated. However, the extensive and high-growth mode of the industry in its early days should be changed to conform to the licensed institutions in the system and operate in compliance.
At the same time, the credit management of mutual fund industry also needs to be strengthened.
What should the mutual fund industry do in a strong regulatory environment? We see a contrast between ” loose” and ” tight”.
From a policy perspective, the 2019 Central Economic Work Conference has sent a signal that social financing in 2019 will face a more relaxed environment.
From the industry level, it is tense. Data show that by the end of November 2018, the bank’s personal short-term loan balance was 13. 66 trillion yuan, up 20% year – on – year, but the total consumption of the residents was slightly lower. This is because each family’s asset-liability ratio is rising and funds are tight. Therefore, mutual fund platform can promote consumption here.
At the same time, in recent years, the non-performing loan rate of a large number of agricultural firms has soared, but the provision coverage rate is too low, and due to regulatory policies, businesses cannot operate across regions. This is also an opportunity for mutual gold platform. Mutual fund platform can help agricultural firms to carry out localized and accurate marketing and drainage for agricultural firms.
The gradual maturity of the economy and the gradual standardization of the system have brought about a grey rhinoceros that is difficult to become rich rashly, but the ” small world” has also created a new ” black swan”. The small world has given some talented swindlers the possibility to create huge bubbles and quickly withdraw their wealth before the bubbles burst.