New Round Of Competition For Internet Finance And Online Credit

The financial crisis is further escalating. The new influx is traditional banks and BAT giants.

Internet giants began attacking online credit after launching financial products.

At the same time, under the pressure of Internet banking, traditional banks have accelerated the pformation of Internet. The first thing to do is to fight against the challenge of the Internet to the financial industry by means of POS network credit business. A new round of Internet financial competition will soon be opened.

Internet banking is the main cause of banks' impact.

According to data from the Central Bank of China, deposits in China's banking sector decreased by 950 billion yuan in the third quarter to 112 trillion and 700 billion yuan.

Under such circumstances, commercial banks began to layout Internet finance.

In December 23rd 014, Pudong Development Bank launched the "net loan" POS loan business in Shanghai, and said the significance of the move was to create a new model of small and micro finance.

Prior to this, China Merchants Bank, CITIC Bank and other banks launched POS loan business respectively. At the end of 2014, the Construction Bank's rapid loan was launched, mainly for personal customers and small and micro enterprises, using big data to evaluate, and quickly handle the net loan business.

On the other hand, BAT giants are stepping up their efforts in the field of Internet finance.

On January 4th, Premier Li Keqiang of the State Council visited Shenzhen Qianhai micro public bank for short.

According to people concerned, micro public banks will use big data credit to lend.

In September 2014, Alibaba's Zhejiang network Merchants Bank was approved to start construction.

Prior to this, Baidu has launched products such as "Baidu small loan" for small and medium enterprises, and "financial awareness" for financial customers.

According to people familiar with the matter, a total of 10 shareholders were initiated by micro public banks with a registered capital of 3 billion yuan. The share of Tencent's shares was 30% among the main sponsors. The other two main promoters, Shenzhen's traditional industry tycoons, each business source accounted for 20%, and the remaining seven shareholders accounted for 30% of the total.

In July last year, the CBRC first approved the application for the preparation of three private banks such as Shenzhen Qianhai micro public bank, Wenzhou civil and commercial bank and Tianjin Jincheng bank. In September last year, it approved the establishment of Zhejiang network bank and Shanghai Huarui bank.

However, at present, only the small and medium-sized banks have announced the official launch of the official website, and the rest of the banks that have been approved to build have not yet announced the opening timetable.

In January 4th, micro public bank issued the first 35 thousand yuan loan to a truck driver, lending process through remote "brush face" to achieve lending.

According to insiders, the micro banks face the face "face" certification by camera, the identity of the software system is identified, after matching with the Ministry of public security's identity data, through the analysis of big data such as social media, the software will assess the credit of the lender, so as to calculate the loan amount.

The data sources of micro public banks are divided into traditional data, social data and other types of data that are not yet known.

Among them, the traditional data from the bank, divided into savings data, loan data and credit card data; social data sources from Yu Weixin, QQ space, Tencent, micro-blog, CAITONG, Tencent games and other platforms on the text, voice and image data.

The source said.

Obviously, the important credit data of Internet finance still come from traditional banks.

Jie Hongbo, one of the largest financial management software providers in China, nine, chairman of the star company, said: "there is a competition relationship between commercial banks and Internet finance. Under the impact of Internet finance, some innovative services of traditional financial institutions emerge as the times require. POS data are used to evaluate the use of large data.

For example, the Construction Bank launched the whole process of personal online self-help loan product - CCB quick loan. It is a deep integration analysis of the massive financial information of its clients in the assets, liabilities and credit of the CCB, and the data model automatically generates credit lines.

Shanghai Pudong Development Bank, through the online authorization of customers, obtains relevant information and data in real time. Based on the information of the applicant's paction flow and personal credit, it achieves the comprehensive credit evaluation and differentiation risk pricing for the applicant.

At present, CITIC, merchants, Minsheng Bank, Ping An Bank and Everbright Bank have launched such products.

At the same time, the competition of personal consumption network loan of e-commerce platform is becoming increasingly fierce.

The data generated by Alibaba and Jingdong ecosphere also provide a lot of support for its network lending business.

A few days ago, Ali has just launched a product called "Hua Bai". This is another consumer oriented credit product launched by ant micro loan after Tmall's installment. It is regarded as a blocking of Jingdong's "ious" business.

Like POS loan, micro public bank also uses big data credit to reduce the corresponding channel cost.

But it is worth noting that there is a lot of controversy about whether big data can solve credit problems.

According to Tencent insiders, the micro credit bank's credit reporting problem will be solved by big data, which is mainly responsible for financial information such as online time, login behavior, virtual property, payment frequency, shopping habits, social behavior, etc., which is based on the online behavior of Shanghai.

The credit information system will collect and process data in different data sources, including instant messaging, SNS, e-commerce, virtual consumption, relationship chain, game behavior, media behavior and basic portrait, and use statistics and traditional machine learning methods to get credit scores of credit entities.

Zhang Peng, director of investment and investment in Aurora, said that at present, the foreign credit information system records the core financial data of individuals and enterprises, such as credit, insurance, taxation, and so on, and has relatively strong correlation with personal credit.

For example, the American credit rating company FICO usually only collects more than ten traditional basic data of individuals, and the accuracy rate can reach 95%.

It is worth noting that how to prevent social networking or data fraud in financial pactions will be an important issue that micro banks need to consider.

In Zhang Peng's view, the core of SME loans is still the establishment of credit system, which is the key to the pformation of traditional banking Internet.

"If we can integrate commercial banks and Internet financing enterprises into a chain, and jointly build online financing platform for SMEs, we can expand the market share of small and micro loans of commercial banks by using the more perfect loan management system of commercial banks, combined with the function of Internet data storage and excavation, which means that banks and related software and software providers will pform into a platform company."

Indeed, the concept of big platform is the inevitable step of traditional banking Internet pformation.

According to Tencent insiders, the micro public bank will create the concept of "big platform", strengthen cooperation with banks and do light asset business.

There are no outlets in the micro public bank, and the network may be established according to the actual situation in the future, but a small number will also pay more attention to the mobile Internet.

"Apart from the credit system, how to reduce the bad debt rate of Internet finance is the second urgent problem."

Jie Hongbo believes that the high rate of bad debt will not help SMEs get rid of the plight of financing difficulties.

Co opetition platform

Obviously, Internet finance is a feast for financial reform, which brings great challenges to the traditional management mode of commercial banks.

Commercial banks are seeking to change their traditional business models and accelerate the pformation to intelligent Internet banks.

McKinsey research has pointed out that the financial needs and consumption behaviors of Chinese consumers are changing, including a large number of major channels such as social media and word of mouth. Undoubtedly, the role of regulators in supporting innovation, including allowing Internet Co to enter financial services, and the influx of new Internet Co such as Alibaba, Baidu, Tencent and so on, play a positive role.

Jie Hongbo, who has been struggling for 15 years in the field of domestic fund management, points out that the credit customers of Internet finance are mainly small businesses under 100 thousand yuan, while the customers of small and micro businesses of commercial banks usually have loans less than 1 million yuan. Therefore, net loan enterprises have made up for the blind spot of commercial banks, met the demand of small enterprises for funds, and seized some of the credit resources of banks.

However, Internet banking and commercial banks are not mutually exclusive relations. On the contrary, Internet banking is a good complement to commercial banks. If the two sides form complementary advantages and share credit resources, they can develop together.

In fact, the struggle for large group enterprise customers has fallen down, and the battle for small and medium-sized enterprises has just begun.

But for the traditional banks, the establishment of credit system for SMEs has been a problem that has not been solved for a long time.

Because financial management of small and medium-sized enterprises is not standardized, banks and other financial institutions have lacked the first-hand data for cash flow and account bills. Therefore, traditional banks seem to be reluctant to lend to SMEs, but 99% of Chinese enterprises are small and medium-sized enterprises, and this is also becoming the main service group of Internet finance.

Take Hebei Province as an example, the survey report on the development of small and micro enterprises in Hebei Province in 2014 shows that 7 of the small and micro enterprises are very short of money.

Obviously, the low efficiency, high risk and low credibility of small and medium-sized enterprises still remain a problem with traditional banks.

In this regard, Hong Bo's solution is not to spread the net widely, but to choose the small and medium-sized enterprises associated with their key customers and to open up the industrial chain service.

"We have a stable customer base, and every more than 400 customers from each big customer have their upstream and downstream supply chain, and find the SMEs in these industrial chains.

"In his view, all future financial products will be Internet based products, for example, nine stars used to sell software, then the maintenance fees, and now the new ones.

It is to provide value-added service information to enterprises, instead of looking for enterprises to charge, but to find value-added service products provider fees.

"This is the simplest Internet thinking. We are trying to change it."

He explained.