Jackie CHAN: Internet banking will not subvert the traditional financial
On January 20, the Ant Financial Group Chief Strategy Officer, Chen delivered a speech at a public event. Chen said, China today is not just consumption, production patterns and structure also changed. In the so-called “new normal”, such as “the individuality and diversity of consumer”, “miniaturization, intelligent, professional production”, such as the Internet industry is doing, it is during the central economic work Conference, keywords, it just goes to prove that Internet companies and financial enterprises “symbiotic” arising out of agreement.
Zhihou, Chen used “understanding Internet financial needs of three logical” interpretation of the nature of Internet banking. He concludes: “Internet banking will not subvert the conventional finance, but it is better for the long tail providing inclusive financial services to users. ”
Is a literal record of the following:
Jackie CHAN: distinguished guests, good morning everyone, first I would like to congratulate the Internet financial lab started, net lending industry association was established in Beijing yizhuang in-zone enterprises strategic cooperation signing ceremony, congratulations to you all.
Today morning I wants to with everyone share about, I feel Internet financial in now economic of normal Xia, it should played a what of location, this may is a is old of topic, but it is a compared controversy of topic, including we Internet financial thousand people will of such a enthusiasm of do Internet financial of these supporters and practitioners, including just I heard has Wang Wei Professor also mentioned has Subversion such a Word, but if we knows words, including Bank of led also said, Internet banking will not subvert the conventional finance, so I think this is quite thick, the term Subversion is a very wide range of vague words, controversy is that Internet financial play what role.
If we focus on what, at the end of December last year has just been completed of the central economic work Conference, which, he pointed out, China’s a very big change in consumption patterns are, he called the wave-style model of the consumer base in the past, diversification of individual consumption has become mainstream, we became a very important challenge of how to promote economic growth.
Just told of is consumption form of changes, so production of form and organization form also in occurred changes, has two article road can go, a article road is big enterprise optimization upgrade, merger restructuring, production concentrated, and small enterprise this era of mainstream, they will is emerging of industry, services, small micro enterprise as more highlights, production miniaturization, smart of, specialization will became industry new of features, so if we summary about, new normal Xia of some keywords, is personalized, diversification of consumption, miniaturization, smart of, Specialization of production, promoted full innovation, innovation led employment, accelerated change conquered only, market decided resources configuration, three agricultural problem and rural financial, these are is central economic workshop inside of keywords, I wants to most do Internet of students and do Internet financial of students see these Word will feel cheered, because we do of just is such of some things, this is not strange of, because Internet Enterprise and Internet financial of enterprise just is this era of product, And the so-called new normal but happen to be a summary of the age, so the chemistry between them is not surprising.
To Taobao for cases, Taobao and days cat they do of things, is past years in the they building has a domestic line Shang of big market, they put East of coastal of excess of capacity and internal of $literal, after the just needed combines up, they put diversification, personalized of consumption, and miniaturization, smart of specialization of production combines up, and Internet financial is in this background zhixia for commercial to service of.
Why do Internet Banking can do these things, we need to understand what is the nature of the financial ecosystem? If you ask me, I think the financial ecosystem is a triangle, the top is the commercial ecosystem, right corner are financial institutions, lower left corner is regulated through the supervision of institutions for commercial services, for consumer financial services, all the underlying channel, data and technology.
What do you mean, so if we want to understand the Internet’s financial need three logical, first logic, business-driven financial, business services, financial why Internet companies are doing now, because they are closest to the business scene is the. Second, is the essence of financial channels, data and technology. Third, the financial regulation following the financial nature.
Said first a, commercial of ecological circle, why now to on commercial, because you see about financial words, most of financial innovation are is around commercial of innovation service of, first of is in Netherlands produced, United Kingdom of industrial revolution rise, to now of Taobao rise, promoted has paid treasure is China maximum of third party of paid company, they behind are is has commercial logic, new of commercial needs new of financial, this is I first a wants to said of points.
Second a, is financial of nature, financial institutions most bottom of nature is channel, data and technology, financial institutions he is intermediary is connection voted thaw both funds of, second a is data, can with consumers credit to described, we yiqian wants to consumers credit is incredible of, he is a no guarantees of loan, so we human since ancient times, we credit most main of is a called pawn type of loan, although I not believes you, but you bet 50 block money, I can to you 100 block money, And consumption credit is a no mortgage of loan, consumption credit we see it of rise is in 1956 of when, a FICE of company launched has levy letter of system, that is because at has has consumption credit, because has has levy letter system, 1958 first Zhang bank card began do credit card began was born has, and real of consumers credit is to has 60 generation of late, this when computer has large of for financial institutions using has, we collected data of capacity improve has, So we can break the asymmetry of information, developed in such small loans without collateral.
Third is technical, I take PayPal as an example, he is now single deals cost 2 cents if you take traditional financial institutions may be equivalent, more than an order of magnitude, and Penny, if you want to do the time finance, technology may be very important, so I feel that the financial element is at the bottom of the channel, and data technology.
We just told has, financial is for commercial to service of, this era of commercial has what features, we is a in collaborative, networking, and data share of commercial form, consumers became Center C2B, so enterprise of organization form is to center of of small and beauty of organization, so how for such of enterprise provides financial of service, is this era financial of a theme, we knows small enterprise they since ancient times they financing is very hard of, China has 99% of small of enterprise, they contribution has 80% above of employment They also contributed more than 50% of GDP, but financing is difficult.
If we see about Internet financial and traditional financial of relationship, traditional financial actually is on big of enterprise and rich of personal, they has has has is good of personalized of a service has, SMEs also has part of service, small micro enterprise is no was service of, although technology of revolution, we has may on they has better of service, so Internet financial should is service long tail customer of. Addition a is important of differences is traditional financial, it is in time and distance Shang is has a limit, it close customer, he through dot, and through ATM, through POS machine to do, and Internet financial we customer can anytime, anywhere with financial connection up, this is a very big of scene Xia of differences, long tail financial is for in the low-end customer provides has service, for executives customer provides personalized of service, Internet financial can for they are can provides custom of service.
Traditional of financial consumption life and social relative is compared independent of, and in Internet financial of era, yiqian in mobile of era, financial with consumption with social scene has very to close has, like balances treasure, like micro letter paid, they with scene combines very close of, financial products border became very fuzzy has, most important of, in traditional financial among obtained data is very expensive of, through artificial to obtained, in this era he is with system automatically of to gets data, this cost is very very low, close Yu 0 of, So also has a differences is technology, traditional financial of technology is closed of, system of cost is compared high of, with compared low, and now of financial, through Shang cloud greatly of reduced he of cost, Ali in probably years yiqian on promoted has so-called of CIOE, main using himself of technology, found such big of volume, so we using himself of technology, now is relative Yu world best of so-called of big data cloud computing of enterprise is one of, this is we a core of competitiveness.
So let I summary about, I feel Internet financial it actually not for Subversion traditional of financial, we feel may on Internet financial very has confidence, can do have is good, but it is not to Subversion traditional financial of, it is complementary of relationship, financial institutions himself core of competitiveness, screening risk pricing of capacity, long-term accumulated out of reputation, he processing complex trading of capacity is very high of. Internet financial a is Qian segment channel Shang, can through channel more easy obtained customer, I himself do has many years, we often of bottom is channel, he is very very important of financial of products, to data for cases, now China has has 8 home of company obtained new of personal levy letter products of such a license, so they is provides is important of data products of, so I feel this is Internet financial and traditional financial of difference, Internet financial to we brings has what?
Internet financial it does not Subversion traditional financial, but it is using channel better of for long tail user provides general Hui financial of service, this differences, last point, they and traditional financial of differences two a aspects, a customer of differences of, traditional financial is big of service, and Internet financial may is a relative of long tail of, addition a is role of positioning, Internet financial they is combines up, not said 1+1 is equal to 2 of relationship, Internet of institutions may he do Internet more strong, Traditional financial institutions stronger, and their revenue model will have a great deal of difference, and this is my understanding of the Internet financial a, time is limited, I thank you.