Yu 'ebao: What pain points did it hit?

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What is the balance treasure model? What should we do? I think it has three demos and three loads. I don't want to say it is an innovation fund, because it really doesn't have much innovation in the dimension of traditional funds. It looks different from traditional funds: pure direct sales, bid farewell to bank sales; Next to the new "big money", "big money" also regards it as his own career; Customer-oriented "Moonlight Family", "Xiaobai" customers and the "Diaosi Financial Feast" sold by 1 yuan attracted many Gao Fushuai onlookers and participants; 7*24 hours, anytime, anywhere, at your fingertips, without queuing, filling out forms, and being tortured by online account opening; Get up early every day to see the income, feeling that "vegetable buns become meat buns", and occasionally spit out the income is lower than yesterday; Live money is put into Yu 'ebao and used directly as money when needed. ...

In such a new fund, two main things have happened: First, it has returned to the origin of the money fund, lowering the threshold for more ordinary people to use it; Reduce costs and create profits for customers; Let the organization that is most eager to make the fund bigger and better sell the fund, and avoid the conflict of interests between the sales organization and customers. The second is to put the fund on the internet platform, and let customers enjoy financial services with Alipay, a one-stop life platform for hundreds of millions of customers.

Many people say that Yu 'ebao is a great creation, but I want to say that it is actually a return to the essence. Many innovations, such as smart phones, have returned to the essence, making people change from typing and writing with pens to "pointing" and "rowing" with their fingers.

In addition, Tian Hong Fund hit the pain point of Alipay. Throughout the second half of 20 12, Alipay executives are considering two issues: how to build the entrance of mobile internet and how to increase Alipay's customer stickiness.

Peng Lei said that every morning when she wakes up, the first thing she does is to check the income of Yu 'ebao with her mobile phone.

"Yu 'ebao has become a very low-level application of Alipay, and we must guarantee absolute control over it. "At the beginning of 65438+ 10 this year, Alipay's parent company, Zhejiang Alibaba E-Commerce Company, announced that it would invest165438+800 million yuan to acquire 5 1% shares of Tian Hong Fund. The shares of Tianjin Trust, Inner Mongolia Zheng Jun Energy and Chemical Co., Ltd. and Wuhu High-tech Investment Co., Ltd., the former three major shareholders of Tian Hong Fund, have all been reduced to varying degrees, and the management of Tian Hong Fund will become the fourth largest shareholder, holding 6,544 shares.

From mid-October of 20031165438 Alipay wallet will be widely promoted throughout the country, and Yu 'ebao will become the main function, not only spending money, but also making money, which will be the unique core value of Alipay wallet compared with competitors such as WeChat Pay.

New Cross-border Format: "New Online Shopping Artifact"

Yu 'ebao can be recharged or paid quickly through U shield, so customers can easily transfer the money on the bank card to Yu 'ebao and buy money funds. When payment, transfer, withdrawal and payment are needed, you can safely and quickly transfer the balance treasure and start the redemption of the money fund. Yu 'ebao appears on the checkout counter of Taobao platform, and also supports hundreds of thousands of external cooperative merchants of Alipay, helping customers realize the function that the money fund share is directly used for payment. And all this is achieved while keeping the original user experience unchanged.

Therefore, some people say that Yu 'ebao is a "new online shopping artifact".

This is the result of fund embedded marketing, and it also represents the extension of Ali's leading e-commerce strength to the financial management field. It is a cross-border product. Recently, "Internet finance" has become a hot word, and all kinds of "treasures" have mushroomed. So, is this "financial internet" or "internet finance"? I prefer to call it a new cross-border format and make the following bold predictions for your reference:

This new format is not entirely the cross-border operation of the e-commerce industry through the financial industry, nor is it entirely the product sales of the financial industry through e-commerce, but the creation of the networking trend of customer behavior based on their respective resources and experiences.

What will customers get? The first is a more comprehensive one-stop life platform; Second, people who can't get services in the traditional financial system, and those who are "too lazy" to manage their finances because of inconvenience, will be happy to manage their finances through the Internet; Third, the cost of obtaining customers is further reduced; Fourth, consumer sovereignty will be strengthened, and customized products and self-financing will appear.

In the industry, there will be many cross-border "new ways of playing". In terms of products, the development of Internet financial products will be jointly completed by the product managers of asset management and e-commerce, and the cross-border talents accumulated in these two fields will become the darling of the Internet financial era; The form of customer demand collection has changed from conceptual understanding at questionnaire level to accurate grasp based on data mining. ...

Wealth management products also have personality!

Wealth management products talk about money, but we have been talking about "happiness", which is the first bearing of the value of Yu 'ebao business. Let's calculate an account: a customer transferred 654.38+0 million yuan from the date when Yu 'ebao went online, and the income from 654.38+August 2008 was 86.66 yuan. Maybe not many people regard it as a big money now. But the customer said it was equivalent to a month's phone bill and 40 subway tickets. The incremental value obtained through simple operation, and people recognize this value from the perspective of life needs, so everyone is happy.

We may need to think about two questions: First, does our industry really know customers? Was it too high in the past?

Second, "happiness" more represents the social, cultural and psychological demands of this product and this model. China is a vast country with 40.7% Internet users. When people spit, complain, question and inspire on the Internet, they actually have childlike expectations. Perhaps we can find some reasons why Yu 'ebao can be deeply rooted in people's hearts.

Products, like people, have personalities. There may be some financial products, such as wise elders, speculators and so on, but you must have a distinct personality, a clear value proposition and recognizable functions. More importantly, your goal is to create value for customers. This kind of value, besides money, must also have spiritual things.

Red positive energy has passed the regulatory barrier.

"Red positive energy" is a word used by Fan Zhiming, president of Ali Xiaoweijinfu domestic business group, at the product experience meeting of Zenglibao.

A model that can benefit tens of millions of customers in two or three months is undoubtedly a huge system engineering. It is a complicated process and a hard accumulation to cooperate with Ali to lock the balance treasure model. We and our peers have been focusing on opening Taobao stores in cooperation with e-commerce. The decoration design of our Taobao shop has exceeded ten drafts, and the product scheme has been adjusted many times. However, due to various reasons, Taobao shop may only be launched recently. Last year, around 10, Guo Ming, the founder of Alipay, and his team began to think about promoting cooperation with the money fund in Alipay. Later, the popularity of Guohua Life Insurance's wealth management products and Everbright Capital Protection boosted their confidence. At the end of 20 1 1, the monetary fund payment scheme we started to study refocused and made the plan and proposal of the balance treasure model. I think it may be that you want to go in one direction too much. When there is no road, you will suddenly find the road under your feet.

Then the development of the system. Since February this year, we started to cooperate with Zheng Jin to develop the system. At the beginning of March, the parties confirmed the requirements, and Ali also began to invest in development, and completed the complex system development and docking of both parties in more than two months. The determination of business process and the realization of technical system are unprecedented creations, which are the docking of e-commerce operation requirements and capital rules, although there are many twists and turns and conflicts during the period.

Pay attention to regulatory communication. On June 2 1, the statement about Yu 'ebao business in the regular press conference of CSRC was misunderstood by some media and peers, which led to the so-called "shutdown door". In the evening, Fan Zhiming, Zu and Zhang, the company's e-commerce department, hurried to communicate with Mars, director of the Fifth Division of the Fund Department. Our mood at that time was complicated, mainly because we felt that the accusations in Weibo were not true. Especially when I learned the next day that Deputy Director Xu Hao's statement at the meeting, "As long as it is conducive to the interests of customers and market development, we should encourage innovation. For those that cannot be covered by supervision for a while, we should promote regulatory adjustment. Even if there is conflict, we cannot simply deny innovation, and risk control is the guarantee of innovation" has not been paid attention to and spread by the media. I am even more sad. From more than six consultation meetings on cooperation between funds and e-commerce hosted by Director Xu to the promulgation of the Interim Measures in March this year; From the communication between the Yu 'ebao project and Director Xu, to the statement of the CSRC on July 5, "From the mode point of view, Alipay Yu 'ebao belongs to the combination innovation of third-party payment business and money market fund products, and all its business links are under effective supervision", it can be seen that the Yu 'ebao model is the same as business innovation and regulatory innovation.

With the rapid growth of Yu 'ebao, many colleagues are concerned about why we can cooperate with Alipay in this way. At the press conference of 17, I thanked Alibaba and Alipay for "discovering and respecting our professional value and choosing a company that is not at the top of the industry, so that we have the opportunity to create value for them"; Zu Guo Ming and I both said that we have no protection period. I further said, "We call on the industry to respect our innovation, but we don't need protection. We can only protect ourselves by doing things well and innovating better"; We announced that "the comprehensive marketing cost of Zenglibao Fund is much lower than offline, and Alipay's investment is much higher than ours", but many people just don't believe that we have lost money and keep asking. I was forced to simply say "Zenglibao is the most profitable fund under Tian Hong".

Once the Yu 'ebao project was confirmed in Ali, it was quickly designated as the second project of the group, and huge resources were mobilized for this purpose. We basically have no so-called "business negotiation", and the agreement signed by both parties was finalized only by four emails. ...

In fact, cooperation between several institutions is much smoother than cooperation within one institution. To achieve successful business cooperation, it is very important to unify interests, values and goals. And to have these "unification", in addition to wisdom, do you need to respect and practice the business rules of trust, and do you need some patterns and realms?

Subvert "investor education"

The marketing words commonly used in wealth management products are usually like this: First, "You don't manage money, money ignores you", which indicates the necessity; Secondly, wealth management products can get risk compensation. The income of bond fund is higher than that of monetary fund, hybrid fund is higher than that of bond fund and stock fund is higher than that of hybrid fund. This is called "luring people with benefits". Then, inflation will devalue wealth. If you don't manage your finances, you will encounter difficulties in solving major problems in your life, such as providing for the elderly and educating your children. This is called "harming others and not benefiting yourself". We also talked about investing in value, buying when the value is undervalued and buying when the market makes mistakes. Buffett is like this ... In fact, when I was a product and marketing director, I was also said to be good at this, but in the past two years, I often wondered if we "educated" our customers too much and asked them to learn too much, and sometimes "used it to make people spend money".

How to conduct "investor education"? Western education is more about help and achievement, providing conditions for each other to become what they want to be; Our traditional education is more about letting you understand the truth and act according to the code of conduct. In terms of financial management, since what we provide you is either a little simple value or an uncertain result, it should be presented simply and completely for customers to learn, experience, share or create on this basis.

Do we need to use "complexity" to express our major? Some leaders asked me, why didn't such a good product, money fund, grow here? I replied that the marketing system is one of the reasons, and another important reason is that it is not convenient enough. How many people in our industry also pay on demand? It is not difficult to understand that if customers don't "raise their hands", products like money funds will be difficult to popularize. In the final analysis, product development should have empathy, emotional intelligence and feel the needs of customers with heart.

Three main lines of fund product innovation

According to the driving factors, the methods of developing Internet financial products can be divided into three main lines.

The first main line, investment target and investment strategy innovation drive: the investment target expands from stocks to bonds, cash assets, overseas assets, derivatives and commodities, and the investment strategy is top-down or a combination of the two; From single active management to a large number of passive investments; From value investment and growth investment to mixed investment, quantitative investment and the introduction of hedging means to invest.

The second main line is the innovation drive of product organization form and participation subject relationship: from closed to open, from single rate to different rate categories or even floating rates, from ordinary funds to capital preservation funds, graded funds and initiated funds.

At present, the third main line has been launched, which is driven by product functions and customer experience. For example, the money fund T 10, on-site money fund and regular payment fund that have appeared at present, and the balance treasure is also the product of this main line. Behind these are the background of customer behavior evolution and technological progress, which will become the mainstream in the era of Internet finance.

The main mission of the fund product manager team in Internet financial products is to find the legal and compliant product core and seek the support of laws, regulations and fund rules for the realization of product functions and the creation of customer experience. In the business of Yu 'ebao, we set up a money market fund, which is carried forward daily, lowering the subscription threshold and rate, and connecting with Alipay's system in the form of direct sales promotion and cooperation as a payment service organization. With the help of Alipay's website platform and business system, the product functions and customer experience have been realized, and a brand-new online trading system and registration system have been re-developed.

What the Internet product manager team should do is to realize product functions and customer experience. Ali, Zheng Jin and we invested 100 technicians in the Yu 'ebao project. In terms of technology development and product operation, this product is composed of dozens and hundreds of Internet products. Among them, Ali's technical input and strength are particularly impressive. For example, the website pages directly experienced by customers are divided into visual design pictures, technical realization of front-end pages, jumping between interactive pages and other groups and dozens of teams to create together. Product development depends on emotional intelligence, that is, to perceive customer needs and define product functions. Leave simplicity to customers, and leave complexity and hardship to yourself. The so-called "simple presentation of painstaking efforts."

Focus on small and beautiful micro-ecology

More than 80% of Yu 'ebao customers are young people under the age of 30, and there are nearly 65,438+million elderly people over the age of 60. They are drying their accounts, talking about raiders and sharing the happiness of "making money" from the media; They will care about the rise and fall of Yu' ebao's daily income by a few cents; They contact Alipay or Wangwang customer service in Tian Hong from time to time; From time to time, they photographed the baby on Taobao Tmall, and then calculated whether to pay directly with Yu 'ebao or an associated credit card, rejoicing in the "discount" brought by Yu 'ebao; At the end of the month, they concentrated on using Yu 'ebao to repay credit cards, pay water, electricity, mobile phones or broadband fixed-line calls, and pushed the transaction volume of Yu 'ebao to a new high ... This is an active ecology and a small ecology. Ma Yun said that it is not lions that dominate African grasslands, but microorganisms in the soil. This is not the case in economic life.

The marketing business of e-commerce is generally called operation, similar to the marketing planning and sales of fund companies. Yu 'ebao's team has never done an "operation" activity in the past, but is constantly upgrading system functions, strengthening customer service and improving investment management level.

The technical team of Yu 'ebao has just completed the important release of the revenue distribution accelerator, which greatly shortens the processing time of each customer's revenue displayed in "My Alipay" the day before, so that customers can see the revenue in the blink of an eye every day and realize the goal of "happy all day". We started "Micro-Happy Broadcasting" to broadcast the daily income with the smiling faces and true feelings of the team and customers; We explain Yu 'ebao's income sources, risk factors, application scenarios and other knowledge and information. Through the series of illustrations of "a picture tells you", the image is presented to customers. We launched the "cloud customer service" pilot, which was launched at the right time after the pilot was successful, which promoted the construction of the "customer helps customers" ecosystem; We have set up the post of "customer experiencer", whose duty is to find fault and raise demand on behalf of customers; We work closely with institutions such as China CITIC Bank to improve the efficiency of fund settlement and liquidity management to ensure greater trading demand in the future. ...

"Two" is the new business spirit.

Internet is a place with entertainment spirit. In addition to the intense work, the teams of both sides of the Yu 'ebao project have many happy things, the most persistent of which is the collective "two".

The Yu 'ebao project is predestined friends with Er: Yu 'ebao and Zenglibao are Er Bao, the project was named Er Bao in Ali, and the project decision was 20121Feb 22nd ... Then by chance, everyone decided to take a nickname with Er in the chat, and the project team was also called Er. I call myself "Sir Zhong", and all the people involved in the Yu 'ebao project are ordinary young people.

1, innovation must break the routine, and it is impossible without thinking. Of course, it's not irrelevant. The first thing is to have a direction and goal, that is, to maximize customer value and experience; The second is to have a thinking method and foundation, that is, the business accumulation of all teams.

2. Second is "paranoia". It is common to think that you can't do it. Doing innovation requires execution and paranoia. Because it involves countless business planning, technology development and internal and external communication, any link may be "off the chain", which requires discussion and decision-making, and there is not much room for compromise and entanglement. To put it bluntly, it is necessary to set a time (usually unreasonable; ) want results.

3. Then there is "no self". Such a huge system project is the result of high cooperation among Alipay, Tian Hong, Zheng Jin and China CITIC Bank. Any specious prevarication and game that is common in business cooperation will become an obstacle to the project. There are many more. These are just some "two". This is an attitude, and attitude determines the result to a considerable extent. The system development and server investment before Yu 'ebao went online cost at least 4 million yuan. "In the whole process of Yu 'ebao, in fact, things can't be done. Everyone is not 100% sure, but Tian Hong Fund is willing to invest. " Peng Lei said. After the project of Yu 'ebao was established in the first half of this year, dozens of Tian Hong Fund teams worked day and night in Hangzhou for technical development. "I found the feeling of starting a business in the balance treasure project. I think they must have been stupid. "