Many banks set up financial technology companies. What will happen in the field of financial technology? what do you think?

In 2020, it is a very difficult year for everyone, and it is also a year of great changes in financial technology. Internet finance has entered the era of strong supervision, the embryonic form of financial technology supervision framework has begun to appear, banks have set off a wave of distributed core construction, and blockchain kings have emerged, and 5G has become a "barbarian" at the door of the financial industry.

Let's look back to 2020, sum up the highlights and disappointments of financial technology, and look forward to 20021year of financial technology.

Network finance, strong supervision comes.

Since 2020, Internet loans, supply chain financial assistance loans, online small loans, Internet insurance, and wealth management agency business of wealth management subsidiaries have been strictly restricted.

On July 17, 2020, the China Banking Regulatory Commission issued the Interim Measures for the Administration of Online Loans of Commercial Banks, which clarified that commercial banks shall not provide funds to cooperative institutions without lending business qualifications in any form, and shall not jointly contribute to the issuance of loans with cooperative institutions without lending business qualifications. Core risk control links such as online loan credit approval and contract signing should be independently and effectively carried out by commercial banks. Commercial banks may not entrust cooperative institutions with full authority to verify the identity of online loan borrowers.

On September 23, 2020, the People's Bank of China, the Ministry of Industry and Information Technology, the Ministry of Justice, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the General Administration of Market Supervision, the China Banking Regulatory Commission and the State Administration of Foreign Exchange jointly issued the Opinions on Standardizing the Development of Supply Chain Finance to Support the Stable Cycle and Optimization and Upgrading of the Supply Chain Industrial Chain, clearly stipulating that financial business is not allowed without a license or beyond the business scope specified in the license; All kinds of third-party supply chain platform companies shall not conduct financial business in disguised form in the name of supply chain finance. In the future, supply chain loans without business licenses will be hit.

On June 2, 2020, 165438+ The People's Bank of China and the China Banking Regulatory Commission jointly issued the Interim Measures for the Management of Online Small Loan Business (Draft for Comment), which stopped the cross-regional business of online small loans, required the unified registration place of the traffic platform, and made it clear that the investment ratio of online small loan companies should not be less than 30% and 1 10,000.

On June 5438+February 65438+February 4, 2020, the CBRC promulgated and implemented the Measures for the Supervision of Internet Insurance Business, which clearly stipulated that non-insurance institutions were not allowed to conduct Internet insurance business. Internet insurance business includes: first, providing insurance product consulting services; The second is to compare insurance products, premium trial and quotation price comparison; The third is to design an insurance plan for the insured; The fourth is to apply for insurance; The fifth is to collect premiums. In sharp contrast, on May 2, 2020, the China Banking Regulatory Commission issued the Guiding Opinions on Promoting the Online Development of Property Insurance Business, requiring that by 2022, the online rate of auto insurance, agricultural insurance, accident insurance, short-term health insurance, family property insurance and other business areas will reach more than 80%.

On February 24th, 2020, 65438+, the Insurance Regulatory Bureau of a bank in East China issued the Notice on Further Regulating the Deposit Market within its jurisdiction. According to the notice, the bureau explicitly requires all kinds of banking institutions within its jurisdiction not to absorb deposits through third-party internet platforms or through cooperation with other third-party intermediaries. If the cooperation has been carried out, the relevant deposit products will be removed from the shelves and the cooperation will be terminated from now on. Third-party internet platforms can't do deposit business in the future, and banking institutions should also plan ahead and open up deposit channels outside the internet platform.

On February 25, 2020, at 65438, the CBRC issued the Interim Measures for the Administration of the Sales of Wealth Management Products of Financial Management Subsidiaries of Commercial Banks (Draft for Comment), which clearly stipulated that no non-financial institution or individual may directly or in disguised form sell wealth management products without the permission of the financial supervision department. Then, those Internet platforms and industrial chain platforms that have not been approved by the financial regulatory authorities cannot sell wealth management products externally.

Under the strong supervision of online finance, supervision encourages financial institutions to develop their own online channels, but external online channels will be in a state of depression. It is time for licensed financial institutions to "cut off, give up and leave" and give up the practice of providing funds only and relying on Internet channels to rapidly increase their turnover. Roll up your sleeves, do stupid things, create your own characteristic scenes, integrate into the industrial chain, "fight a tough battle", create your own brand financial products, and provide localized, differentiated and sustainable sticky scene services for your financial consumers. There may be a trend in the future. Financial institutions will begin to develop non-financial business. People in banks will start selling vegetables to farmers, people who are insured will start doing health technology, and people who pay will start making food and beverage takeout. In the future, financial institutions may not need to know finance, and those who know agriculture, logistics and biotechnology may be more popular.

Financial technology, regulatory framework is taking shape

In 2020, financial technology supervision measures were intensively introduced, and financial technology development indicators, financial technology supervision sandbox, national financial technology certification center and national financial technology risk monitoring center all settled in this year. In the future, it will not be easy for financial technology products to be certified, fully tested by the regulatory sandbox and monitored by the risk testing center to provide services for financial institutions.

From June, 5438 to October, 2020 10, the People's Bank of China issued the standard of Financial Science and Technology Development Indicators, which elaborated the financial science and technology development indicators in terms of strategic planning, organizational structure, financial science and technology funds and talent investment, online intelligent services, risk control ability, patents, software copyrights, financial science and technology application and output. It is of far-reaching significance to the statistics and quantitative evaluation of financial scientific and technological achievements of financial institutions.

In 2020, the People's Bank of China announced 64 financial technology supervision sandbox projects in 9 places. Beijing is dominated by AI and Shenzhen, xiong'an new area and Suzhou are mainly digital RMB pilots; Chongqing focuses on the promotion of wind control technology to microfinance technology and rural finance; Shanghai focuses on industrial chain financial risk control technology based on blockchain and big data to promote the integration of finance, industrial chain and digital government; Hangzhou focuses on big data, blockchain and distributed ledger technology; Guangzhou focuses on the security of cross-border financial services and risk control of micro-finance, because Guangdong has many foreign trade financial services and many micro-finance manufacturing.

These nine regions are basically first-tier cities and the most developed and active places in China. Making a sandbox for financial technology supervision in these places will help to combine the industrial chain and social ecology of the local economy and help to do a good job in promoting the better integration of finance and the real economy. In addition, there are many financial technology enterprises in these places, which can provide more technical support and experimental samples for the financial technology supervision sandbox. Further pilot, first, we should consider the sense of acquisition of small and micro enterprise customers, and whether the perception is strong is one of the evaluation criteria. We should not only pilot financial institutions and financial technology enterprises, but also understand customers' feelings about the pilot; Second, to promote the integration of finance, scenarios and industrial chains has always been a big problem in the financial industry. Supervision can encourage financial institutions to deepen industrial chain integration through financial technologies such as Internet of Things, biometrics and AI, promote the depth and breadth of integration, and promote finance to truly cover the whole chain of industrial chain finance.

June 65438+1October 65438+March 2020, Chongqing National Financial Technology Certification Center Co., Ltd. was established in Chongqing. The center will build the core competitiveness of financial technology certification, build a first-class authoritative professional certification institution, and become the backbone of China's diversified financial technology governance system.

On June 23, 2020, 65438+1October 23, at the special policy release event of the 2020 Financial Street Forum Annual Meeting, Mo Wangui, deputy director of the Financial Research Institute of the People's Bank of China, said that the central bank will set up a national financial technology risk monitoring center in Beijing, and the future financial technology risks will be included in the national unified monitoring.

Judging from the above information, the regulatory framework of financial technology in the future will be very strict, and it will go to the micro level, just like the classified monitoring of loans.

Financial Cloud, the Wave of Distributed Core Construction

The "Guiding Opinions on the Supervision of the 13th Five-Year Development Plan of Banking Information Technology in China (Draft for Comment)" issued by China Banking Regulatory Commission (hereinafter referred to as "Draft for Comment") was publicly solicited on July 16, 2006. The "Exposure Draft" pointed out: actively carry out cloud computing architecture planning and actively and steadily implement architecture migration. The "Draft for Comment" requires that by the end of the "Thirteenth Five-Year Plan", all important information systems for Internet scenarios will be migrated to the cloud computing architecture platform, and the migration ratio of other systems will be no less than 60%.

In addition to the above "Draft for Comment", in 2020, the central bank re-issued three standards related to financial cloud, which provided clear and specific guidance for the construction of financial cloud. June 65438+1October 65438+In June 2020, the People's Bank of China issued Technical Framework for Financial Application Specification of Cloud Computing Technology (JR/T0 166-2020) and Safety Technical Requirements for Financial Application Specification of Cloud Computing Technology (JR/T0 167-2020).

2020 is the last year of the Thirteenth Five-Year Plan, and the pressure on financial institutions to build financial cloud systems has doubled. Most banks choose the distributed core system as the starting point to build a financial cloud, but the specific ideas are different:

Some banks that have been established for a long time will not transfer all the business of the whole bank to the distributed system at once, but build a distributed database system from the aspects of wealth management, credit card business and internet channels, which has little impact and can be gradually piloted and popularized.

In 2020, ICBC completed the transformation of corporate financial management system from mainframe to distributed architecture based on distributed database.

In 2020, China Everbright Bank independently developed POIN micro-service system and promoted container cloud platform, and the cloud application rate of the whole bank was 87.5%. China Everbright Bank also launched a new generation of wealth management platform distributed database system based on TiDB.

GoldenDB, a distributed database jointly developed by CITIC Bank and ZTE, launched a new core of CITIC Bank's credit card, supporting 80 million credit card users, with an average daily transaction amount of 9 billion RMB, which passed the stress test of 4500 TPS.

Recently established private banks, because of their small historical burden, can build an online and offline integrated distributed core system from a high starting point, providing strong support for online deposit and loan business exhibition and offline integrated membership development based on financial technology.

Suning Bank, the first private bank in Jiangsu, is positioned as a technology-driven O2O bank, which took two years to build. In 2020, the industry's first online and offline integrated distributed core system "Yunkai" was launched. Yunkai is based on the distributed architecture of Suning Cloud, which effectively integrates the online and offline core business processing of banks into one system, and solves the serious problems such as "user data separation", "high R&D operation and maintenance cost", "not supporting high concurrent transactions" and "slow product R&D delivery" caused by the online and offline dual cores of traditional banks. The system has carried the daily processing and daily transactions of 25 million users and 3 million accounts of Suning Bank.

But do financial institutions really need a distributed architecture? If it is only a traditional business, in fact, the traditional database is enough. Some banks usually do not reach thousands or even tens of thousands of TPS. However, banks always have to do something to transform the Internet. IT will be beneficial if they can reduce IT costs, improve the agility of responding to business requirements and optimize the system architecture.

At present, the financial industry still uses cloud computing capabilities such as distributed database, middleware and virtualization at a low technical level. Many of our vendors prefer to integrate other people's solutions and open source codes, and have less core native technologies to master and contribute, and lack internationally influential core technologies of cloud computing.

Leading cloud computing enterprises in the industry have made major breakthroughs in core technologies. OpenStack, an open source cloud computing project initiated by NASA and Rackspace Company, released the 2 1 version (code Ussuri) of the platform in 2020, including Ironic supporting bare financial hardware configuration, Kolla supporting containerized deployment, Kunyr supporting IPV6 communication between containers, and Octavia supporting load balancing in marginal environment. In 2020, Red Hat released K8S new container runtime technology CRI-O instead of Docker, which set off a new wave of container market. Based on the highly available services of IBM Z server, Promontory compliance technology and OpenShift container platform, IBM released the public cloud of IBM financial services. Cape supports anti-money laundering, sanctions, anti-corruption, privacy and data protection, network and information security, consumer protection and other services in compliance, which is very suitable for the needs of financial institutions. Suning Financial Technology also recently released mPaaS, a DevOps mobile development platform built in ten years, which supports the rapid construction and generation of online financial apps, including a set of client native frameworks and component libraries: 3 R&D frameworks, more than 20 basic technical components and more than 30 functional components; A mobile intermediate station: providing R&D life cycle support, testing, publishing, analysis and operation; Support cross-platform, realize multi-terminal development, and support multi-channel precision marketing and operation.

Blockchain, completed by the king.

In 2020, the technological progress of blockchain will develop in the direction of protecting privacy and improving efficiency. Bitcoin focuses on improving privacy protection and smart contract capabilities in the following three aspects: Schnorr signature technology to protect privacy, Taproot, a smart contract solution to improve bitcoin privacy, and MASTER, a Merkel abstract syntax tree that can expand the flexibility and expansibility of bitcoin smart contracts. Multi-party payment technology has begun to appear in lightning network, which divides the sent funds into smaller amounts and reaches the receiver through lightning nodes. This has the rudiment of TCP/IP and distributed finance, but lightning network is also facing the challenge of WBTC, the DeFi system of Ethereum. Ethereum 2.0 (Eth2) was launched on June 5438+February 1 in 2020. Ethereum 2.0 has two major upgrades. One is to upgrade from PoW(Proofof Work) to PoS(Proof Stake), which can save electricity by building blocks through verifier and storing the Ethereum. Second, the deployment of debris chain can greatly increase the throughput of Taifang to 654.38+100000 TPS. Fabric 2.0 realizes decentralized management of smart contracts, CouchDB increases state database cache to improve reading efficiency, and uses Alpine Linux to encapsulate Docker images to reduce space occupation.

In the application of blockchain, several milestones have been ushered in:

The unit price of Bitcoin has exceeded US$ 32,000, and Bitcoin accounts for more than 70% of the market value of cryptocurrency, ranking 20th in the global legal tender market value list, reaching US$ 499 billion. In terms of market value, Bitcoin has become the world's largest "financial institution", with more than $480 billion in VISA；;

China Bank's digital RMB is piloted in Shenzhen and Suzhou through red envelopes and retail payment, supporting various payment methods such as offline wallet offline QR code payment, offline "touch" payment, and e-commerce online payment;

PayPal, with a single quarter transaction volume of $247 billion, announced its support for bitcoin transactions;

DBS Bank, Singapore's largest commercial bank, launched a digital trading platform based on blockchain technology, providing digital asset tokenization (digital tokens supported by stocks, bonds and private equity funds of unlisted companies), digital currency trading (bitcoin, Ethereum, bitcoin cash, exchange of Swedish currency with Singapore dollar, US dollar, Hong Kong dollar and Japanese yen) and digital asset custody ecosystem (digital asset encryption key);

Distributed application DAPP and distributed market MADE have heavyweight applications, such as Hyperion maps and so on.

Blockchain technology is accelerating towards maturity and practicality, which will undoubtedly become the cornerstone technology of the future digital world. Blockchain has made rapid progress in building distributed financial internet, distributed market and distributed applications, and killer applications other than bitcoin will soon appear in the future.

5G, the "barbarian" at the door of the financial industry

Finance has stayed in the era of mobile Internet for too long, and mobile financial APP has caused consumers aesthetic fatigue. At present, most scenario finance is nothing new, but basic services such as electronic account, loan and settlement. 5G is a mutation technology, which may bring great changes to financial services. At present, the number of mobile communication users in the world is 5.6 billion, and there will be a brand-new financial form of 5G in the future, but it is still in its infancy.

The core technologies of 5G include spectrum sharing, carrier aggregation, large-scale MIMO, fixed wireless access and network slicing. The highest data transmission rate of 5G can reach 10Gbit/s, and the user experience rate can reach 100Mbit/s, which is 100 times faster than that of 4G LTE. The delay of 5G network is extremely low, lower than 1ms and 5G30-70 ms.. 5G supports large network capacity and provides connections for hundreds of billions of devices. Network slicing can realize the virtualization of network resources.

Based on the GSMARCS standard, 5G messages support multimedia formats such as text, pictures, audio and video, interactive messages between individuals, and interactive messages between industry customers and individuals. The 5G message can be perfectly combined with the mobile phone address book, and based on the massive real-name information of the operator, personal identification can be guaranteed. The 5G message is a part of the mobile phone protocol stack. Unlike WeChat, users can use 5G messages without downloading the APP.

At present, the application of 5G in banks is still relatively shallow. For example, CCB mainly applies 5G in intelligent outlets, such as financial space capsule, smart home, space live broadcast, customer growth interaction, security monitoring and so on. ICBC has launched the 5G SMS service to some customers on a pilot basis, and handled banking business on the SMS page, covering more than 20 application scenarios such as investment and wealth management, card handling, loan, payment, intelligent customer service and outlet reservation. ICBC customers can complete business processing without downloading APP and opening WeChat. Minsheng Bank focuses on providing service voice navigation on the APP side through 5G, and also provides life encyclopedia content services such as wealth lecture halls, financial knowledge, children's education, health lectures, and tax explanations. Minsheng Bank also provides services such as instant messaging of account information, large-sum transfer, card activation, password management and asset certificate issuance through 5G.

The traditional insurance loss determination and claim settlement process is complicated. Although it has been optimized, it takes 2 hours at the earliest from taking photos to contacting the claim specialist, and the car mainly makes 7 or 8 calls to complete the claim. Zhongan launched the online auto insurance claim of "pay as you go", which can complete the whole process from reporting, surveying, determining damage, handing in documents, settling claims to paying and closing the case, and can be paid in 2 minutes at the earliest. Ping An Good Car Owner APP launched "Trust Compensation". As long as the car owner uploads the accident photos to the APP, he can leave the scene within 3 minutes and get the claim.

Operators have the deepest control over the 5G ecosystem. Now many operators have financial licenses and financial technology companies. 5G is a typical representative of dating technology. The rise of dating technology will be accompanied by the re-division of power map. From the current point of view, the subversion of WeChat by 5G messages is already on the road. MMS, social, video and live broadcast no longer need independent apps, and mobile operators have mastered a large number of real-name users' information. In the 5G era, customers can handle financial business without a bank app at all. If the past decade is the era of e-commerce finance, then the next decade may be the era of 5G finance. 5G is a "barbarian" at the door of the financial industry.

Looking forward to the emergence of 202 1 financial technology.

Financial technology will change the shape of the financial industry faster than we thought.

Pure online risk control will become history, and offline Internet of Things technology will accelerate the integration with online risk control, form an online and offline integrated risk control system, and accelerate the integration of the physical world and the digital world. Now Internet of Things movable property pledge, smart helmet tuning and satellite risk control are all cases; With the strong support of the global blockchain community, we will resolutely optimize the performance/privacy of blockchain such as Bitcoin, Ethereum 2.0 and FABRIC, accelerate the development of distributed financial transmission technology, simultaneously develop ecological technologies such as cross-chain/side-chain, accelerate the formation of a distributed financial Internet ecosystem based on the Internet world, streamline all financial intermediaries, and return finance to the source of value; 5G will begin to replace the existing financial service channels such as web pages, apps, WeChat and applets on a large scale, and it will also make financial interaction between machines and people, even between machines possible.

Castle peak can't cover up, after all, it flows east.

From different angles, this change must have different answers. Let's answer it from a financial point of view. Many banks have set up financial technology companies, which clearly shows that "finance+technology" is the future development trend.

First, make clear the actual connotation of "financial technology" in China. Specifically, at present, the focus of China's development of financial technology is mainly in the subdivision of "market infrastructure services", and more emphasis is placed on the assistance, support and optimization of various cutting-edge technologies to licensed compliance financial business. The application of technology has always been around the inherent laws and regulatory requirements of "finance".

This time, in the field of financial technology, so many banks have entered, indicating that financial technology has been raised to strategic considerations and core competitiveness by many traditional financial institutions. Change is inevitable, which requires these traditional banks to improve their processes, products, risk control, operations, scenarios and other aspects, and need technology to expand their boundaries. At the same time, at present, Internet giants still control many scenes such as e-commerce shopping and social operation, and it is relatively difficult for banks to fight their way out alone. Therefore, cross-industry and cross-regional cooperation in the field of financial technology will naturally appear, which will also be an effective way for many small and medium-sized banks to take characteristics and localization in the future. Science and technology should do a good job in science and technology, and finance should do a good job in finance, and cooperate with each other to provide customers with open and experiential financial services.

In my opinion, due to the overtaking of the Internet in the past few years, China's digital technology is relatively strong, and it is currently in a dominant position in the global financial technology field. However, in the actual economic operation, many fields have not been fully served by financial technology, which is the current contradiction. Therefore, the participation of banks, a financial institution that represents the will of the country, can further catalyze the rapid changes in the financial technology industry.

This is an irreversible trend, not because banks want to do so, but because times force them to do so:

First of all, Mutual Gold Company taught the bank a lesson. Finance can still be played like this, with lower cost and better profit. In the past, banks only defined the service of high-quality customers to maximize profits, but later found that customers other than the so-called high-quality customers had greater profits.

Second, traditional banks, whether several branches or community banks, have geographical restrictions. In fact, the cost is very high. On the one hand, the cost of supervision is not directly proportional to the profit, while the national cost of Internet platform audience is lower and the relative profit is more optimistic!

Third, the traditional marketing model of banks is gradually failing. Radio and outdoor media used to be very effective, but now it is getting worse and worse, forcing transformation and innovation!