What are the categories of Internet financial products?

1. Information-based financial institutions

The so-called information-based financial institutions refer to the transformation or reconstruction of traditional operating processes through the use of information technology to achieve comprehensive electronic operations and management. financial institutions such as banks, securities and insurance. Financial informatization is one of the development trends of the financial industry, and information-based financial institutions are the product of financial innovation. From the perspective of the entire financial industry, the information construction of banks has always been at the leading level in the industry. It not only has an internationally leading financial information technology platform, but also built a three-dimensional electronic banking service system consisting of self-service banking, telephone banking, mobile banking and online banking. Moreover, it leads the industry with its large-scale informatization project, the data centralization project.

At present, some banks are building their own e-commerce platforms. From a bank's perspective, the core value of e-commerce is to increase user stickiness and accumulate real and credible user data, so that banks can rely on their own data. To discover the needs of users. Financial service platforms such as CCB's "Shanrong Business" and Bank of Communications' "Jiaobohui" are powerful manifestations of bank informatization. ICBC's e-commerce platform is also expected to be launched around New Year's Day in 2014. As a bank without Internet genes, what is the purpose of rushing to promote the e-commerce platform?

From a business model perspective, traditional bank loans are process-based and Fixed, banks are more inclined to provide services to large institutions from the perspective of cost saving and risk control. Through information technology, the problem of information asymmetry can be alleviated or even solved, setting up a platform for direct cooperation between banks and small and medium-sized enterprises, and enhancing financial The functions of institutions serving the real economy. But more importantly, by building e-commerce platforms, banks have actively opened up data silos in various departments within the bank and formed a trinity Internet platform of "online banking, financial supermarket, and e-commerce" to cope with the wave and challenges of Internet finance.

Information-based financial institutions can be understood from another very intuitive perspective, that is, through the informatization of financial institutions, we can remit money without going to the bank, trade stocks without going to the business office, and can buy insurance by phone or online. This is the life that everyone is now accustomed to, but these are the conveniences brought by financial institutions based on the development of Internet technology and the information transformation. In the future, in the era of Internet finance, traditional financial institutions will focus more on how to make full use of the Internet and other information technologies faster and better, and rely on their own strong financial strength, high brand trust, talent focus, and perfect risk control system. and other advantages, as a type of Internet financial model to cope with the impact of non-traditional financial institutions, especially the impact on thinking and speed.

2. Third-party payment

According to the definition of non-financial institution payment services given by the central bank in the "Measures for the Administration of Payment Services of Non-financial Institutions" in 2010, broadly speaking, Three-party payment refers to online payment, prepaid cards, bank card acquiring and other payment services determined by the People's Bank of China provided by non-financial institutions as payment intermediaries for recipients and payees. Third payment is no longer limited to the initial Internet payment, but has become a comprehensive payment tool with full online and offline coverage and richer application scenarios.

From the perspective of development paths and user accumulation paths, the current operating models of third-party payment companies on the market can be classified into two categories:

One is the independent third-party payment model; It refers to a third-party payment platform that is completely independent of e-commerce websites and does not have a guarantee function. It only provides users with payment products and payment system solutions, with Kuaiqian, Yibao Pay, Huifu Tianxia, ??Lakala, etc. as typical representatives.

The other type is the third-party payment model led by Alipay and Tenpay that relies on its own B2C and C2C e-commerce websites to provide guarantee functions. The payment for the goods is temporarily held in custody by the platform, and the platform notifies the seller of the arrival of the payment and shipment; in this type of payment model, after the buyer purchases the goods on the e-commerce website, he uses the account provided by the third-party platform to pay for the goods, and waits for the buyer to inspect the goods. After confirmation, the platform can be notified to pay the seller, and then the third-party payment platform will transfer the money to the seller's account.

3. Big data finance

Big data finance refers to the collection of massive unstructured data, which can be analyzed in real time to provide Internet financial institutions with comprehensive customer information. Analyze and mine customers' transaction and consumption information to understand customers' consumption habits and accurately predict customer behavior, allowing financial institutions and financial service platforms to be targeted in marketing and risk control.

Financial service platforms based on big data mainly refer to financial services provided by e-commerce companies with massive data. The key to big data is the ability to quickly obtain useful information from large amounts of data, or the ability to quickly monetize big data assets. Therefore, the information processing of big data is often based on cloud computing. At present, the operating models of big data service platforms can be divided into platform models represented by Alibaba Microfinance and supply chain finance models represented by JD.com and Suning.

Alibaba Small Loan provides financial services in a "closed process big data" manner. It uses an electronic system to assess the credit status of lenders and issue unsecured credit loans and accounts receivable mortgage loans. The single amount is less than 50,000 yuan, which is a very good complement to the bank's credit. The supply chain finance model of JD.com and Suning is based on e-commerce as the core enterprise, using cash flow from future earnings as guarantee, obtaining bank credit, and providing loans to suppliers.

The big data financial model is widely used in e-commerce platforms to provide loan financing to platform users and suppliers, thereby obtaining loan interest and corporate benefits brought by a smooth supply chain. With the improvement of big data finance, companies will pay more attention to the personal experience of users and design personalized financial products. In the future, competition among big data financial companies will exist in the scope of data collection, identification of data authenticity, data analysis and personalized services.

4. Crowdfunding

Crowdfunding roughly means public financing or crowd financing, which refers to a model of raising project funds from netizens in the form of group purchases or pre-orders. The original intention of crowdfunding is to use the communication characteristics of the Internet and SNS to allow entrepreneurial companies, artists or individuals to showcase their ideas and projects to the public, win everyone's attention and support, and then obtain the financial assistance they need.

The operating model of the crowdfunding platform is similar - individuals or teams in need of funds hand over project planning to the crowdfunding platform, and after relevant review, they can create their own page on the platform's website, using to introduce the project to the public. There are three rules for crowdfunding: first, each project must set a fundraising goal and the number of days to raise funds; second, if the target amount is reached within the set number of days, it is successful, and the sponsor can obtain the funds; if the project fails to raise funds, all funds have been obtained Return to supporters; third, crowdfunding is not a donation, and all supporters must have corresponding returns. Crowdfunding platforms will draw a certain percentage of service fees from successfully funded projects.

Some people have predicted that the crowdfunding model will become another channel for corporate financing. It will provide another solution to the current situation that the IPO gate is closed in China and it is increasingly difficult for companies to go public and raise funds. The plan is to raise funds through crowdfunding. However, judging from the current domestic actual crowdfunding platforms, due to restrictions on the number of shareholders and regulations on public fundraising, there are more pre-sales and market promotion platforms for innovative products represented by "Roll Call Time", as well as "Taobao" platforms. It is a dream realization platform for creative projects such as humanities, film and television, music and publishing, represented by "DreamNet" and "DreamChaser.net", as well as some micro-public welfare fundraising platforms.

Luo Zhenyu, who is testing the waters of the Internet knowledge-based community, is the speaker of the self-media video talk show "Luo Ji Thinking". On August 9, 2013, 5,000 pieces of 200 yuan/person were valid for two years. The membership accounts were sold out within 6 hours. It can also be called one of the successful cases of the crowdfunding model, but it is difficult to be replicable.

Since mid-2013, a number of entrepreneurial service platforms for the seed and angel stages, represented by venture capital circles and angel investment circles, have launched a "crowd investment" model for people to enter. vision and a good understanding of the original intention of crowdfunding. However, due to the difficulty in judging the merits of projects and the extreme uncertainty of the rate of return, it is currently only limited to a small number of angel investors, investment institutions and a few people who invest and play. Among them, the amount involved is relatively small.

Compared with the bustling P2P, crowdfunding is still in a relatively quiet stage. The current domestic regulations on public fundraising and the red line that makes it particularly easy to step on illegal fund-raising have made the equity system of crowdfunding develop slowly in the country, making it difficult for it to become bigger and stronger in the country. The impact on the financial industry and corporate financing in the short term is very limited. . From the perspective of industry development, the current development of crowdfunding websites must avoid the situation in the past when group buying websites rose in droves and fell one after another due to the same operating model and content. This requires the operation of crowdfunding websites to reflect their own differentiation and highlight their own vertical characteristics.

5. Internet financial portal

Internet financial portal refers to a platform that uses the Internet to sell financial products and provides third-party services for the sales of financial products. Its core is the "search and price comparison" model, which adopts a vertical price comparison method of financial products to put the products of various financial institutions on the platform, and users select suitable financial products through comparison. The diversified and innovative development of Internet financial portals has resulted in the formation of third-party financial institutions that provide high-end financial investment services and financial products, and insurance portals that provide insurance product consultation, price comparison, and purchasing services.

This model does not involve many policy risks, because its platform is neither responsible for the actual sales of financial products nor assumes any bad risks, and the funds do not pass through the intermediary platform at all. Currently, in the field of Internet financial portals targeting credit, wealth management, insurance, P2P and other sub-sectors, there are Rong360, 91 Financial Supermarket, Haodai.com, Yinsu.com, Geshang Financial Management, Datong.com, Wangdaizhijia, etc.

The greatest value of the Internet financial portal lies in its channel value. Internet finance has diverted customers from the banking, trust, and insurance industries and intensified competition in the above industries. With the gradual advent of interest rate liberalization and the advent of the Internet financial era, for the demand side of funds, as long as the specific money can come from ICBC or ICBC within a certain period of time and within an acceptable cost range, Whether it is China Construction Bank, a P2P platform, a small loan company, trust funds, private placement bonds, etc., it is no longer that important.

6. P2P online lending platform

P2P (Peer-to-Peerlending), that is, peer-to-peer credit. P2P online lending refers to the matching of fund borrowers and lenders through a third-party Internet platform. People who need to borrow can find people who have the ability to lend and are willing to lend based on certain conditions through the website platform, helping the lender to work with other lenders. Sharing a loan amount diversifies risks and also helps borrowers choose attractive interest rate terms based on fully comparative information.

The profit of P2P platforms mainly comes from collecting one-time fees from borrowers and collecting evaluation and management fees from investors. The interest rate of the loan is determined either by the lender's bidding or the platform provides a reference interest rate based on the borrower's creditworthiness and the bank's interest rate level.

With no entry threshold, no industry standards, and no institutional supervision, there is no strict conceptual definition of P2P online lending, and its operating model has not yet been fully finalized. At present, the following operating models have emerged:

The first is a purely online model. Typical platforms for this type of model include Paipaidai, Helidai, Renrendai (part of the business), etc. Its characteristics are: Fund lending activities are all conducted online and are not combined with offline review. Usually, the measures taken by these companies to verify the borrower's qualifications include video authentication, checking bank statements, identity authentication, etc.

The second is a model that combines online and offline services. This type of model is represented by Pterosaur Loan.

After the borrower submits a loan application online, the platform uses agents in the city to conduct household surveys to review the borrower's credit standing, repayment ability, etc.

The third type, the creditor's rights transfer model represented by CreditEase, is still being questioned. In this model, the company acts as an intermediary to screen borrowers, lends in the name of an individual and then transfers the creditor's rights. For financial investors.

Judging from the characteristics of P2P, it reduces the degree of market information asymmetry to a certain extent and will play a certain role in promoting the marketization of interest rates. Due to its low participation threshold and low channel cost, it has expanded social financing channels to a certain extent. But from the current point of view, it is difficult for P2P online lending to shake the dominance of banks in the credit field and cannot have a fundamental impact on banks.

P2P mainly targets small and micro enterprises and ordinary individual users. These are mostly customers who have been "abandoned" by banks. They have relatively poor credit, relatively low loan amounts, insufficient collateral, and because of the central bank's personal The credit reporting system is not open to P2P companies for the time being, resulting in low P2P loan review efficiency, small customer contribution rate, and low probability of loan approval. In addition, many credit loans in other places are subject to high credit review and collection costs. , the bad debt ratio of many P2P platforms has remained high.

P2P online lending platforms are still in the cultivation stage. Insufficient user awareness and imperfect risk control systems are the main obstacles to the development of the P2P industry. The information about the disappearance of a few platforms has also had a bad impact on the industry. Most of them have the mentality of grabbing a handful and running away, relying on high rates of return to defraud investors' funds within a short period of time after the platform was launched. Few of them go bankrupt due to real poor management. Therefore, we cannot completely negate an industry because of the bad behavior of a few bad apples. Instead, we must gradually establish a filing system and related fund supervision while intensifying the crackdown on truly illegal and fraudulent behaviors.