互联网金融的本质（The nature of Internet Banking）

1、互联网金融的本质（The nature of Internet Banking）Now this hot Internet banking, all the financial industry to take the point of the Internet side, feel the seemingly outdated, but from my own understanding of the asset management industry, there is no causal relationship between what is, the Internet is not

2、a panacea, any things is the inevitable result of two sides, there are also inevitable advantages bring disadvantages.In the field of high capacity threshold and high amount of threshold, the Internet is in fact ineffective. Because the ability can not be copied in batches, can not quantify the oper

3、ation, the advantages of the Internet will be lost. The high amount of field, reflects the unit revenue and unit cost can be balanced, only those units cost is very high, but the yields relatively small industry, need a common technology of mass operation, reflecting the innovation for a large numbe

4、r of trivial things technical way.What do we call the core of the asset management industry? In fact, it is the ability to create wealth and gain high returns in the market, which determines the core competitiveness of Asset Management Co. This ability so far from the global perspective, it depends

5、more on two aspects, the first is the human factor, this is nonsense, but the truth is, the core competition in this field is one of the competition, the asset management industry gave birth to countless bright star, become a legend, the God is now alive, called Buffett. What are the second factors?

6、 Its the weather. Although many people do not agree with this factor, they have to admit the existence of this factor. Even for the vast majority of organizations, this factor is higher than the first factor mentioned above. Asset management industry from a very long time, in fact, is a cyclical ind

7、ustry, China is particularly obvious, personal ability is often useless.Under these two conditions, the Internet can play what role? Can the Internet transform the human body? Or can you change the cycle? Personally, I dont think two of them are realistic. Now many people say that the Internet gener

8、ates big data, can help asset management industry more effectively enhance the level of asset management, thus forming the core competitiveness, how to say? The feeling is right and wrong. The individual may be right, but on the whole, its hard to say.From the environment point of view, because the

9、market is the final investment subject matter, and the customer group is the same, and the market is often mutual game, not only an institution, from the credit market perspective, the level of risk control often leads to good, no business can do, in the asset management industry, relative good, aft

10、er all, there are still differences formed ability and vision of the management level, the influence of different investment results, but from the whole of the asset management industry, a large area of the industry is going to be because of this game, let the market form a simple price competition,

11、 very few companies can make use of the ability profiteering.From the final form of society, the ultimate profitability of the asset management industry is the average social profits, especially in the case of extremely rampant liquidity, most of them into the zero sum game. In this pattern, the mon

12、ey you make is largely the loss of other peoples money. As the Internet, even if you form good technology, you can say the exact thing,Just to help individual Asset Management Co beat other Asset Management Cos behavior, asset management industry, in fact, in the long run, back to the end is a socia

13、l average profit.Then we come back, some internet financial market talk on the hot, we associated with the asset management industry, most people may think is the balance of treasure as the representative of the channel model, and put him in a very high level up evaluation, all sorts of conclusions,

14、 close to the Internet, learn internet thinking, I dont like many people think, the balance of treasure is a good internet financial model, yes, but rather, he told us the asset management industry in fact very limited, why? Lets see first, what is the essence of the balance treasure? Balance manage

15、ment. First balance, and then management. From this point of view, he is a typical free rider mode.How to understand the hitchhiking mode, simply speaking, as an Internet cafe, your business is very good every day tens of thousands of people to the Internet, you in order to better serve them, you gi

16、ve them water, instant noodles, takeaway, bed and so on, to help them better to play games online. But here is the premise of the two, the first is that you have a great group of customers, tens of thousands of people online, second what you offer is positively related to things, people you need thi

17、ngs, do not give people cause resentment, if you have nothing, five minutes once prompted by a sudden impulse radio to ask customers to sell financial products. I estimate that basically clients have gone off half. So what is the essence of the reflection here? It is these people who come here not t

18、o buy instant noodles, nor to buy water. They come online. No instant noodles, people like to access the Internet, basic services is the network.The success of the balance of treasure is the core of customer base, Alipay 180 million users, you do not provide the balance of treasure, people will also

19、 use Alipay, this is the core of the balance of treasure, it is not because of the balance of treasure with Alipay, but because of the need to use Alipay, he used the balance of treasure, the balance of treasure for customers to obtain a higher income, but also can be equivalent to the deposit, the

20、typical cost free is replaced, the balance of treasure hot is logical.Cool look at the balance of treasure, in fact, it can be found that this model can not be copied, only the site to customers with a great foundation, second, is also limited to provide monetary fund, in addition to the IMF, other

21、products can not adapt to, once many fund companies sent to the expectations of the Taobao fund supermarket, after the listing, sales bleak, same mass customer groups based on why monetary fund sales, while other funds are not? Since the former is positively related, the latter is irrelevant.So many

22、 people from the impact of the balance of treasure on the Internet Finance on the asset management industry, I personally feel is the case is of practical significance is not large, the whole industry is very difficult to find second with such a huge payment account settlement system of Internet com

23、panies, but rather, this model basically can not do large-scale that does not meet the size of the asset management industry, the balance of treasure can make how many billion? Much depends on the size of Alibabas Taobao,Not by the balance treasure itself can decide.Because of his logic is to open m

24、ore and more Internet cafes to customers more and more, in order to have better service overlay, core or its own format, asset management is just the optimal one of their own format tool, asset management is just accessories, just when the tool is not necessary, myth and jittery.So, a lot of the ass

25、et management industry to learn about the balance of treasure, I feel like going in the opposite path, no matter what you learn, you are not good, a lot of people to learn about the balance of treasure customer oriented Internet thinking, in order to make the asset management industry, we do not say

26、 first, the asset management industry in general are the channels separated the source of the problem of the user, resulting in overly dependent on channel customers, and not their own customers precipitation, there would be no customer oriented problem.Lets talk about asset management, even if you

27、have clients, how do you deal with customer orientation?. To be exact, the asset management industry cares more about the customers feelings than the Internet, because the customer is the God of the asset management industry. Without clients, there is no management fee, and business is out of the qu

28、estion. But the question is how to meet customer needs? In fact, I found the Internet customer demand is relatively complex, but the supply and demand of financial actually easy, is extremely simple, but almost very difficult to solve, the asset management industry customer demand, is actually a wor

29、d, to make money. If you can not earn money, customers are useless in the supremacy, even if ten years, twenty years of old customers, you let him lose money, the same goodbye.So, in the asset management industry, the external customer first is false, you get peoples money, in fact, is not the most

30、difficult, the most difficult is how to continue to show your profitability, customers will have to stay, and this problem, I discussed earlier, the Internet technology is actually the the proposition cant be answered.Now many people are saying that the Internet business in the future will subvert t

31、he financial industry, subversion of the asset management industry, my personal opinion is not the same with these people, I own two point of view, the first Internet companies have this idea, second Internet companies do not have this capability.The first second, the ability of the problem, is actu

32、ally the case, many people criticized the strong control of our country to the various financial institutions in China profits space, I think this thing is good stuff but also control the bad things, good stuff is to give you exclusive rights legitimate business operations, but the fact that he is a

33、 golden, but also a inhibition, he let your hands tie into a ring with each other only mouth, have the ability of the body can not show color capability, this ring mind think also know very ugly, greatly reduce the likelihood of the final pattern is in China the innovation of financial institutions

34、in the internal control, must have the innovation is basically close to walking, or what is cross-border, cross-border? Cross-border is illegal, and this will be able to understand why Chinas financial talents are in prison, the innovation is faster than the inevitable result of regulation.And why i

35、s the advantage of Internet companies lies in innovation, lies in vitality, lies in opening up,It can continue to break through the control issue of imagination to create demand, but if you gave him a license, into a regulated market to play with you, he is equal to cripple the ability has become no

36、 ability, so I feel a little brighter mind are not so dry so, now, see a lot of Internet companies to enter the financial sector, but whether they want to understand the financial inside play together with you? Is my conclusion fixed?.Before I turn this topic, let me briefly explain my personal unde

37、rstanding of several features of the internet. There are two core Keywords: breaking the hierarchy and spontaneous, actually breaking levels, we change the personnel training and production system, training system of our past talent is actually hierarchy, the examination in the examination, has the

38、ability, and the examination of this things many factors. Two of the most famous ancient scholar exam, Huang Chao and Hong Xiuquan, they both subvert the two dynasty, that has enough ability to get the job, but why?Because the hierarchy of talent identification mechanism is single theory, they in th

39、e hierarchical society, the rising channel is not available, only to break the hierarchy system, it is possible that the talents more and diversified, the biggest advantage of the Internet, is to break a hierarchy, provides more talent channels the Internet, will produce a lot of non professionals,

40、who can beat a lot of professional non professionals, I myself in the process of investment, have seen many non professionals, but the knowledge and conversation is far better than the specialized institutions of professionals, the perception of things more sharply.These people have the ability to a

41、ttribute is not the cultivation of talent shows itself, but the ability to identify, recommend a few friends, I recently read an article you can never be Buffett, the article thinks a lot of people after the age of 12, basically talent has been decided, before the advent of the Internet without thes

42、e people, a large area of the buried in the area of investment, the future, they will emerge into the high requirement of the asset management in the field, perhaps can change some specific industry structure, focus on the performance of the intermediary, outside into a small intermediary industry s

43、tate.In the field of credit, I see a lot of such a model, in the field of asset management, currently exactly, also emerged a number of private, popular a few years ago is typical of this format, will continue to emerge, break the current institutions leading asset management pattern, the differenti

44、ation is the mainstream trend, specifically, the world, as long as based on the competence of any one industry, is bound to show diffuse state, because the ability of the first not bulk copy, you can find or develop a, but not ten, one hundred mass production capacity will have second self fission.

45、The ability of people will require to get the ability to match revenue.Therefore, it tends to differentiate and fission, so most lawyers, accounting firms, wealth management and investment institutions are in partnership, and the Internet will only exacerbate this behavior. Therefore, the future pat

46、tern of asset management, unlike the United States should not be too big, should be a few big giants,With numerous small specialty institutions of the state, a few days I went to the United States to visit an old family, they are entrusted to the Wealth Management Studio, the studio I guess nobody h

47、ad heard of, very small, three or four people, but two of the family wealth management, the scale of broken billion dollars.Spontaneous organization, also called all organizations, is the Internets second characteristics, the characteristic is that a large number of people spontaneously because of c

48、ommon values and other factors, together, these people may come from different levels, different companies, different areas, through the Internet to become to gather parts into a whole. Of course system, also can break up the whole into parts back to their respective system, to this format, in fact,

49、 is exacerbated by the trend of micro finance.The future of the formation of the company, the formation of the investment team will lower the cost, reduce the cost of the business at the same time, in fact, investment cost will be down, there are two miniature in the financial sector will gradually

50、the amount of miniaturization, future investment, the amount may be lower, the lower, and the non single transaction amount is lower, but the form of expression for example, now lower, micro lending, micro finance, micro insurance, micro charity, micro investment, the amount of one thousand dollars

51、to lower, a person, a piece of money into one thousand people, the emergence of Internet technology makes this form of change, exacerbating the financial threshold is lower. Also exacerbated the more cross-border financial and fuzzy, there will be more and more institutions to enter this field, and

52、ultimately a huge competition in the market structure, it will inevitably have great challenges to supervision. The financial dispersion has been greatly strengthened.In fact, I have recently found an interesting proposition, that is, Internet companies do finance, the core is not financial, it is t

53、he internet. This overturns my own previous judgement. Why do you say so? Because I found that the logic of the Internet and the biggest difference between financial logic, in fact, is different ways of thinking, I have been thinking these days, the logic of the Internet is what? In fact, the logic

54、of the Internet on five words: do not take the ordinary road.Before a lot of people say that the Internet thinking is the customer experience first, I thought, now I do not think that the customer experience first, actually is who want things, but the difference between the power without power, the

55、Internet format determines that he can only do so, otherwise it can not earn money, while others do not need to be the customer first to make money, so there is the mouth shouting, do not practice, if one day the Internet companies do not need to estimate the supremacy of customers will be able to m

56、ake money, also not customer first, this distinction is limited, interest. But do not take the ordinary road, this Internet thinking is very interesting.We look back at the past few years, the Internet or external or internal competition, competition, in fact is not a confrontation, do not take you

57、straight down the way, but instead of new species, the process of continuous subversion and self subversion, this is the way of thinking of the internet. He can always find or create solutions that customers or even they do not know need to subvert before the model, which is the progress of technolo

58、gy, on the one hand, change of thinking mode.Its hard to say, it must be the customers demand angle, because the customer may not know he has this demand, and the customers demand is created.The simple thing is, Im using something new and different from you to replace what you did in the past, and n

59、ot that you have one thing, and Ill do the same thing to replace yours. WeChat is not the subversion of the micro-blog, but he greatly accelerated micro-blog depression, because he put the human needs to pay more attention to the people around things, open social relationship, pull back to the closed state, he had no confrontation with micro-blog, but he crippled by micro-blog. WeChat is a very interesting thing, he built a new platform,