The typhoon is coming, standing on the wind mouth, pigs can fly up ? This is millet technology founder Lei Jun in 2013 in the Chinese business leaders annual meeting said a sentence, now become the most fashionable buzzwords. Here is what I have organized for you Internet entrepreneurship which wind mouth related articles.
What are the other entrepreneurial wind mouths in Internet finance
The big market of Internet finance
Finance is a huge market.
According to the People's Bank of China Financial Stability Report, China's nominal GDP totaled $63.7 trillion in 2014.
The banking sector has a deposit balance of $117.37 trillion and a loan balance of $86.79 trillion, both of which are growing at a slower rate.
Premium income of 2.0 trillion yuan, property insurance premium income of 720.3 billion yuan, life insurance premium income of 1.1 trillion yuan, health insurance premium income of 158.7 billion yuan, accident insurance premium income of 54.3 billion yuan, the growth rate is obvious.
Residents' deposits are in the trend of financial management, the balance of bank wealth management 13.8 trillion yuan, the balance of the trust plan 12.8 trillion yuan, the balance of brokerage capital management 8 trillion yuan, the fund company's assets under management of 9.5 trillion yuan, the individual investor's holdings of the A-share market value of the listed circulation of 7.9 trillion yuan.
Relative to the light, the Internet financial development of the hottest P2P industry transaction size and loan balance is still in the hundreds of billions of level, the density of insurance and the depth of insurance is far lower than the developed countries, the foreign asset allocation and quantitative wealth management has just begun.
Therefore, both from the perspective of the stock market and the incremental market, Internet finance is very promising.
In addition, compared to other traditional industries, finance is particularly suitable for Internetization, because financial transactions only require information flow and capital flow, and do not require logistics.
However, the financial industry has obvious externalities, and financial risks can easily trigger economic and even social crises. Therefore, it is necessary to keep a close eye on the thinking and movement of the regulatory layer.
Internet finance mapping
Broadly speaking, we look at Internet finance from the asset side, the capital side and the intermediary side, and credit, payment and money constitute the infrastructure of Internet finance. The business model of Internet finance is roughly a combination of the above dimensions.
The asset side
The asset side corresponds to the demand side of the funds, and the underlying assets can be personal car mortgage, personal credit loans, corporate real estate pledge, equity pledge, accounts receivable and financial assets and so on.
The threshold of the asset side lies in the low-cost access to high-quality assets, including customer acquisition and wind control.
(A) customer acquisition
The asset side of the customer acquisition refers to the acquisition of customers with borrowing needs through a certain scene.
The scene side can be divided into online or offline, self-built scenes or through the existing scene flow. Customers can be divided into individual customers or corporate customers, students, white-collar or blue-collar people.
In the social credit system is not sound, the user habits have not been developed, through the offline self-built scene is necessary to obtain customers, for example, Yixin has hundreds of stores in the country tens of thousands of creditors.
For consumer finance, many consumer finance companies rely on existing scenarios for customer acquisition because of the existence of consumer scenarios from the beginning. For example, the rental installment company will rely on the real estate agent infusion, medical installment companies need to clinic stores to obtain users, education installment companies need to be through the educational institutions infusion.
Of course, companies that have mastered the transaction scene can also provide financial services directly to upstream and downstream customers, in addition to channeling the flow to financial companies. Ali, Jingdong, Meituan, etc. are all realizing through financial services, and all B2B startups are claiming to provide P2B services on a transaction basis. The trend is that customer acquisition will gradually transition from offline to online, and from third-party infusion to the establishment of their own traffic entrance.
(ii) wind control
Many people say that the core of finance is wind control, we do not go to judge the right or wrong, but at least it shows that wind control is an indispensable part of all financial business.
The traditional financial institutions of the wind control from the process is divided into pre-lending, lending and post-lending, for the main body of the borrower is mainly to evaluate its willingness to repay and repayment ability. Internet financial risk control should be based on respecting traditional risk control common sense, and introducing different risk control models for different customers in different scenarios. For early projects, we often can't judge whether a certain risk control method is effective or not, and it may be more important to see whether there are people with relevant experience in the core team. However, it is important to have the ability to ensure that the loan is based on a real transaction, to be familiar with the creditworthiness of the target group, to be able to price the risk based on the probability of default of the customer, and to match the risk management approach to the scale of the business.
It is important to emphasize the background of real transactions. Thanks to the Internet and IoT technologies, we are able to determine whether a transaction is real or not, which is of vital importance for risk control. For example, warehousing finance and supply chain finance is not a new concept, the bank has long had this business, but why it has become a hot spot again today, a very important reason is that the development of the Internet and the Internet of Things technology allows us to monitor the situation of the goods in and out of the warehouse, the status of the order fulfillment and the status of the customer's water flow, and only on the basis of the real transaction, the wind control can be effectively carried out.
The money side
The money side corresponds to the money supply side. It is divided into two categories, one of which is the C-suite financial customers, and the other is the traditional capital suppliers such as banks, insurance and funds.
Early P2P is the asset side and C-end financial users do both ends, at this stage, the top ranking P2P companies and BAT basically occupy the C-end traffic entrance, part of the platform to obtain the actual cost of investing in users has been as high as a few hundred dollars. And in the case of platforms claiming to peddle, most investors still pay more attention to the yield, for the advantages and disadvantages of the underlying assets do not have a high ability to distinguish.
Therefore, the asset side of the project in the start-up generally need to invest a small amount of their own funds to verify the wind control model, after which you can dock the financial side of the P2P, the benefits of which is fast lending speed, but at a higher cost. Or docking banks, insurance and other cheap capital side, but slow disbursement, high cooperation threshold.
Banks, securities, insurance, funds and other financial institutions in the gradual Internet at the same time, the Internet financial startups themselves are also evolving towards the model of these financial institutions. No one will subvert anyone, but to complement each other, integration, convergence. p2p can be seen as a complement to the bank. Equity crowdfunding can be seen as a supplement to brokerage firms, and in the short term it is difficult to see crowdfunding become an independent business model, or dependent on technology media or dependent on e-commerce platforms or dependent on financial platforms. Internet insurance, in addition to mutual insurance, other innovations must rely on insurance organizations. Internet wealth management can be seen as a complement to funds and wealth management companies.
(I) Internet insurance
The trend of insurance is simplification, customization, scene and mutual assistance.
In terms of process, it can be divided into sales, pricing and claims. Startups are mainly in the joint insurance companies to solve the problem of sales and pricing, for example, the small umbrella is mainly joint insurance public for specific groups of specific risks to customize and sell WYSIWYG insurance products, claims treasure is mainly for insurance companies to provide group insurance claims service.
Insurance, can be divided into property insurance and life insurance, property insurance in the car insurance is the big head, life insurance in the life insurance accounted for the main position. We all see that UBI is the trend, but at present the wearable device market is immature, there are still difficulties in data collection
Difficulty, UBI still needs time. The innovation of auto insurance is mainly to go to the agent, for example, one day car insurance by stopping the car insurance to attract users to buy car insurance on it, 1 car insurance collection of a number of insurance companies to quote directly to the owner. Life insurance is mostly sold through agents, and startups mainly provide agents with a mobile platform for business development.
Mutual insurance organization form is very different from insurance companies, there is no problem of conflict of interest between shareholders and insured, and it has an important position in developed countries.In February 2015, the CIRC issued the Trial Measures for the Supervision of Mutual Insurance Organizations, which stipulates that the number of initiating members should not be less than 500, and that the initial operating capital should not be less than 100 million RMB. The startups we have seen so far include Cancer Commune, e Mutual, Must Mutual, Quark Alliance, etc. It is worthwhile to study how to solve the regulatory issues, scale up access to people with similar risk profiles, and how to solve the problems of adverse selection and insurance fraud.
(ii) Internet wealth management
Internet wealth management has a very interesting phenomenon, wealth management platforms, basically all the current treasure + fixed-term treasure, some will be expanded to fund products or equity crowdfunding.
Similarly, there is also stock speculation software, the basic model is self-selected stock + information + market + trading. The market share of the top-ranked Flush is about 2.16%.
Why in the field of financial management did not appear in the Internet field only the first no second phenomenon? Is the ultimate pattern of the market has not yet arrived?
CITIC believes that in the field of Internet wealth management, there will always be the existence of companies that have been in the limelight for decades, for two reasons:
1, the user's financial needs are diversified. From the perspective of asset allocation, users can allocate funds in cash, bank finance, baby products, P2P products, stocks, bonds, trusts, funds, derivatives, real estate, foreign exchange, precious metals and offshore assets and so on.
Even within the same segment, users' needs are differentiated. For example, in stock trading, there are those who prefer news, those who favor technical analysis, those who favor fundamental research, those who favor quantitative analysis, those who favor macro research, and so on.
2. The supply of quality products is always limited. Not everyone can buy Buffett, Simmons, Wang Yawei and Xu Xiang's products. In a particular market environment, there is a ceiling on the size of capital that can be carried by different investment strategies and investment styles. The size of assets under management is negatively correlated with investment returns and risk appetite.
Therefore, diverse demand and limited supply lead to no one can eat up the entire market. Moreover, the best era of Internet wealth management is still far from coming, the financial tools are not rich enough, and the transaction methods are still backward. The trend of Internet finance is civilianization, socialization, globalization and quantification.
Entrepreneurial companies cut many angles, Xintian Venture Capital believes that the following two points constitute the core competitiveness:
1, with the ability to create a traffic entrance. For example, Alipay -> balance treasure, treasure, WeChat -> Wealth Management, digging wealth and handbook through the bookkeeping tool to accumulate a large number of users after the sale of financial products. Caiyu steward tries to gather users through one-stop asset management and then intervenes in the transaction, and very handsome investor attracts young users by talking about human financial education and then provides financial services for them.
2, with the ability to develop high-quality financial products. This can be a professional asset management capability, such as public and private equity funds, wealth management companies, MOM&FOF, Betterment&Wealthfront, or the development of a certain type of high-quality assets, such as certain P2P products, offshore financial products, etc.
This is the first time that I've ever seen a company that has been in the business of providing financial services.
Intermediary
CITIC understands the intermediary as the connector between the asset side and the capital side.
From the crowd perspective, we can see that there are creditors platforms such as Rong360, LoanSecret and Direct Loan; financial planners platforms such as One Wealth and Financial Harbor; and insurance agents platforms such as Sunflower. In addition, we can also look at the intermediary side from the perspective of industry financial solutions, for example, the material bank connects the logistics company and the bank, for the logistics company to solve the problem of capital demand, for the bank to solve the problem of customer acquisition and post-loan supervision. The core business of the dubai gold service is the system of financial claims, financial product structure design, to provide quality financial products for the financial platform.
These modes of **** the same point is that the use of their own professional ability to travel in the asset side and capital side, itself does not bear the credit risk, we are very optimistic about this type of startups.
Infrastructure
Xintian Venture Capital understands the asset side, the capital side and the intermediary side as the transaction layer of Internet finance, and there are many companies that can be accommodated at the transaction level, and a business model can be formed by combining several modules.
Credit, payment and currency are the infrastructure of the whole Internet finance, these areas leave relatively few opportunities for startups, but the companies that survive in the long run will become giants. For example, the central bank monopolizes the right to issue currency, and virtual currency is defined as a virtual commodity. In the payment field, Alipay, WeChat Pay and UnionPay are the three that eat meat while the others drink soup. Credit field has more opportunities than currency and payment, personal credit system audit system, currently issued eight licenses, basically large companies; enterprise credit system filing system, so the threshold is lower, there is no lack of enterprise check, Qixinbao such as startups. On the basis of credit can be derived from a very large number of business models, for example, Alipay in the sesame credit score based on the introduction of credit life, covering food, clothing, housing, transportation, food, drink and entertainment. Small Credit pushes matching financial services for users on the basis of aggregating the scores of several credit collection companies, such as borrowing, insurance, card issuance and various installment services, etc. These are new directions to explore. These are new directions to explore and deserve attention.
Confessions of an Internet finance entrepreneur: Standing on the wind, pigs can really fly
Confessions of a finance entrepreneur: Standing on the wind, pigs can really fly
On March 16th, the 75th day of the official launch of the Huaguo Finance, the cumulative turnover of 280.39 million yuan, 30 times more than the initial plan. It's 30 times more than the initial plan. Of course, as a P2P loan product, more than 200 million business volume in the bank, that is, a second-tier city of a senior credit manager a quarter of business, that is to say, we use dozens of people PK off the bank's a business manager, there is nothing to be proud of.
Of course, the smart readers must have seen, the above paragraph belongs to the implicit pretense, for a start-up Internet finance company, such growth is not easy, but in today's P2P industry, such a growth rate is not really fast, especially in recent months, a P2P company's monthly growth of less than 50%, are embarrassed to say to others. Into 2014, although the media friends are still immersed in last year's P2P collapse wave of pessimism, but also in the worried and constantly discussing the business model is not feasible, P2P company how to survive; and the market is another completely different scene: almost every day, almost every reliable level above the P2P platform, are staged such as the 12306 like a hot scene! The situation on the market side is quite different: almost every day, almost every P2P platform above the reliable level is staging a scene as hot as 12306: half an hour before the daily bidding time, thousands of users start to refresh the page with F5 constantly, hoping to be lucky enough to buy in the dozens of seconds from the time of the sale to the end of the purchase window. There was even a platform that once had a bizarre event where too much money poured in at the same time for the last millisecond, hard squeezing the total amount set by the program by hundreds of thousands.
In order to deal with the daily backlog of millions to tens of millions of users idle funds (charged the value but can not grab the product), the site had to develop a variety of strange money queuing system or shaking the system to reduce the number of user complaints, customer service every day have to receive dozens of complaints phone calls, angry users in the rant: ? I have been robbing for more than twenty days, why can't I buy it yet!!!? Why did this market turn so hot overnight?
Probably for the following reasons: first of all, thanks to the media. p2p this business is actually a long time, in China has been 5, 6 years of development, it is essentially belong to the risk of lending, that is, those who due to a variety of reasons can not get a loan from the bank of the individual or enterprise, with a higher price of money to get money, the quality of the asset is not high, but also the risk of the more suitable for a certain degree of risk-tolerant financial investors, the risk is not high. Risk-tolerant financial managers, before 2013, P2P as one of the common means of financial management of Internet users, no more than 50,000 people, is a niche market. And the media hype in the second half of 2013 brought a lot of followers to this market, and among them, there are quite a number of shrewd followers, who found that even though this market is a high-risk market, after deducting all the losses (defaults, runaway, etc.), the average financial return rate brought by this market to the users is 13.8%, and more than 90% of the financial planners realized an annualized financial return of more than 15%. So there were about 250,000 savvy users who entered this market between the second half of 2013 and the beginning of this year. Although 250,000 users is not a large number, the rapid influx of money equivalent to five times the previous amount of money (totaling about $60 billion) has greatly exceeded the amount of money that this market can take.
Second, thanks to the various treasures. Due to the strong performance of the babies, bank deposits lost 900 billion in January, the loss of these deposits has brought a side effect, that is, the bank loan amount is also correspondingly reduced, so that a lot of the original ability to obtain funds from the bank of enterprises and individuals, crowded to the P2P market, and the P2P market increased more borrowing resources, the quality of the assets has improved a lot. Fruit this month completed a milestone project, the construction of a stadium in Beijing, the project financing a total of 200 million, originally through the bank channel to solve, but the bank quota is not enough, and finally used a hybrid fund-raising approach, through the fruits of the platform to complete the fund-raising of 50 million. For such large, high-quality loan projects, previously the patent of banks and trusts, through the P2P platform to undertake such projects, previously unthinkable, and today, it really happened.
Third, thanks to the banks. For a long time, banks in China's financial system are in an absolutely strong position, this strong not only in the bullying of depositors, but also in the bullying of various partners upstream and downstream of the industrial chain, such as financial guarantee companies, the bank to give the guarantee company's premiums are too low, and a lot of risk transferred to the guarantee company end, so that the guarantee company is almost impossible to get profits through the normal business of the bank guarantee, the bank guarantee. So, along with the rapid development of Internet finance, the various traditional banks on the upstream and downstream institutions, have begun to repair the road in the dark, a variety of business resources to the Internet platform, a moment, but also a little bit of the meaning of the monkeys from a sinking ship. Below, is the entrepreneurs may be very concerned about the problem: this market looks pretty awesome, if you enter today, there is still a chance? My answer is that there is, but to be a little more difficult. Although from the user side, the current market is only about 300,000 real users, there seems to be a lot of room for growth, but on the other end, that is, with the traditional financial resources docking, after a year of rapid horse-racing, leaving the space for the latecomers has not been much.
But all of this is not really up to me, so if you've decided that you can make a career out of this, go ahead and do it boldly. But there are two things I still have to want to enter the industry comrades to remind: First, P2P this boat, up easy, down hard. Although from the policy level, the recent positive news for the Internet finance, but the financial sector is undoubtedly the most stringent state control in the field, from last year's collapse of the P2P platform to see the final outcome, whether because of normal mismanagement, or malicious fraud, and finally the police uncle Dan intervened in the end. At least at present, China's regulation of the financial market or stability thinking, no matter what the reason, you just give the people caused losses, so that the people to the government gate surrounded, are first arrested. This is really risky, you have to think clearly. Secondly, P2P no matter what kind of gorgeous coat, it is just a part of China's private financial system, to do a good job in this industry, you must have enough ability to dance with a variety of forces in China's private financial system ****, microcredit companies, guarantee companies, private moneylenders, and even the B society, each is not an oil lamp. To convince them to accept the Internet, but also to guard against them not to pit you, is not an easy thing.