Financial technology digital currency rural finance
Analysis of the market situation and development prospects of China's financial technology instry in 2019 analysis of the ten development trends in the future. The article said that with the deep integration of Finance and technology, financial technology is leaping to a new level. On the one hand, banks and other traditional financial institutions continue to add financial technology weight. Postal savings bank, Agricultural Bank of China and other financial institutions recently held a special campus recruitment session for financial technology, and will increase R & D investment in the field of financial technology in 2019. On the other hand, Internet based financial technology companies are rising rapidly. According to the performance reports recently released by Tencent, 360 finance, Lexin and other giants, the revenue of financial technology increased rapidly in 2018, of which the net revenue of 360 finance increased 464% year on year in 2018. At the same time, the "cross-border cooperation" between traditional financial institutions and technology companies is increasingly close, and the development ecology of financial technology is taking shape
instry experts said that the development of financial technology will improve the efficiency of financial operation, bring a new environment for private enterprise financing and financial risk prevention, but also bring new challenges to financial supervision. According to the recent intensive release of signals from regulators, financial technology will receive greater policy support, and financial technology supervision will also be tightened simultaneously
in the future, China's financial technology revenue will be close to 2 trillion yuan
according to the statistical data of analysis report on in-depth research and investment strategic planning of China's science and technology financial services published by prospective instry research institute , China's financial technology revenue in 2013 only reached 69.51 billion yuan. Since 2016, China's Internet finance is graally transforming from user traffic driven to financial technology driven. Although China's financial technology is still in the early stage of development, China's immature financial market provides the soil for the rapid development of financial technology. As of 2017, the total revenue of China's financial technology enterprises has reached about 654.1 billion yuan, with a year-on-year growth rate of 55.2%. According to the prediction of the Institute of prospective instry: in 2018, the total revenue of China's financial technology enterprises reached 969.88 billion yuan, with a year-on-year growth rate of 48.3%. It is expected that at present, financial technology serves financial institutions and is more inclined to the back end of the actual financial business, which is not the most profitable link in the financial instry chain. Therefore, it is difficult for the scale of financial technology revenue to usher in explosive growth in a short period of time, or it will continue to maintain such a stable growth rate. It is predicted that China's financial technology revenue will reach 1970.49 billion yuan in 2020
Statistics and growth forecast of China's financial technology revenue from 2013 to 2020, With the strong support of the policy, financial institutions and technology enterprises continue to increase their investment in financial technology, continuously reflect and release the value of data, enrich the application scenarios of financial business, and innovate financial solutions. Development Bank, unmanned bank, asset securitization, digital bill, non-performing asset disposal and other businesses are graally becoming reality from concept with the help of science and technology. As the fifth generation mobile communication technology (5g), quantum computing and other cutting-edge technologies change from concept stage to practical application, finance, as the first field to embrace technology, will also proce new sparks. In the future, the development trend of financial technology is reflected in ten aspects:1, open bank
open bank is the open service of banks through open application programming interface (API). That is to say, banks open their financial services to external customers (enterprises or indivials) through open platform (OpenAPI) and other technical means. Customers can use the bank's services by calling the API instead of facing the bank directly. Through the opening of API, banks carry out cross-border integration, realize data sharing and scene integration between banks and banks, banks and non bank financial institutions, banks and cross-border enterprises, and greatly expand the ecosystem of banking services
opening up banks has become a new wave of bank transformation at home and abroad in recent years“ The concept of "open bank" originated in the UK. In January 2018, nine UK banks shared data and implemented the concept of "open bank" for the first time. In July 2018, Shanghai Pudong Development Bank took the lead in releasing "apibank" open bank in Beijing, marking the first landing of "open bank" in China. Subsequently, ICBC, China Construction Bank, China Merchants Bank, Instrial Bank of China and Everbright Bank launched exploration one after another to realize the link between financial and life scenes through opening API
the era of open bank 4.0 represented by API
bank is coming. In the future, the business model of banks will be changed from B2C to B2B2C, and the service standard will be upgraded from standard NPs to integrated NPs. With financial services embedded in all aspects of life and proction, the cross-border ecosystem of "scene first, finance second" will become the mainstream. Although the application of open banking is still in the early stage, in the future, the bank's account function, payment function, financial procts, loan procts, etc. will inevitably form a standardized API centralized output, which will become the interface to open up the cross-border ecology
2. Unmanned bank
unmanned bank refers to recing the manpower use of traditional banks through scientific and technological means. Through the use of biological recognition, speech recognition, data mining, artificial intelligence, VR, AR, holographic projection and other scientific and technological means, it can replace the traditional bank teller, lobby manager, guide and other posts, and provide customers with full self-service intelligent banking services
the rection of bank manpower is the general trend at present. At present, most banks have realized the partial replacement of human resources, and a few banks have realized the complete replacement of office and store in the pilot. As of May 28, 2018, a total of 4591 physical outlets of China's banks have exited. Since the second half of 2017, the average growth rate of the number of physical outlets of banks has been 55% on a year-on-year basis. By the end of June 2018, the number of employees of the four major banks had decreased by more than 32000 compared with the end of 2017
in the short term, unmanned banks will still be in the pilot stage. At present, China Construction Bank has started the pilot of unmanned bank, covering more than 90% of cash and non cash businesses by replacing tellers, security guards and lobby managers with more efficient intelligent teller machines, and replacing manual verification with face brushing and ID card brushing. Although the unmanned bank has opened up a new path for the transformation of bank outlets, it is difficult for the current banking business to be 100% unmanned, such as the need to arrange security on ty; When customers open cards and remit money on the smart terminal, they will also arrange on-site service for the sake of security risks. Therefore, in the future, the unmanned bank will still exist as an exploratory pilot
3, quantum computing and finance
quantum computing is a new computing model that follows the laws of quantum mechanics. Ordinary computer uses 0 and 1 states in bit to store data, while quantum bit, the storage unit of quantum computer, besides 0 and 1,
can realize coherent superposition of multiple states at the same time. Therefore,
quantum computer based on quantum computing can record and calculate information by controlling the state of atoms or small molecules, and its storage and operation speed can far surpass that of traditional general-purpose computer. For example, it takes 600000 years to decompose a 400 bit number with a supercomputer, while it only takes a few hours or even dozens of minutes with a quantum computer
quantum computing can greatly improve the efficiency of financial services. Because of its powerful computing power, quantum computing can be applied in many aspects of the financial instry. For example, financial high-frequency trading, using the algorithm to automatically execute stock trading according to the preset trading strategy, under the premise of achieving the same results, quantum computing is much faster than the traditional computer. Another example is fraud detection, which can greatly accelerate the learning speed of neural network by using the fast learning characteristics of quantum computer, and quickly crack down on emerging fraud methods
quantum computing may also bring huge risks to the financial instry. Quantum computing's leap in computing speed may also pose a threat to the existing financial system. For example, many public key cryptosystems currently in use are likely to be cracked under the great computational performance of quantum computing, which will seriously affect the confidentiality and integrity of the Internet and digital communications around the world, and cause extensive and systematic damage to the existing security systems and management mechanisms. Therefore, before the quantum computer disintegrates the current cryptosystem and realizes the commercialization, we must establish the quantum security solution to form the security transition
4, 5g and finance
5g is the fifth generation mobile communication technology, which is the extension after 4G. 5g concept is composed of the landmark capability index "Gbps user experience rate" and a set of key technologies. 5g technology innovation mainly comes from wireless technology and network technology. In the field of wireless technology, large-scale antenna array, ultra dense networking, new multiple access and full spectrum access technologies have become the focus of the instry; In the field of network technology, a new network architecture based on Software Defined Network (SDN) and network functional Virtualization (nfv) has been widely recognized
5g will further optimize the financial services, realize the reconstruction of the financial scene, and inject new vitality into the financial instry. The hot high-capacity scenario of 5g technology will provide users with extremely high data transmission rate to meet the demand of extremely high network traffic density. This technology scenario will effectively improve the rate of mobile financial services and rece payment jams caused by network delay. At the same time, the improvement of the rate will also help to further enrich the payment mode through AR / VR technology, Provide more real scene experience; The continuous wide area coverage scenario of 5g technology can also contribute to the deployment of unmanned bank outlets. Through AR / VR technology, financial services can be brought to remote areas that cannot be covered by previous outlets, and inclusive financial services can be realized. In addition, 5g's low-power, large connection, low latency and high reliability scenarios for IOT business will also achieve the interconnection of everything, obtain massive, multi-dimensional and related data of people, things and enterprises, further optimize the supply chain finance, credit evaluation, asset management and other related financial services, and realize the exploration of more rich scenarios
The development of5g and related instries has brought about broad investment space, which has aroused great financial attention. On the one hand, 5g will provide faster speed and higher bandwidth, promote the further vigorous development of mobile Internet and the innovation of new mode of human-computer interaction, on the other hand, it will also realize machine communication, and hundreds of billions of devices will be connected to 5g network. 5g will also be combined with cloud computing, artificial intelligence, AR / VR, driverless and other technologies to bring more rich application scenarios in the fields of Internet of vehicles, Internet of things, instrial Internet, mobile health care, finance, etc. in addition, 5g network will also be a network with open capabilities. By combining with the instry, operators will build an open business ecosystem with it as the core, To expand new business income model, China Mobile has cooperated with strategic partners to build a 10 billion scale 5g investment fund. Many institutions at home and abroad, such as insurance capital, securities companies, sunshine private equity, venture capital, have also established dozens of 5g instry special investment funds as early as 2017. In the future, 5g and related instries will continue to attract high financial attention
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there may be what you need: relevant information of rural financial technology innovation cases
1. Fintech's challenge to the traditional financial service value chain
the traditional universal banking service chain includes customer relationship, retail and commercial deposits and loans, as well as a series of activities in currency and capital wholesale markets. Fintech has launched a strong challenge to the above components
cash, debit card, credit card and telegraphic transfer are mainly used for payment and settlement. Fintech provides large-scale domestic and cross-border payment services through "digital wallet" or "e-wallet". Although there is only a small amount of settlement income, with the help of all the data collected by the exchange, the company can sell non bank procts and services to customers. The new development model and the hope to avoid regulation make fintech company have no intention to set foot in the conventional banking instry
the traditional banking instry started with the construction of customer relationship, and now this historical characteristic is quietly changing: customers can compare prices and exchange services through electronic aggregators, and obtain investment suggestions by relying on the mathematical operation of intelligent investment consultants. As customers are more and more willing to entrust their investment decisions to machines, their funds and loans are easier to match the optimal interest rate. These processes will be smoother if public policy initiatives and new technologies are combined to create universally applicable, rable and reliable digital credentials
in the field of retail and commercial banks, fintech has intensified market competition by providing new lending platforms. In some G20 countries, new business models use big data and advanced analysis to tailor procts and services for customers
wholesale banks and markets have developed from intermediary transactions (i.e. traders through voice or electronic means) to non intermediary and fully electronic transactions. Mathematical algorithms and the growth of multilateral trading venues have led to the emergence of high-frequency trading. At the beginning of this century, the scale of HFT was still small, but now it has accounted for 75% and 40% of equity and foreign exchange trading volume respectively
technologies such as distributed ledger may promote the accuracy, effectiveness and security of wholesale payment and clearing infrastructure, and better meet regulatory compliance requirements. These advances could save tens of billions of dollars in costs and improve the resilience of the financial system< When analyzing the application of financial technology and its impact on the financial system, the G20 authorities should bear in mind at least three aspects of public policy considerations
first, we must solve many behavioral problems caused by new procts and services, such as customer applicability, anti money laundering and combating the financing of terrorism. Regulators should strive to ensure that financial advisory and service standards are complied with and the integrity of the financial system is protected
secondly, the al characteristics of greater capacity and more competitiveness must be able to reflect the value of digital identity. In developed and emerging economies, there are still billions of people unable to enjoy the banking services they should have, and some countries are still isolated from the global financial system. New technologies may provide solutions, such as biometrics and cryptography, which have been used to verify the identity of customers, thus improving the efficiency of financial services and recing the e diligence costs of anti money laundering and anti-terrorism financing
thirdly, we must pay attention to basic issues such as data protection. For a long time, financial institutions protect and use their customer data in accordance with a sound legal regulatory framework; In contrast, social media companies regularly collect but often share huge amounts of information about their customers. In the future, fintech will collect and share data from a wider range of channels, but people are still arguing about whether to build an appropriate framework for data management
3. The impact of fintech on financial stability
the FSB assesses how the development of fintech will affect the resilience of the financial system and market infrastructure by identifying the risks associated with new and existing financial institutions and financial activities. There is nothing new in the sun. Even if the same behavior of different institutions is harmful to financial stability, the regulatory authorities should deal with it in a unified way. It can not be treated differently just because it is a new thing, nor can it be included in the supervision just because it is out of the scope of supervision
at present, in order to solve the regulatory problems caused by payment innovation, UK behavioral regulators have taken the lead. The reasons are: on the one hand, fintech payment service providers have not launched banking business, on the other hand, these providers have not yet reached the systematic level. Looking forward to the future, when virtual currency and fintech providers join the central bank payment system, they may graally replace the traditional bank payment services and payment systems. This diversity has its positive significance, after all, the existing hierarchical and highly centralized system has appeared a single point of failure risk. At the same time, regulators need to monitor any new changes in concentration. Based on this understanding, the digital economy act of UK proposes to extend the definition of payment system beyond banks to cover every systemically important institution
the change of payment settlement and customer relationship is of far-reaching significance to financial stability. Although fintech is concive to the conventional banking instry to enhance competitiveness, optimize efficiency and enrich customer choice, the liberalization of customer interface and payment business may also mark the end of all-round banking. In addition, if the source of retail capital of universal bank is not stable enough and the long-term customer relationship is weak, the deposit volatility and liquidity risk may increase. Weak customer relationship also makes cross selling unable to go deep, and ultimately affects the profitability of banks. Although the whole financial system does not necessarily face risks, the prudential standards and disposal mechanism of banks will need to be adjusted
the diversification of financing methods also means that when the retail banking instry is unable to provide loans, new financing services such as P2P can be replaced to provide credit support for consumers and small businesses, and some borrowers will increasingly rely on this source of funds. At present, because the underwriting standard and the lender's tolerance of loss have not been tested by the economic downturn, the stability of this financing mode in the whole economic cycle is still unknown. Limited by the current scale and business model, P2P loans are not enough to cause significant systemic risks, but we still need to pay close attention to the problems such as the rection of underwriting standards and the growth of excessive borrowing. In addition, in the absence of a banking business model or the use of asset securitization model, it is impossible to judge how far P2P can develop. If the situation changes, regulators need to make up for the new loopholes in time
in wholesale banking and markets, it should be noted that intelligent investment consultants and risk management algorithms may lead to excessive volatility or procyclicality under herding behavior, especially when the underlying algorithms are highly sensitive to or correlated with price changes. Algorithmic traders have become an important source of liquidity in many major markets. They tend to trade frequently in the stable period of the market, which may lead people to think that when the market needs liquidity most, these funds will leave the market quickly
in terms of wholesale payment, settlement and clearing infrastructure, fintech innovations such as distributed accounts need to meet the highest standards of flexibility, reliability, privacy and scalability, whether they have been adopted or are still used as alternatives. For all financial institutions, the emergence of fintech has greatly changed operational and network risks. Regulators need to be wary of new single point of failure risks, such as whether banks rely too much on public hosts of online banking or cloud computing service providers. In recent years, with the continuous advancement of the informatization level of financial institutions, the threat of the network to the financial system is also increasing. Fintech envisions data sharing among a wider range of parties in the future. With the continuous improvement of transaction speed and automation, problems such as data protection and system integrity may become more serious.
financial technology actually comes from the United States. There is no concept of Internet Finance in the United States, only financial technology, which mainly refers to Internet companies or high-tech companies using cloud computing, big data, mobile Internet and other emerging technologies to carry out financial services. These services and the financial procts and services provided by banks are not subversive but complementary
in conclusion, the essence of Internet finance is finance, and financial technology has higher requirements on science and technology, and advocates using the power of science and technology to provide financial services.