Zhuang Chen Chao of internet banking: financial innovation motivation is 'deregulation'I almost her career working in the Internet industry, always in the forefront. In fact, I believe that innovation Nike Air Foamposite One and opportunity in history, Greenspan cited a passage in the book 'Looking to experience the history and future of application experience, this is the opportunity for innovation.' Why travel companies spend so much time to do internet banking in fact to double history, you'll see all the innovation in the history of all:? When Citibank (Citibank) fast bankruptcy, was acquired by Travelers Group. Travelers Group is actually a very important shareholder of Nike Hyperchaos Shoes 2013 Citibank, which is a travel company that started doing business travel insurance; Citibank is one of the world's largest banks, he is very big business is related with tourism. The second company is US Express (American Express), the world's largest business travel company, his first product is the traveler's checks (Travelers Cheque), so this is the trip with financial relationship. Financial Innovation true motive: to deregulation starting in 2013, Internet banking is very popular in China, and why at this time is the sudden onset of the Internet technology, mobile technology has reached a certain height, or mobile phone, Pad penetration reaches a certain height? Therefore, the financial balance of the Internet, Alipay broke a brief look at the history of all nations climax of financial innovation come from a word? - 'deregulation (Deregulation)'. In fact, the real reason is that last year China's financial industry has begun to truly 'deregulation.' Around 1970, the United States has experienced a huge deregulation, is the US savings and loan crisis, similar to China's rural bank deregulation, they can lead to a wide range of expansion, interest rate competition, this time the United States is very active in financial innovation. Now why do we discuss the most is not all P2P raise? Because the Commission has not deregulation. So far, if you want to raise the public, then the Commission will be looking for you to talk, because this part has not been deregulation; and interest rate liberalization, the interest rate market is already clear the product after deregulation. For the current regulatory P2P is relatively relaxed state, this is the real origin of the Internet banking. How do you view this situation in China, the policy risks P2P development? This can also be found from the experience of history, all countries of the world including Europe, the United States, the social problem of the financial losses, there Nike Air Jordan Women are stringent legal penalties. US P2P recent regulatory thinking is 'Qualified investor (QFII)', the concept and hedge funds, that is, if the people themselves have their own investment capacity, Nike Kobe 9 Elite Low sufficient assets and investment experience, and follow certain investment principles, you can investment in high-risk products, such as hedge funds, P2P. Regulation ensures two things: first, the fewer people, the higher the assets; secondly, if a large-scale loss occurs, you will not be large quantities of people, 'the streets' because 'the streets' Let this event the evolution from an economic problem into a political issue. Such risk control worldwide phenomenon actually has nothing to do with China's national conditions. There are a lot of things are not a problem situation, any political body of the world, any company, problems encountered in the history constantly repeats itself, will adopt the same principles to solve the problem, but not the same name, just not the same scene. So the question will have a high risk products, the United States many years ago on the hedge funds have encountered and resolved. P2P core problem:? Risk control problem solving a lot of problems in the country today is how to solve some P2P company to do more radical, in total disregard of the regulatory, always walking a fine line in the play of the law; but a better idea is the whereabouts of some of the already occurred countries with similar problems, how to solve such problems. For example: Some P2P companies more conservative practices, such as requiring the investor's investment behavior should be monitored, not single vote too, must diversify, and so on, I think these are some good ideas for the whole industry relatively healthy development. I personally was very optimistic about P2P, although in China there will be many risks and challenges, but the idea of problem solving can find out solutions from other countries, history. P2P will encounter what is the biggest risk? United States in the 1970s savings and loan deregulation occurs during a crisis, resulting in a financial disaster, that's why later FDIC (Federal Deposit Insurance) company established It is to solve the issue of deposit insurance. Before the financial crisis, you save money in the United States by any one bank account, $ 100,000 is to ensure that the national credit, if a bank goes bankrupt, the state pay you $ 100,000, after the financial crisis, this amount increased to 250,000, The problem is that at the time of deregulation caused. Why deregulation would cause such a big change? Essence Bank's deposit-taking, lending and risk hedging. Deregulation process, for the sake of all bank business expansion, the relaxation of lending conditions, such Nike Air Max as: the original Xichu people, just pay ten points, now pay twelve points, you can absorb the funds come in, in order to achieve Fast zoom scale. If there are five hundred companies were racing, more than anyone else to pay higher interest rates, borrowing more daring, the end result is a disaster on the market. This phenomenon is listening very familiar, a lot like P2P market? US This competition is open savings and loan disaster, Nike Lebron X Elite resulting in many bank failures, a lot of money down the drain cargo storage, the last country to intervene. But in this process, there are many companies bigger, reason is risk control. P2P this business is ultimately effective, focusing on risk control. Thus lead to the financial nature of the Internet, the Internet Nike Air Zoom Flight The Glove is a tool, it does not change in any fundamental problems or provide Supra Skytop IV a fundamental solution, but lead to enhance the expansion, increased permeability and effectiveness in Internet technology. Even data can not be obtained in the past are now able to get. The fundamental problem of the actual financial risk control, so we have to ask ourselves two questions: '? How to change the risk control of' 1 '? I have designed this product really changed financial risk control you' 2, One possibility is a reference to the law of large numbers Nike Air Jordan 8 at the same risk, so risk is more dispersed. The second possibility transactions, such as the popular 'special lending engine' in the international community that, according to the interpretation of the data, design the appropriate lending products, such as Jingdong, Ali's supply chain finance, data in their possession Traditional banks simply can not grasp, while their risk monitoring capabilities are traditional financial institutions can not do. Including in the tourism industry, we have someone do supply chain finance, such as trading volume is very large tickets, which were potentially many special lending products. This concept can also be applied to all the chips and insurance, tourism class companies, such as where to go, Ctrip has the insurance license, we are pushing for a lot of special travel insurance. According to the 'data', our interpretation is completely different understanding of the situation is completely different, it is possible to give different values to calculate risk, so our insurance pricing is different, even by way of sale data will change the situation for the consumer insurance. This is data changed the risk bargaining judge determines the different pricing. CapitalOne is an age of the Internet business in the front very famous company, serving the special high-risk customers, is the first reference to the concept of big data, a lot of the risk value analysis, marketing tools have also been a lot of innovation. They serve the US company, which in the past the traditional computing model is to borrow money, but CapitalOne get through some special tools to calculate risk and interest, to lend money to the company, leading to the rapid development of this company has always been. Today, CapitalOne is already the fourth-largest US bank, but only for 15 years, the big US banks have hundreds of years of history. Innovation opportunity: the opportunity to return to the commercial nature of the whole innovation where to look back on history and not to pay attention to those who thought nothing of the Internet, I think the nature of the business is very simple Air Jordan Outlet and straightforward. What is the nature of retail? Product to all, the price is lower, faster delivery, regardless of any kind of technology is eventually returned to the surface. Financial nature of the Internet, too, lent money to people who always want a high-interest, high-yield, low risk, easy to use, the borrower is the end of the interest, loans fast, to be flexible repayment terms. The key problem is that in today's scenario you use a new technology, new usage scenarios, optimized for extreme environments, rather than focus on those very nothingness Piaomiao concept. The first D Rose IV principle we thought the easiest to implement in the Internet financial years, so as to find opportunities. I personally think that the Internet is not a take-banking business, on this point can explore the history. The financial industry is one of the world's most active industry mergers happen, but today such a huge tradition in the financial industry, various brands of financial companies after another, because of the nature of financial risk control, the larger the risk control weaker. Finance is a very Jordan B'Mo virtual product, the greater the business done, is bound to do more and more complex, economics above the 'agency costs' is the following mechanisms people use the commission to take the risk in exchange for some mature transition transition proceeds, it is It will be produced. In order to prevent such things, large financial institutions must add many layers regulation. But the more regulation, operational efficiency will be lower, this type of industry disappeared from the market. The financial industry has a lot of business, first with a small company to do it by large companies to buy Nike Air Jordan 5 Women into it, perhaps after some problems bigger and bigger, when government intervention will bring more regulation after these operations will be divided to a small company to do. For NIKE KD 6 NSW example: resource products trading because of the risk is too high, so many governments for the exchange of large banking institutions supervision, to put resources peeling sheet, and generated a new round of innovation opportunities, so I think the Internet will not finance is a winner-take-all industry segments as long as any to do a single large, there are a lot of very opportunities or market, or mergers and acquisitions. So I think Cheap Nike Free Outlet this industry is full of opportunities and change. Wal-Mart's virtual monopoly in the retail industry, but anywhere in the world could not say a bank is a monopoly of all, this is the nature of financial decision. The key is to understand the nature of the industry, ignoring those rumors impetuous, and really to understand the technology, the technology used in the scene, some very origin of the problem is solved and improved in order to obtain a truly innovative. (This article is based on the Liu Hong-jun Where network CEO Zhuang Chen Chao lecture on coffee finishing in 3W)