Technology helps finance become smarter. How does financial technology seize new opportunities?

On August 3, Lieyun.com’s 2018 Financial Technology Industry Innovation Summit with the theme of “Intelligent Transformation into New Finance” was successfully held at the Four Seasons Hotel in Beijing. The summit was hosted by Lieyun.com and co-organized by Sharp View, Lieyun Capital, Lieyun Finance, AI Planet, Chuang Toutiao and Hive.

In the past June and July, the online lending industry has been experiencing constant explosions. Many Internet financial companies are facing life-or-death choices. Some companies that have transformed into financial technology still have lending businesses. Faced with the same challenges, uneasiness in the lending field has also spread to the entire financial technology field.

Against the background of this poor market environment, the 2018 Financial Technology Industry Innovation Summit hosted by Lieyun.com was successfully held, which is enough to see the recognition and firm belief of all industry professionals in the field of financial technology. The development and changes brought about by this field can promote the progress of the industry. This summit was also attended by executives from representative platforms in the lending field. In this field that has already encountered a crisis of trust, they are willing to stand up and rebuild the industry's trust system, showing people that this field that has been led astray by some speculators is still worthy of people's trust. , empowered by technology, it can solve more problems for individuals and small and medium-sized enterprises; in addition, the guests also discussed how to break out of difficulties and how to develop amidst doubts, etc. *** also made suggestions for the urgent needs of the industry and found ways to solution.

The Fintech Summit hosted by Lieyun.com has also built a communication platform for top experts in the Fintech industry and investment elites. Facing the new market of deleveraging, strict supervision, and emphasis on risk control, they Focusing on topics such as technology, capital, industry, and ecology in the field of financial technology, we will communicate with each other about new changes and changes under domestic trends, explore new opportunities driven by technology, and provide ideas for people in the industry to learn from. Lieyun.com will continue to deeply explore the domestic entrepreneurial service market, and will also actively participate in integrating global entrepreneurial and investment resources, and strive to build a globally competitive venture capital service platform.

The beginning of smart change

In the entire broad financial technology field, after regulatory baptism and license restrictions, the entry threshold for the financial technology industry has increased, and the market has gradually become more standardized and rational. But as big data, cloud computing, artificial intelligence, and blockchain technologies continue to be verified and iterated in application scenarios, how will new technologies reshape the future of finance? In 2018, amid the tests of supervision, technology, capital, and assets, how to face and embrace new changes has become the biggest challenge for financial technology companies.

The rise of financial technology has only taken two or three years. Entering 2018, financial technology is facing new tests, with regulatory reshuffles, model difficulties, lack of scenarios, technical challenges, and innovation a mystery. , facing the great changes in new finance, how will financial technology companies break through? With the continuous innovation and iteration of technology, finance has increasingly become a "test field" for technology. Especially in terms of financial risk control, technology has become the core competitiveness. As technical barriers are gradually broken down, new outlets for smart finance may be formed, and financial intelligence will change. Unstoppable.

Jin Jilei, founder and CEO of Lieyun.com, said in his opening speech as the representative of the organizer that "intelligent new finance" has become a new mainstream trend in the financial industry. Some of the shortcomings of early Internet finance have been eliminated in the current period. Under financial technology, we will surely get better solutions. Technological changes and technological iterations have brought many surprises to the financial industry. Big data and artificial intelligence technology have been widely used in risk control and anti-fraud. Blockchain technology, which is in its early stages, will also bring benefits to this industry. Come to a greater breakthrough. Technology drives financial reform and reshapes finance. At the same time, it drives industry competition to a new critical point and forms a new financial ecosystem.

Nie Xianzhu, deputy secretary-general of the China Association of Small and Medium Enterprises, attended the summit and delivered a speech, saying that in the traditional financial environment, it is actually very difficult for a disadvantaged group to integrate into the financial environment. With the emergence of new finance, this process has become simpler, allowing more people to enjoy financial services. In addition, to a certain extent, many small and medium-sized enterprises are "vulnerable groups".

Nie Xianzhu also said that at present, the development of small and medium-sized enterprises is restricted by many factors, the most important of which is the difficulty of financing and the high cost of financing. The introduction of various policies is also to "stabilize finance", prevent and resolve financial risks, and achieve deleveraging to better serve the real economy. Compared with the traditional financial system, new finance has the characteristics of wide coverage and a better understanding of small and medium-sized enterprises. It combines cutting-edge technologies such as the Internet, big data, blockchain, and biometrics to integrate them into products more suitable for small and medium-sized enterprises. Financing of small and medium-sized enterprises has made a contribution; at the same time, the emergence of new finance has also provided more new channels for financing of small and medium-sized enterprises.

Under the concept of smart new finance, for enterprises in the new financial field, those who have entered the game are faced with difficulties and future development problems, while those who have not entered the game are waiting for new entrepreneurial directions. As an excellent technology venture capital media, Lieyun.com relies on its platform advantages and venture capital resources to attract elites in the industry and many famous guests. In response to various questions in the industry, at this summit, the participating guests also expressed their opinions, starting from multiple perspectives such as risk control, standardization, innovation, and integration, and published under the reconstruction of "new technologies, new scenarios, and new ecology" expressed his own views on the innovation and development of financial technology.

Guests attending this summit include top experts and entrepreneurial elites, as well as technology geeks and investment experts. At the summit, Wang Ge, founding partner of investment giant Guoke Jiahe, and Liang Yu, partner of Creation Partners Capital, shared their views on the new development direction of financial technology from the perspective of investors; in addition, Jia Jing, partner of Delian Capital, Four guests, namely Ouyang Qiwei, director of Broadband Capital, Yu Zhenbo, vice president of Huachuang Capital, and Zhao Nan, investment director of Fangsheng Fund, discussed investment and financing opportunities under financial changes.

Many guests from Internet securities, Internet insurance, wealth management and other fields gathered together to discuss the new changes and opportunities in the current intelligent new finance. Among them, four guests, Huang Xu, COO of Neutron Star Finance, Wu Wenxiong, co-founder of 91 Finance, Tian Liwen, a big data expert at Elephant Insurance, and Zhang Chun, CEO of Yongquan Financial Services, discussed the dilemma and rebirth of Internet finance.

Thinking about new ecology and new solutions

Some people say that financial technology is no longer what it used to be; others say that a new outlet for financial technology will be formed; under the trend of smart finance, Will financial technology really disrupt the traditional financial industry? Also worth pondering. The current environment of the Internet finance industry is not particularly good, but Internet finance should have a bright future, so how should we take this path? What should industry professionals do?

In this regard, at the summit, Wang Ge, the founding partner of Guoke Jiahe, shared a topic with the theme of "Cold Thoughts on Fintech: Dare to ask where the road is" and said that if Internet finance wants to have a bright future , we must first overcome the "survival hurdle". There are three main things that need to be done. First, as policy supervision becomes stricter, we must maintain healthy cash flow; second, we must control the pace of financing and accumulate food and grass in advance; third, we must be prepared for the long-term war of resistance, adjust our business models, and improve our own hematopoiesis. ability. In addition, in his view, the essence of finance is risk, and the financial industry is risk spread, so when talking about finance, we must first talk about risk.

Regarding risk control, Zhang Yu, vice president of Ronghui Jinke, believes that when big data risk control is applied in the real financial technology field, a deep collision may be appropriate. When customers have higher and higher requirements for business experience, how to use big data to improve financial technology and make it more enjoyable for customers, the big data risk control application has just arrived.

In addition, in Zhang Yu’s view, many relatively sensitive data have huge commercial value and can well help licensed financial institutions and financial technology improve risk control, accurately acquire customers, and help consumers Obtain more convenient inclusive financial services, but how can these data be fully mined and refine greater risk control capabilities under the premise of compliance? There's still a lot to do here.

In addition to risk control, technological empowerment also provides more possibilities for the securities industry to establish a new ecosystem.

When Chen Yu, director of Futu Securities, shared "How Internet securities can occupy the traditional market with services", he said that technological means will continue to change the development pattern and business model of the securities industry in the past and in the future, that is, using massive data mining to accurately analyze user profiles and Marketing and value-added services to improve user experience. The brokerage business will become a very important entry point in the Internet securities industry. The entire industry chain will begin to extend from traditional commission income to value-added services including wealth management, asset management, etc.

Explore new trends and new scenarios

The Internet securities industry after reconstructing the ecology is a new trend; and in the Internet insurance industry, health insurance will also become a major development in this industry trend.

The health insurance market, in terms of premium scale, is not the mainstream of insurance compared to traditional life insurance and property insurance. Health insurance is a pure protection product, but Easy Finance and Easy e-Insurance Vice President Xu Shuo believes that health insurance should be China’s largest insurance development direction in the future. In my country's commercial health insurance market, demand is strong but it cannot develop. It still faces pain points such as weak channels, products, weak awareness of protection, and low people's trust in insurance companies. In response to these problems, Xu Shuo suggested to first conduct subtle market education for users, and then create accurate user portraits for the educated customers, mainly through three methods: accurate push, accurate pricing, and interactive optimization to promote the conversion of commercial health insurance.

In addition, Xu Shuo believes that insurtech is an applied technology and does not require particularly sophisticated tools to serve insurance companies. We should not try to make subversive changes. The insurance industry is a very old industry. The company has its own internal processes, and technology can solve many things, but if it goes too fast, insurance companies may be less receptive to technology.

Regarding Xu Shuo’s view, Jin Zhuxiong, chief asset allocation analyst of Geshang Wealth, also agrees. Jin Zhuxiong said that instead of trying to make disruptive changes, we still have to look at the field of financial development. The essence of finance is to control risks. So how to balance crazy technology and rational finance? In Jin Zhuxiong's view, the output of technology is unlimited and financial risks have boundaries. They naturally have conflicts.

In addition, Jin Zhuxiong believes that artificial intelligence can improve the working experience of personnel in the entire financial industry. Using big data, assets can be allocated to customers simply and quickly through customer portraits and customer behaviors; using AI, labor costs in the financial industry will be greatly reduced in the future, and a fully intelligent financial platform will be formed. Maybe in the next three to five years, we will be discussing the future of financial practitioners under a fully intelligent financial platform.

Jin Zhuxiong also talked about how the non-standardized product experience will evolve under the new technology finance. He believes that this requires intelligent two-way matching between the wealth side and the asset side: intelligent customer service that identifies user models and tags. , intelligent selection based on big data and algorithms, and qualitative analysis in artificial intelligence-assisted scenarios.

Not only in the field of private equity, but also in the field of commercial services, some new financial forces have also emerged. Kuang Jianfeng, co-founder and director of the Data Research Center of Haozhu, said at the summit that the emergence of many emerging financial companies in the past two years, especially technology and financial start-ups, has created a large number of demand for location selection and after-office services. But the financial sector has been one of the most affordable for years. Traditional financial companies are relatively concentrated, with complete supporting services and tall buildings in CBD, Financial Street and other places, but the corresponding prices are also very expensive. For technology and financial companies, they are usually small in scale and focus more on technology companies, and most of the players are entrepreneurs. This has led to this group of companies facing a situation where offices are relatively scattered, rental costs are relatively high, and talents may be unwilling to come. What Haozhi needs to do is to become a facilitator in the entire booming industry and play the role of delivering water to the "gold diggers".

In addition, Zhu Wei, co-founder and vice president of Tongdun Technology, delivered a speech on the theme of "AI Empowers Finance, Fintech Enters a New Era" and said that AI will have some core application scenarios in the financial field. , including intelligent risk control, intelligent customer service and intelligent investment advisory.

In Zhu Wei’s view, with the upgrade of underlying technology, including underlying computing power, cloud computing, data storage capabilities, as well as the influx of capital and policy support, AI has now entered the The stage of implementation and large-scale application.

At the same time, Zhu Wei introduced that Tongdun Technology is based on artificial intelligence and big data, combining specific scenarios with upper-level specific industries and applications and problems solved in the industry, to provide customers with data analysis service capabilities. , and proposed the concept of AaaS, intelligent analysis as a service. To solve the risk control problems caused by the gradual onlineization of financial services, revitalize existing customers and improve customer conversion rate.

Seize new technologies and new opportunities

Under the financial transformation, technology-empowered finance is accompanied by various opportunities. So where are the new opportunities in the financial technology industry? How can new technology and finance achieve better integration?

For Shen Peng, the founder of Shuidichou and Shuidi Mutual Aid, Shuidi Company wants to take a Chinese version of Kaiser Permanente. In Shen Peng's view, the biggest difficulty for Waterdrop is risk control. On the one hand, risk control requires offline verification and auditing. Public opinion monitoring based on social networks and the control of the entire risk control chain of social networks are also very important. Shuidichou uses blockchain technology and financial technology to develop its own patented risk control products. In addition, Shuidichou also uses communities and tools to increase user activity and stickiness.

The famous Kaiser Medical model in the United States has achieved the integration of patients, doctors, medical institutions, and insurance institutions; in comparison, China’s Internet medical model still lacks some hot spots, but on the other hand, It also shows that there are still many opportunities in this industry.

The integration of technology and finance is both an opportunity and a challenge. Zong Jun, a partner at Creation Partners Capital, took Internet insurance as an example to examine the opportunities and challenges of the Internet insurance industry from an investment perspective. In his view, Internet insurance is not equal to insurance sold on the Internet, but must rely on Internet technologies such as big data, artificial intelligence, deep learning, and cloud computing, while using Internet thinking to achieve user orientation, product services, and passive transformation. Low-frequency insurance behavior is proactive high-frequency behavior.

How to break through in the Internet insurance scene? Zong Jun believes that scenario-based insurance is not available in the original offline insurance. The original insurance is to launch a product, and this product is aimed at people across the country, while the scenarios of Internet insurance are fragmented and require precise orientation, in-depth focus and technology-driven .

When talking about technology, how can we miss the blockchain technology that is currently at the forefront. In terms of blockchain applications, TigerWitFintechCTORick said that his company applies blockchain technology to compliance technology. In view of the current problems such as the lag in the supervision of enterprises by national regulatory agencies, the difficulty in verifying the authenticity of enterprise data, and the difficulty in obtaining evidence for conflicts between customers and enterprises, TigerWitFintech uses a blockchain model to provide a solution. The model uses authorization and Authentication mechanism introduces regulators into the network. Rick said that he hopes to use such a model to bring in brokers and regulators to leverage the value of blockchain for compliance supervision.

There is no doubt about the power of technology empowerment. Technology continues to make breakthroughs. Entrepreneurs are using technology to empower finance and are also looking for ways for technology to empower supervision. Under the trend of smart change, technology, supervision, and Finance is more integrated to support the healthy development of the financial technology industry.

How can Internet finance be reborn?

Looking back at the once-sudden Internet finance, its development to today, some subdivisions are facing reshuffling, such as the online lending industry; some are experiencing momentum of development, such as Internet insurance and wealth management wait.

In the wheel of life, how will these companies reinvent themselves and be reborn?

Regarding the overall sluggish financial environment since 2018, Huang Xu, COO of Neutron Star Financial, said that in fact, there are still certain opportunities for companies that need to acquire customers. In other words, the demand is there, and so is the market. In addition, Neutron Star will also provide many value-added services such as financial and taxation training to increase customer stickiness.

Zhang Chun, CEO of Yongquan Financial Services Group, said that Yongquan Financial Services Group’s strategy is to delve deeply into supply chain finance in vertical industries, relying on core enterprises, as well as upstream suppliers and downstream customers of core enterprises. Through this Chain, acquire customers on this chain. In addition, facing a large number of customers, Zhang Chun said that he should provide good customer service, build a good brand, and improve customer perception, so that he can better retain customers.

Wu Wenxiong, co-founder of 91 Finance, believes that in an environment where the financial environment is not prosperous and customer trust is low, financial technology companies must control their business to a certain scale and reduce risks in accordance with regulatory requirements. To the minimum, you should not spend energy on the user level.

Tian Liwen, a big data expert at Elephant Insurance, said that the situation of Internet insurance is very serious. The listing of insurance last year brought a climax period of development to Internet insurance. However, the current climax period has passed quickly. With the development of big data and artificial intelligence, Intelligent technologies empowering insurance are not particularly well established. It was originally expected to achieve qualitative change in one or two years, but now it looks like it may take three to five years. Elephant Insurance has always been engaged in the development and innovation of innovative insurance, striving to better interact with users through fun and small scenario-based insurance, satisfy users' risk protection, and promote users' purchase intention.

Investment and Financing Opportunities under Financial Reform

In the process of self-change and breakthrough of enterprises, they are often inseparable from the boost of capital. Now that financial technology is in a severe market environment, what other investment and financing opportunities exist with technological empowerment and financial changes?

In this regard, Delian Capital partner Jia Jing said that from the perspective of the financial and technology fields, one is the integration of finance and institutions, and the other is the integration of finance and technology. The technological attributes may be cross-industry or the ability to expand is relatively strong, and there may be some opportunities in these areas.

How should entrepreneurs respond to the severe investment and financing environment? Jia Jing said that one must be patient enough. She believes that now that we are in the deep water area, we need to integrate it deeply with our business, especially for companies with relatively large downstream funds.

Ouyang Qiwei, director of Broadband Capital, believes that the founder’s business development logic is also very important. Entrepreneurs need to weigh whether they want explosive growth or seek operational efficiency. Although capital pursues growth, the financial industry is a cyclical industry. Good or bad cannot be seen in one minute or two minutes, one month or two months, or even half a year.

Yu Zhenbo, vice president of Huachuang Capital, believes that although P2P has been popular recently, whether it is consumer credit or small and micro enterprise financing, it is still a very hot market. However, in such a market environment, as an enterprise itself, it is necessary to keep its own risk bottom line and whether it can stabilize itself from moral hazard and operational risks in accordance with relatively strict standards.

Facing the current severe financing environment, Yu Zhenbo suggested that entrepreneurs should first have a good positioning on financing; secondly, they should enrich financing channels and raise funds from VC, banks, government and other channels; At the same time, you must maintain your enthusiasm for financing, constantly promote your business situation and strategic direction to the VC market, capital market and wealthy buyers, and make continuous investment.

Zhao Nan, investment director of Fangsheng Fund, said that if the project has not been able to raise money, or there has been no positive feedback from the market for a long time, entrepreneurs should lower their expectations. If expectations are not adjusted well, entrepreneurs will be unable to handle it and collapse more easily when something happens.

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