Minsheng Bank Jia Fengjun: Mobile Payment + Electronic Account Model Helps Bank Development

Jia Fengjun, deputy general manager of Minsheng Bank's network finance department

The “2016 China Banking Industry Development Forum” was held in Beijing on July 7. The theme of this forum is: the future bank road · transformation and breakthrough. Minsheng Bank (8.960, 0.00, 0.00%) Jia Fengjun, deputy general manager of the Internet Finance Department attended and delivered a keynote speech. He said that what the bank will do in the future is to use mobile payment + electronic accounts to cut into various scenarios and expand the life circle so that banks can find a foothold in the ecosystem and in the scene. In addition, what the banking industry will do in the future is that all banks must unite and unite to make the market bigger.

The following is a record of the speech:

Dear Mr. Ji, distinguished guests, good afternoon everyone! Next, I will report on the exploration of Internet finance in Minsheng Bank, and it is not a keynote speech. The topic I reported was “Puhui Innovation”.

I don't think about this topic. The new technology that has emerged has brought about tremendous changes to the banking industry from the technical level. This one can actually give an example. For example, H5 page, we used to be based on APP, browser-based, browser-based page development process is relatively long, it has insufficient performance elements. With H5, H5 can completely replace APP, no need to download APP again. The support for security, streaming, voice, video support is very good, H5 application, what changes it brings to the bank What? The original opportunity, for example, application security is a framework. What is made based on the original development technology in the framework is that the process is long and the experience is not good. After using the H5 page, the original development is greatly shortened and the experience is greatly improved. You don't have to do an app, you don't have to worry about so many versions, it's very troublesome to use. Using the H5 tool is one for the bank. Although it is a technical thing, it is an industry that is highly dependent on IT for banks and banks. The changes brought about by the technical level may reflect the bank on a technical level. A deeper reflection is also seen. What is the electronic account and electronic account? The original account is based on a passbook, based on a bank card. It has a physical medium to operate the electronic account and operate the latter account. Although the latter account is just an account, it requires an entity medium to operate. Now all banks are doing direct banking, and Minsheng Bank is launching China’s first direct selling bank. What is the core? If you define a direct bank, the core I think the most important element is the electronic account, that is, there is no physical media, no card, no passbook, is an account, will tell you that this is an account, it is an electronic account, do not have The physical medium operates on it. Speaking of this, it seems to be an account without a card, but it brings a lot of meaning, how big? This is a change in the cornerstone of the banking system. Although the bank has several cornerstones, such as the real name system, Ding always talked about the bank's risk control. These are the cornerstones of the bank. For example, from the perspective of supervision, there are capital adequacy ratios, and various regulatory indicators, such as liquidity indicators, etc., are measured by many indicators. Banks like the United States are sensitive to the market's reaction, which is the cornerstone of the bank. The other is the account system, which may not be well understood by ordinary consumers, but the account system is the cornerstone of the core of the bank. Why is it the cornerstone? Before we opened a bank account, we had to have a card, a passbook, and an ID card. Loans may be known to some corporate customers. Before we had a loan card, we had to go to the People’s Bank of China to make a loan card to lend money. This is for public enterprises, individuals also have loan accounts, all of which are supported by contracts. There are entities.

What is the change brought about by account virtualization? One is that there is no physical card, at least the card is made, there will be a physical card to make a card, issue a card, the card will be lost after you send it, etc., the bank brings the operating costs, a lot of inconvenience. Without physical media, it is completely virtualized. I think virtualization, if the technology is clear, virtualization is the core of cloud computing. Now it is all about cloud computing. In fact, the core of cloud computing is virtualization. The impact of cloud computing in the IT world is far-reaching, and cloud computing has only just begun in the far-reaching impact of all walks of life. After the bank's electronic account, after the account is virtualized, it will bring profound changes to the bank. Without physical media, it can be operated online without having to sign it. Before going to the bank, no matter what business, most of the business can be done online, but a small number of businesses need to go to the outlets, see your people, see your ID card, see if this person is right, the ID card is wrong, Is this person? The cornerstone of the bank is QIC. It is to understand your customers. In fact, it is to identify the customer is the real will, have the real ability to open accounts. But after moving to the Internet, it is critical to understand your customers. He brings many benefits to the bank and brings many challenges. So what is brought to the bank is a far-reaching change, that is, account virtualization, including the mobile phone we use, including the current SIM card, in fact, you can not use the SIM card. After virtualization, the soft SIM card can do it. This also brings profound changes to operators. This does not involve banking business. We will not talk about it. In the virtual world, the impact of the Internet has brought many things to virtualization, and the virtualization of bank electronic accounts is also a far-reaching infrastructure for banks. With an electronic account, all Internet is now based on electronic accounts, followed by related payments, P2P, various types of Internet, including insurance. The reason why it can be done online, the infrastructure is account virtualization, no need to meet, get documents, If you see someone, you can open an account. So this is a foundation for the development of Internet finance.

I just talked about something a bit, and then talked about it. We are Minsheng Bank, now called the Ministry of Network Finance. Internet finance is an important part of Minsheng Bank in the field of Internet finance. It is the experimental field for the transformation of China Minsheng Bank's traditional banks. Online finance is divided into direct banking, WeChat and self-media payment, and personal online banking. , mobile banking, mobile payment. I will briefly introduce the direct selling bank. I just introduced that the direct selling bank is an electronic account. Is the direct selling bank a bank? First of all, the direct selling bank is a bank. It is a simple bank. This is our definition of direct selling bank. Before we went to the bank to open an account, in fact, the bank's product line is very rich, deposits, loans to payment settlement, these three basic businesses, basic The business has a lot of business, and it has different products for the public, private, and peers. It should be said that the product line is very rich. Our direct-selling bank relies on electronic accounts to make the bank's business experience online. It is aimed at urban white-collar workers, and even the working people of the vast third- and fourth-tier cities. Facing this class, it is simple to move the core business of banking to the Internet. It is brand new. It is not the onlineization of traditional financial business. We consider the bank from the perspective of a brand-new line merchant bank, instead of simply moving the traditional bank products to the Internet. This is a direct selling bank, and I will give you a brief introduction in a moment.

Also, emphasize mobile payments. The changes brought by mobile payment are in line with the electronic account. My original virtual electronic account may bring some challenges in identity and payment security. With mobile payment, mobile payment can be understood as mobile payment. Based on NFC-based payment, scan code payment can also be said to be mobile payment. In addition, payment for wearable devices, such as Minsheng Bank, asks for watch payment, and puts the NFC module into the watch. Mobile payment is to put the bank card on the wearable device and put it on your mobile phone. This brings a lot of changes. In fact, this means that your physical card can be placed in the phone. The main information stored in NFC is the information on the card, which can be said to be richer and safer than that information. The convenience brought by mobile payment is to reduce cash. Mobile payment is just beginning to compete. Although Alipay and WeChat have taken some opportunities, there are still many opportunities for the banking industry. For example, mobile payment now, mobile payment is definitely It will be a trend. I think that in the future, for example, UnionPay and Minsheng Bank will also participate in the push-free experience of 300 or less, one is better than the current offline POS environment, and the other is better than NFC. Mobile phone usage issues. There may be a process, but I think this process goes on. After it is combined with wearable devices, this is to reduce cash, improve security, and improve convenience. When you touch it, it will go below 300 yuan. The risk problem is Controlled. The trend of mobile payments should be just beginning, and what is going on later is hard to say. This is called the Banking Industry Development Forum. For the banking industry, mobile payment is also a banking industry. We all talk about the scene. In fact, the bank is weak in front of the scene. It can only stand outside the scene and try to find a seam to drill in. This seam It's still hard to find, and finding this seam is hard to get into. It is not only difficult for small and medium-sized banks to get in, but it is difficult for big banks to get in. So with mobile payments, I think that for the bank, it will be an opportunity in the future.

Our direct selling bank products are divided into several categories, one is financial management, the financial management is simply Ruyibao, which is the focus balance treasure, in fact, is the money fund, but we have our advantage, we are T+0, 5 million redemption, it should be said that customers are still relatively acceptable, and the level of popularity is relatively high. There are also deposits. The online white-collar workers (all of you here) are not attractive enough, but in the vast rural areas, in the third- and fourth-tier cities, this potential is still very large. In addition, there is a good mortgage in the credit class. Online mortgage, we use the new concept of online, to consider developers and buyers, as well as our government to do the warrants mortgage, the Housing Authority, etc., the experience of various types of participants, this launch is very popular Welcome, it should be said that we have not come out for a long time, but now the developers, the response in the banking industry is quite good. However, there are very few cities launched today, and Hangzhou and Xi'an have been launched. In the future, it will expand to more cities. When you want to buy a house, you can experience it. It is still quite good. In addition, there are life classes. The banking industry is also trying to build its own life circle. In fact, we are targeting our mobile banking customers and online banking customers to create payment and purchase products that they like to enjoy and bring convenience to their lives. Wait for these experiences. The other piece is foreign exchange, because with the internationalization of the renminbi and the opening of China's foreign exchange, like the opening of the capital market, the demand may still be very strong in the future. This is Ruyibao, so I won't go into details. Simply put, the income of the money fund is probably less than 3, 2.6, and 2.8, which is the current period. We are redeeming 5 million in real time, this is quite attractive. Dinghuobao is a regular financial management. The biggest feature is that it can be pledge online. It can be released in a few seconds. The pledge rate varies from 70% to 90% depending on the product. The loan interest rate is refunded. This pair also likes regular. This is still very attractive if there is a sudden increase in capital demand in the middle. About 15% of pledge loans will be used for pledge, so we feel that this type of demand should still be a lot in the future. Bank exclusive wealth management is the corresponding financial management, this is also for direct banking customers, and his line cards can be purchased. The biggest feature of our fund is that we can make pledge loans and T+0 redemptions.

To create a convenient life circle, I also talked about it just now. What the bank will do in the future is to use mobile payment + electronic accounts to cut into various scenes, that is, find the seam and drill it in, and then make this life circle bigger and let the bank in the ecological circle. Find the foothold of the bank in the scene. I think from the strength of the bank, I think that what banks lack now is that all banks must unite and unite, and make the market bigger and serve our consumers better. This may be what the banking industry will do in the future. thing. The other is the risk. Just now Ding also talked a lot. It should be said that the risk on the pure line is more complicated and the requirements for the bank are also very high. Our current practice is to build an online risk matrix and give various monitoring. Model to monitor various risks in real time. When it comes to risk, the Basel Accord is well summarized. The risk agreement is full identification, accurate measurement, continuous monitoring, and moderate control. I think this is the basic requirement for risk management and the highest requirement. We are now building an online risk control system in accordance with this principle. In fact, think carefully about the core of these four sentences. One is identification. You have to identify it. To measure it, you must be able to calculate the probability of the risk occurring. How about the loss that occurs after the occurrence, this is to be measured, there are many models for this measurement. Of course, it is not that the model is calculated to control the risk. The occurrence of the financial crisis is to give us a wake up, Wall Street and superstitious models, what are the models, the model can solve some of the risk management problems, but it can not solve the risk management All the problems, so I think the following is continuous monitoring and moderate control. Risk control is not zero risk, it is control, 10%, 20%, as long as it can control the risk, prevent it from expanding, and not bring more to consumers. The risk, not let him go to the streets, this risk management is in place, if the products made to let customers go to the streets, looking for the CBRC parade, that is, our risk control did not. So I think risk is a bottom line. Maybe this is also a homework for a never-ending bank.

I said so much, thank you!

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