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1、2014 International Conference on Education and Management Science (ICEMS 2014) ISBN: 978-1-60595-197-3 Influence of Internet Finance on Traditional Banking Industry in China Su-zhen GUO School of Economics, Yangtzeu University, Jingzhou 434023, China Keywords: Internet finance, Traditional banking i
2、ndustry, Internet bank. Abstract. With the rapid development of information technology, the internet financial mode is gradually on the rise in China. Internet finance has brought huge challenge on traditional banking industry. In this paper, based on the concept of internet finance and its developm
3、ent trends, the author analyzed its influence on the traditional commercial banks on credit business, payment business and the basis of banks and customers and put forward coping strategies. Introduction The development of network technology makes the financial industry from the traditional to the a
4、ge of the Internet. Internet finance accelerates the development of the financial industry. Network payment, network bank, network investment, network lending make the internet finance become a new financial institutions. The internet finance with the characteristics of open platform, decentration,
5、and big data has created more opportunities for the financial industry, while at the same time, it brings the impact and challenges to the traditional financial industry. Overview on Internet Finance What is the internet finance? It implies the combination with the finance and the internet. The inte
6、rnet makes each person as an individual, have the full right and means involved in financial activities, the relative information symmetry free and equal access to financial services, and gradually close to finance effectively and democratic. The unique advantages of internet technology make this bl
7、ueprint has had the possibility. The technology on data generation, data mining, data security and search engine become the strong support of the internet finance. Social networks, e-commerce, third party payment, search engines form a large amount of data. Cloud computing and behavior analysis theo
8、ry make big data mining possible. Technology on data protects individual privacy and makes the payment smooth. Search engine makes information more widely available for the individual. The cost and risk of financial transactions are greatly reduced and expanded the financial services boundary by mea
9、ns of development of these techniques. To make a long story short, the internet finance is the emerging field of combination with traditional financial industry and internet spirit. However, the internet finance is not the simple sum of Internet and finance and not the traditional financial business
10、 online but breaks through the traditional financial concept and monetary creation mode to provide financial services with a low cost payment, settlement, investment, financing and innovation for the real economy business model based on new technologies about network, mobile communication, cloud com
11、puting and new patterns on mobile payments, social network, many to many transactions1. This has a fundamental influence on global financial pattern. After years of development, the internet business did not stay to provide technical support and service level to financial institutions, but through m
12、ining the data accumulated information, will expand the business to finance, construct the Internet financial model and become the emerging field of the combination with information technology and financial capital. 367 Influence of Internet Finance on the Traditional Banking Industry Impact on Bank
13、 Credit Business The most important asset business in commercial banks is the credit business which can recover the principal and interest trough a loan and obtain profit after deducting the cost. So the credit is the main means of profit of commercial banks. Internet companies continuously penetrat
14、e from non financial sector to the financial sector and will bring different effects on the banks traditional business whether the third party payment or loan financing platform similar to P2P. In the internet financial mode, there are unity for convenient pay, super concentrated payment system and
15、individual mobile payment. Information processing and risk assessment through the network way, market information asymmetry degree is very low. The supply and demand of funds can directly transact because of very low cost on maturity matching and risk sharing. Banks, brokers and exchanges and other
16、financial intermediaries do not work. Loan, stock, bond issuance and trading and coupon payment directly over the internet, the market is fully effective close to non- financial intermediary state described by the general equilibrium theorem, and can reach the same resource allocation efficiency as
17、direct financing in capital market and indirect financing in bank. The internet finance not only promotes economic growth but also significantly reduce transaction costs. In short, the following two aspects of the problem on loans is most obvious: First, because the traditional credit model of loan
18、is difficult and the cost rate is high, the small and micro businesses turn round the field of Internet microfinance, which will split commercial bank loan business scale to weak their source of income. At the same time, the internet financial and credit institutions continue to emerge to absorb the
19、 funds through the relevant measures, but also will influence the liquidity of commercial banks. Lack of liquidity panic at present makes the banks pay a greater cost. Second, the opening and sharing of internet financial credit business make the credit business higher participation and transparency
20、, which may make the dominant position of financial intermediaries missing and financial disintermediation likely to further deepen. Impact on the Traditional Bank Payment Business The third party payment organization on rise accelerates the financial disintermediation process, which is a life or de
21、ath challenge for banks as financial intermediations. The third party payment according to the third party enterprise acting as the role in the transaction process is divided into direct payment mode, indirect payment mode and credit payment mode. Their impacts on traditional bank payment services a
22、re also different. In the direct payment model, the payment provided by the third party enterprises as a bridge between the user and the bank is more convenient than provided by the online bank. The third party enterprises are not involved in the bank payment and settlement process. According to Ire
23、 search, what users in internet payment value most is convenience and platform security. In direct payment mode, the number and size of the bank payment did not reduce because of increase third party intermediary, even due to the increase in the popularity of the Internet and convenience, more and m
24、ore people choose online bank to pay. In indirect mode, the number and size of bank payment business reduce. Third-party enterprise indirect payment mode requires the user to register and prepaid phone in advance on the platform, the Renminbi into virtual money. Because this kind of platform has its
25、 own market, after the user top-up, virtual money in platform inner loop, only when the funds need to leave the platform again into real money. Thus, the payment business through normal bank is taken over by the part of the platform, thereby reducing the number and size of bank payment business. The
26、 limitations of this platform is that, first, the payment must both are registered on the platform, that is to say, the industrial chain in need, Second, this kind of platform need to have enough credit, reassure users put money on its platform. With the increase of registered users (especially the
27、merchants), this platform is easy to form scale effect like a snowball, and become all electronic payment chain online industry. Credit payment mode is bank credit payment of civilians. The platform of credit payment mode represented by Alipay is credit payment simplified procedures. In the meantime
28、, third party security 368 role assumed originally by the banks is undertaken by the third party payment platform. First of all, this process is completely in the online operation, and increases the convenience; secondly, the transaction both parties dont need to specially provide the application ma
29、terials for the process. The third party payment platform evaluate business credit has its based on the data and record online shopping mall; finally, the third party payment make credit payment of civilians because online shopping is a significant part of C2C or B2C. In contrast, bank credit mainly
30、 exists in the large and medium-sized enterprises. In this mode, the payment business related to the bank only is from buyers payment to a third party platform account, as well as from a third party account payment to the seller, without involving credit payment business. Therefore, credit payment m
31、ode of third party business takes care of small and medium enterprises that the bank can not take into account. In recent years, with the legal status of third-party payment gradually recognized, transactions volume and turnover of internet finance have made a major breakthrough. Such as in 2013 dur
32、ing the National Day, Taobao 188 million transactions, amount is 35 billion yuan, respectively is 1.78, and 1.83 times that of last year, including fast and balance payment treasure number was 63%, and the e-currency payment is only 13%. In the payment of the tide of network trade war, Alipay win tr
33、aditional banks and hit the bank payment and settlement business 2. Analysys, a think-tank, predicts that in 2015, Chinas third party internet payment transaction scale will reach 13.92 trillion, internet payment registration account size will reach 1.378 billion and mobile payment transaction scale
34、 will reach 712.3 billion. In recent years, third party payment and mobile payment represented by Alipay from scratch and orderly development are not limited to online e-commerce transactions. Third-party payment represented by Alipay, wealth accounted for 80 percent of the market share, has been mo
35、re than the amount of e-currency payment Unionpay and bank. Impact on the Basis of Banks and Customers Now a large number of customers trade directly via the internet, or financing platform. So, there are both financial disintermediation and isolated from contact with the customer and the bank, whic
36、h impact on the basis of the bank and the customer, or a certain hit. The age of the internet will change demand of bank customer. The internet makes everyone go deep into the life of a specific detail. It should be said that, at present, the internet can satisfy various needs in our daily life, the
37、 most direct demand, which makes us communication cost low with high efficiency. Large information and large data cause many of micro demand in the whole society, including enterprises and individual. Banks traditional customer base has been changed and shaken because of internet technology. The rap
38、id development of electronic platform accumulates the massive amounts of customer data information, which makes internet finance have more extensive customer resources than a single bank. Strategies on Commercial Bank Coping with Internet Finance Development Internet finance as a new business model
39、and profit mode will play the role of catfish for a long time in the development of commercial banks in the future. It will change the way on value creation and value realization of commercial bank, result in the commercial bank payment function marginalization, reconstruct existing financing patter
40、n, and challenge the traditional theory of financial intermediary. Under the new competition, commercial banks need to re-examine their own advantages and disadvantages, and comprehensively understand the impact of technological change as taking this opportunity to reengineer business process and bu
41、ild new value network. To Accelerate the Development of Traditional Financial Services Network With science and technology as the guide, commercial banks should reform and change traditional bank business and services through financial service network to solve the problems that commercial bank is re
42、latively insufficient convenient and cost of capital is relatively high. Commercial banks should be re positioning with the customer and business. Small business with requirements and 369 wide market has a larger position space. Compared with ALI finance that the average loan amount reach more than
43、60000 yuan, what banks are faced with is obviously different customer levels. Small loan companies provide financing services to achieve efficiency and perfect experience. Some banks (such as Minsheng Bank) are better at providing comprehensive financial services. No doubt, the banks must consider t
44、he issue is to reposition clients and business combined with their own actual in order to win a certain market space in future complex small micro financial ecology 3. * To Positively Innovate Service Mode The bank should strive to improve customer service efficiency and re-examine management mode.
45、To comply with the development of the Internet financial, the innovation of the service modes should be actively carry out depending on the huge customer base, good risk control technology and strong financial strength. First is the fusion of traditional business and internet that graft traditional
46、business with the internet as the medium and turn traditional service mode into the internet online service. Financial business varieties should be integrated to realize online self-help service. The payment function should be expanded to achieve anytime, anywhere and in any way to pay by communicat
47、ing with service providers, e-commerce platform for cooperation. Second is to cooperate with the electronic commerce platform. The ecommerce with mature service operation is preferred. In B2B mode, the electricity has huge amounts of customer data and transaction results and accumulates customer cre
48、dit evaluation, which is of great temptation for the Bank with only control of the financial statements of the enterprise. At the same time, E-commerce platform direct lending with the limitation of financial strength can learn from the bank common development. Third is to establish theirs own platf
49、orm. This platform takes the bank credit support, provides transaction information to customers, mines data and accumulates customer transaction records and credit by monitoring the information flow, logistics, capital flow three in one to improve the ability of financial services. To Emphasize on Self Development and Cooperation The internet economy as an important direction for future economic transformation, its essence is a continuous process industry cross-border cooperation, mutual penetration, fusion. E-commerce enterprises, third party payment platform have