Big data determines the future of internet finance?

Internet finance is not the simple superposition of internet and finance, the deeper change is that some special technologies based on Internet have promoted the emergence of new business models, products, services and functions in the financial industry, and the financial system has undergone new changes. The big data is the typical representative, and it is also seen as one of the most important drivers of internet financial development.

The McKinsey Global Institute, in its report on Big data: innovation, competition and productivity, says: "Big data is ' big ' usually refers to the amount of data to exceed the processing power of traditional data processing tools, is a relative and dynamic concept." In addition, large data has been extended to solve the problem by collecting and analyzing massive amounts of data to obtain valuable information, and through experiments, algorithms and models to discover laws, collect valuable insights and help form new business models. ”

The financial industry is an important source of large data, transactions, quotations, performance reports, consumer studies, official statistics bulletins, surveys, and news reports are not sources of data. But, in turn, the role of big data in the development of internet finance is emerging.

Target users to spell accurate

The first role of large data in Internet finance is to find the right target audience and achieve precision marketing.

Internet finance in the field of new ventures or to do loans, or sell products, with high yield, handling fee concessions, to attract users to choose their own. However, as more and more similar enterprises blow the Horn of scrimmage, Internet financial enterprises have to face competition from the same industry. Blind expansion, product single, making the weak competitiveness of the Internet financial enterprises, because it can not guarantee stable flow, unable to retain customers and closed down, become the industry's "cannon fodder." Shanghai Yong Li Bao Financial Information Services Co., Ltd. CEO Yu Gang shared a group of data, in the Internet financial sector peer-to-peer business as an example, as of the end of 2013, China has 450 peer-to-peer companies, the most short-lived Peer-to-peer enterprises in Hainan Province, the creation of 2 days that the collapse.

In the face of great market pressure, many Internet financial enterprises have realized that the marketing strategy of their products has influenced the survival and development of enterprises to a great extent. To occupy a niche in a highly competitive market, internet finance companies need to pinpoint products and push them to target audiences. As Liao Wenping, chairman of the German state securities, pointed out in his book Internet finance: "Instead of thinking about how to ' do it better ', consider how to ' do it differently '."

Who are the potential buyers? How to Find Them? And make them interested?

The realization degree of precision marketing is the key to the survival and rise of internet financial enterprises, although this area has not reached the mature development state, but there are some marketing cases with reference value indeed. For example, the Indus Financial network launched the 20,000 start of the "Indus Treasure", is a 8% to 10% of the expected income of the Internet wealth management products, its target customers are able to bear the "20,000 yuan from the vote" of the middle class; Instant network launched the "Instant 360" to provide university students and graduates with financial services; "The rest of the house" Bridge loan "is aimed at small and medium-sized micro-enterprises bank loan turnover launched the characteristics of service products ...

Large data play an important role in finding their target customers for these Internet financial enterprises and in solving the problem of precision marketing. Large data through dynamic orientation technology to view the Internet users recently visited the financial site, searched the keyword, through browsing data to build user models, product real-time recommended optimization, direct hit users need.

"Sesame Credit" control risk

Second, the large data in the strengthening of risk controllability, supporting the refinement of management to help push the internet finance, especially the development of credit services.

By analyzing a large number of network transactions and behavioral data, users can be evaluated, these credit evaluation can help internet financial enterprises to the user's repayment will and repayment ability to make a conclusion, and then provide users with fast credit and cash staging services.

In fact, a person or a group of credit quality depends on a number of variables, such as income, assets, personality, habits and so on, and the dynamic state of change. It can be said that the data in the personal credit system as a "sesame credit", it is easy to solve between strangers and business transactions in the most basic issues of identity credibility, and to help Internet financial products and services providers identify risks and crises. These data are widely derived from online banking, e-business websites, social networks, recruitment networks, matchmaking networks, Provident Fund Social Security sites, transportation websites, search engines, and ultimately, aggregate forms of personal identity certification, work and education background certification, soft information (including consumption habits, hobbies, influence, social network) and other dimensions of information.

Alipay's large data service Director Ying Yoon to Alipay's user data for example, the current Alipay 300 million real-name certification users covered nearly half of Chinese netizens, their online footprints to cover the shopping, payment, investment, life, public goods, such as hundreds of scene data, The data generated every day corresponds to the amount of information in 5,000 national libraries. When we are in Taobao, Cat and other E-commerce platform on the consumer will leave our credit data, when the information accumulated to a certain extent, combined with our personal information, word-of-mouth evaluation, and so on, we can form the user's behavior trajectory, which has a considerable effect on restoring each of our personal credit. At the same time, through the cross examination technology, supplemented by the third party to confirm the customer information authenticity, as well as the development Network human crawler system, breaks the geographical distance the limit, may obtain the risk assessment conclusion more comprehensively and objectively, thus strengthens the Internet financial Service risk the predictability and the management strength.

There is no doubt that large data will be in the internet finance will be a great skill, but the big data is only analytical tools, is the product of human design, should not be too superstitious. Taking Peer-to-peer lending industry as an example, the current lending business needs not only the network audit, but also the offline audit, loan Officer's experience and responsibility are the important guarantee of credit security. In addition, in addition to individual enterprises, most of the Internet financial enterprises are currently a small number of users and transactions, lack of a large data base, nor can afford the necessary infrastructure and processing costs. In the course of the development of Internet finance, how to exert the advantage of large data and avoid its disadvantage will determine the future of internet finance.

(Responsible editor: Mengyishan)