MYbank: A platform for "financial cloud"

MYbank: A platform for "financial cloud"

Earlier this year, the MYbank is a financial products online search and price platform, but this is not MYbank founder Chen envisioned, plus the September this year to the function of the line is to provide an online platform, so that financial products can be online search parity, and can be delivered online. At the same time, the financial products and Internet enterprises docking, in the specific online scene to provide financial services. In addition, MYbank can provide large data Analysis Services. Financial institutions, Internet enterprises, including users constitute a complete ecosystem.

360, 91 finance, one more step forward.

Chen is familiar with the IT system in the financial industry, and it is his old line to do the IT system for the bank, and he has almost witnessed the development of the financial industry IT systems from the development of self-built, procurement software, outsourced implementation, operational hosting and SaaS services. So, when he started his business, he thought he had been working with the bank for so many years, could it be a third party Taobao platform that allows financial institutions and even emerging internet finance companies to sell their products on their platforms as financial product providers, and provide the platform with the support services he calls "the financial cloud".

Chen has been working with financial institutions for a long time, and he looks at the value of the financial cloud he envisions. Like hosting, the financial cloud is also a third-party system for financial institutions. But the difference is that the former is called trusteeship, which means that the core system of the bank, all the business is hosted. The problem with this is that a bank's financial products are very diverse, often one hundred or two hundred of them are normal, and different banks have different processes and organizational structures. This brings a lot of complexity to the system. Tailored to the complexity of each bank's customers. That is, the centre of a single financial institution.

Through this process, Chen found that financial institutions are talking about the Internet, but some of the financial institutions are more suitable for online production. Summed up is such a few categories: Peer-to-peer, Money Fund category of products, payments, consumer credit. Chen that these financial products are very suitable to play the role of the Internet, only the online completion of the value of the line to do the complex. He calls these products a quick product in financial products and is ideal for internet finance. Unlike trusteeship, which is centered on financial institutions, it is possible to jump out of a particular financial institution and do it in a platform, because of its relatively simplified and fast-consuming characteristics. The former is a single business with strong complexity, the latter is the opposite, but the volume is large. So Chen decided to go in this direction.

At that time, the online financial search platform 360, online financial products shopping Guide and sales Platform 91 finance has emerged, and quickly get the capital markets and the public financial market attention, but Chen feel can be further, so that users can be directly online delivery, that is, the need to find the financial, Wealth management products do not need to go to the bank's network, online can handle business. This is 360, 91 financial and other products have not yet done, Chen think this can be differentiated place. Even if the first two are delivered online, see who can do better. Having dealt with the banking system for many years, and entrusted the banks with core systems and net banking systems, they knew the technical barriers to the banking system and the experience of adapting to regulation. With such cases and experience, Chen felt that it was easier to talk about cooperation with financial institutions than to Shong.

However, in the actual negotiations, MYbank staff did not directly to talk about the big banks, because they know the difficulty of it. Because in all financial institutions, including securities, insurance companies, banks are regulated the most dead, such as a lot of financial products can not be sold online, can only face sign. So banks are relatively conservative. Therefore, MYbank business negotiations first from small loans companies, financial companies, such as Non-bank institutions began, followed by the city and other small and medium-sized banking institutions. In the future, it is the big financial institutions that try to find a reasonable break in the regulatory gap. One of the main characteristics of the first two types of institutions is that they do not have the ability to build the system, but there is a strong need for the Internet, so the MYbank financial cloud is very attractive, mybank build a system, they can be used directly.

Diversion volume, and a ride.

But there is only one basic system service, and it is not enough to help financial institutions to help the business online. For traditional financial institutions trusteeship services, by the third party specifically for financial institutions to build systems, they often have concerns, the need for security awareness and a great change in the concept of innovation. Not to mention is to deploy their products to the third party platform to sell, to accept the difficulty is even greater. Even if there were 360 or 91 financial markets to convince the former, the mybank of how to lure these financial institutions onto the platform of their new venture would require greater attraction.

Chen himself a question: the financial cloud should have financial value, not a simple cloud computing platform, just output computing and storage capabilities. What is the value of the MYbank financial cloud?

The answer is, first, that the Internet of financial institutions is not just about helping them move their products online, but to sell them. That is not only to bring the flow, but also to be transformed. Chen's solution is that B2b2c,mybank will connect financial products to Internet companies and provide financial services, such as installment payments, in conjunction with Internet business scenarios. MYbank customized SDK in the Internet enterprise products, users need to pay in installments when the link can be directly staged. such as installment shopping, rental car rental installment, game first play after pay and so on. These translated into bank products is the payment category of services, consumer credit services, financial products, such as sales. The advantage is that, on the one hand, flow is imported into financial institutions. On the other hand, actually helps the Internet enterprise to raise the turnover rate.

But if the flow is not to be followed, the financial institutions, the credit records of the users, and repayment capacity and repayment will be judged? This is the key to the realization of this docking mode. Financial institutions in the sale of financial products in the process of a great difficulty is risk control. Take the loan as an example, the original bank accepts the loan amount is very big, because wants to examine the complexity, the loan quota needs to be able to cover its audit management, the risk management cost.

Chen consider, do you really need each bank to build a large data analysis system alone? or is the platform done, the institutions to share? His answer is in the long run, it should be the latter. And that's another deep value for the MYbank financial cloud-the platform, in the process of importing traffic, also provides ratings for users, and banks can make their own services based on ratings. The analysis model can be based on specific banks, but the core data is here on the platform. The solution for MYbank is that the cloud platform provides a credit analysis based on large data through a wide network of pipelines and links to credit and third-party data companies.

The above two solutions are actually very difficult. First of all, in the process of docking with the Internet enterprise, how to merge with the concrete scene deeply can have the real diversion effect. But there is no one type of take-all, need to be based on different scenarios, banking products and other Internet enterprise products in the integration of in-depth research and business design. The same is true for large data analysis, which requires considerable workload and accumulation.

At present, there are more than 30 MYbank teams. Has gained 10 million of the angel investment. Chen revealed that, at present, the September new version, will open online banking, payment, consumer credit three kinds of products.