Xuzey: 91 How finance leverages Big data

2014 Zhongguancun Large Data day on December 11, 2014 in Zhongguancun, the General Assembly to "aggregate data assets, promote industrial innovation" as the theme, to explore data asset management and transformation, large data depth technology and industry data application innovation and ecological system construction and so on key issues. The Conference also carries on the question of the demand and practice of the departments in charge of the government, the finance, the operators and so on to realize the path of transformation and industry innovation through the management and operation of data assets.

In the afternoon's financial @big Data Forum, Xuzey, founder of 91 Finance, made a keynote speech. He said that 91 finance is a financial product of the exchange, on the one hand, the purchase of financial products, while the provision of financial products, in the form of market fees or technical services, or the form of trading commissions. Return to the essence of the business is the simplest, has been in the application of data, and I just consider each data can make how much money, the cost of obtaining data how high, after processing I have to pay how high the cost, sell out and can come back how much this is the first cost. The second cost is whether the data can be reused again and again, the value of each data is reflected here, each data must be possible to become money, or found that the data is meaningless, the next time no longer find such data.

Here is the full text of the speech

Xuzey: Thank you Huan General introduction, I am quite many regrets, I entered the internet finance industry, the industry suddenly broke out, we started doing in 2011 is still very simple industry. At that time, our approach is to help the financial institutions to sell things ideas, did not expect in the past three years a sudden industry development is very good, we stepped on the big Stone followed.

The first investment is Jingwei, the second is broadband, broadband is because we do internet finance. We are the exchange of financial products, one side is the purchase of financial products, while the provision of financial products, the side to the side, to collect different fees, in the form of market costs or technical services in the form of, may also be the form of trading commissions. Return to the essence of the business is the simplest, has been in the application of data, and I consider the problem is not like the construction bank's leadership to consider far-reaching, we do is very simple, is to consider each data can make how much money, the cost of obtaining data how high, after processing I have to pay how high the cost, sell out and can come back how much, This is the most important point of the problem I think, which is the first cost. The second cost is whether the data can be reused again and again, the value of each data is reflected here, my every data must be possible to become money, or found that the data is meaningless, the next time no longer find such data.

This field we have done for three years, in the platform also made thousands of transactions, we can only earn thousands of a few fees, not all the data can make money, we summed up a few principles. The first data that can be traded must be the data that the two sides are major in submitting to you. This is not the same as some simple collection party, if he did not take the initiative to give you very difficult to cash out, all of our data to buy financial products, such as money-management people, you put certain expectations told me, I want to loan my income is what, I can provide the status of the qualifications and collateral, and the financial bank is the same, you must be willing to offer to you both parties, do not have privacy issues. If a one initiative to submit to you, the other end do not recognize, in case he fake how to do? The exchange, the two sides to judge, structure can you tell me, so that you can ensure that both sides recognize the data, so that data mining may be the first one is the initiative of the two sides to submit, you want to be on the exchange, and the stock market is the same, must be willing to submit. such as your credit records to me and so on, you can provide restrictions on the data, but both parties must voluntarily submit, this is to consider the final deal or the possibility of a deal to do. Of course, the platform can also collect a lot of other things, this is the platform has, can accelerate the effectiveness of the promotion, this is the first standard, both parties to submit.

The second is to consider the benefits, may be structured, or to the stock market, must be the price is very simple, you can draw a variety of pictures, why, or the platform to deal with, in order to know that your loans rely on unreliable, to your micro-bo, micro-letter to catch it again? It is possible, all grasp, your data cost may be a piece of money, it is not worth. For example, our loan data can be as long as dozens of, but it is possible to four or five, the data can be structured and standardized. This year, our platform to generate 1 million or 2 million of the car insurance data can be realizable, China has more than 100 million drivers, 5% is through 91 to buy insurance. Why is auto insurance not life insurance? Life insurance has two problems, the first is life insurance non-standard, the situation is different every year. There is also a problem life insurance business cycle long, the data to the insurance company, the insurance company has forgotten is because I sell insurance, how could it be settled to me? So to find a short period, it means that the data cycle is short, simple and clear. If you do not buy a second marketing once, this is the process of data, you want to become the second ability is enough simple, the platform has the obligation to refine simple enough, so that both sides can handle. Here's another reason why we ostensibly look at business docking is the business unit of this organization, the business unit does not know it at all, does not have the ability to ask him to understand it, the other party's IT department, the business unit is not willing to communicate, do not understand, so must give the business unit to understand the data, is this person to do, what to do, This will ensure that the data is efficient enough. A lot of decision-making process too long products are not applicable, what is called the decision cycle too long? Another question, what? Simply put, the decision is more complex, whether it is loans or financial management, take the money that does not involve the decision cycle, buy insurance is to buy the user to decide, not the insurance company decision-making, the loan is same, the loan financial institution gives the consumer money, the consumer does not need to make the decision, this again changed back, this is the financial institution decision-making. Not all the loan products need, this side of the decision-making cycle is too long and not suitable for long, decision-making cycle can not quantify, there is no standardization, can not standardize on the data. I do not know the bank IT department to do this, anyway, need not to meet, is such a simple thing, such a process, must both sides, the money of the decision-making cycle, short cycle can be realized, this is the second. This is the second feature of the product selection, Internet finance is a lot of cargo aircraft, is so, do not consider so many risks, the CBRC can not tell you no risk, but he would consider flexibility, do not think so much. This is the equity investment complex, because the decision-making process is long, and the data does not matter, you analyze how much money I have how how, should buy your fund? No reason, I live five-star, a good plane to prove how much money you have, can not prove that I can buy your fund, this is the second feature.

The third is how much efficiency and liquidity you have when you run all the data on the platform, or just the case of car insurance, why car insurance is very important to a business, car insurance We are not make much money, insurance companies do not earn much, but insurance companies will take insurance as a very important part. Because all of the car insurance is public-oriented compulsory insurance, consumers will buy, but there is the problem of buying, once a certain insurance company users can sell other can make money, so insurance companies to take insurance as a way to obtain users. Why the insurance company take insurance, our platform why also sell car insurance, the reason is very simple, to this decision-making process is not much, suitable for the internet to sell not much, insurance is an accident insurance, health insurance, and financial, consumer financial products omitted, the remaining two. All are related to the scene, buy a ticket to buy an insurance, unless it is to sell tickets, otherwise do not. What does car insurance mean to us? More than 100 million people in China have cars, car insurance or relatively high income people, there are cars to prove that he has a certain consumption capacity, the car is also a loan of the personal collateral, it is possible, so we will take the auto insurance also as a key reason, there is more easy to cash insurance. One is that we think the car insurance users valuable, the actual people know that China's insurance companies have insurance data, from the DMV to your information, know when you expire, everyone faces are the same. What data is valuable? Is his initiative to users, is the initiative to provide you with the data to 91 of financial, I give you insurance, and then buy a financial, at least feel that did not steal your data. Your first reflection is why you call me, he is registered on my platform, to buy what products, this is very important. Then the same data can be changed, a car insurance data to get the cost of more than 10 dollars, which is also marketing. Internet platform to buy insurance here to register, and finally buy insurance companies, China only 15 companies have a net sales license to buy insurance on the Internet, you buy any family, that company will give us a fee, he has the logic of decision-making, according to data or transactions, etc. We might be able to get you to see other products through the ads next to our platform. This way we can sell things to you, when your data is repeated, two of the data is more relevant and as much as possible.

What is the application of this real life? One of our peer-to-peer products, we know that China's top ranking is to pay more than the loan, which is against economic law. Usually it's hard to change money, suddenly the money of the people to borrow less, from the whole industry is certainly not the case, which violates the general understanding of the economy, because the industry investment in the first dozens of in the concentration of money, shopping platform has the standard of the lending platform. Not online The first month has become so, we have a large number of users behind, car insurance business may not make money, is dozens of dollars in spreads, to this business is a few percent, a little money, this is because the two are related. You can use this money to vote, of course, now we say that the case, the logic is the same, the General people buy a house before buying a car, there is a car generally have a house, is such data, these two data to have correlation. Other partners say you have insurance and you can sell high-end travel or something in the future. The scene is not related, not people, he can not afford to buy this thing in my place, the billionaire is not necessarily in my car insurance, so I provide him with financial products related to finance, otherwise the big data is really a story, It is true that, at the practical level, we believe that the application of data in real life and the data is three principles.

and three principles you will save a lot of theoretical costs, real life may occur in the cost. For example, I tell you this method is not our data, how do you deal with such complex unstructured data? Unstructured data I don't need it. To this platform after we have different indicators, that is, the cost of data acquisition and ability to find data to spend how much money, this is the cost of marketing, this is the simplest and most practical application of life, is marketing, a lot of people understand, do not say. The second is to direct the data into the industry, data directly into the industry is not much, finance is the closest, financial products themselves are data products, a lot of financial products can be digitized, in addition to the decision-making environment, the decision-making environment has been said before, this is a principle.

So the first one is how high the cost of data acquisition, the second for me to deal with the platform, platform to deal with the cost of the platform processing, whether it or personnel, such as the establishment of high cost, of course, when dealing with the Internet thinking, the first time to deal with the high cost does not matter whether the second can be successful, if not the product is not suitable for me , no need, the first time to earn 10 dollars, the next time not to earn money meaningless, such a situation, this is the ability to deal with the platform, including it and a series of problems. Including a question about your understanding of financial products, you need to find out what the key points of interest in the product solve, and I can also talk about a lot of things, in a nutshell, it's the second. The third is for financial institutions, because we sell financial institutions products, how much you understand him, how much you can get the products and resources, what is the data distribution, or the exchange, what you can do, and what you can do together.

There is a game in the process, such as we help fund companies selling financial products, you have to help him sell 300 million, this is not the negotiations. He's always here to talk to me. I go to him that is to listen to him, it is necessary to design, each must be so, it becomes so, this is you have enough data and processing, people will change for you, of course, you choose the organization is a problem. In this process, you can also participate in a large amount of data, we and financial institutions can be combined to do, it is not just a consignment, you sell others things will not earn the most money, you sell their things to earn money, but there is a problem of wind control ability, so with his cooperation. So the third principle is your control of him, or your ability to participate, the only criterion is your users, how much data you have. So just said the three principles of data trading, now is your three costs or benefits, if the cost is not low. A simple loan may not make money, unless you have a own amount, so if you can do something else, do something else, do your finances. Of course, like wholesalers May, we peer in as long as wholesalers can, retail do not do, data processing in your input and output ratio, the third is financial institutions, your premium is the product understanding, is such a situation. These three principles guarantee how much money you make, the first three is how much money you make, and the last three make sure how long you earn.

If you see our income curve, we are all growing, because the data to a certain extent, do not have to do anything to make money, is such a thing. Because you have accumulated, perhaps 10,000 can earn 10,000 yuan, if 100,000 can earn 200,000, 200,000 can make 800,000, 500,000 when you can negotiate. Sometimes more powerful you are not allowed to make money, of course, he stole still making money, may be our level did not find, that is, with the continuous accumulation, this is the front of the marketing of things to deal with. Accumulate more than you do in the third, and the second three is how much money you can make. We as a developing company is not very scientific, that is to say how to make money.

I think money is also innovation, only to make money to continue to promote technological progress. Of course, we can summarize, summed up a lot of relevant experience. Finally to tell you one thing, in the past there are many people who think they have a lot of data to cooperate with us, said I know what this man is doing, I know what this man does, I just said the first question is very important, is the intention of the user's data most valuable, I still say this, if he did not intend you know that these have no meaning, The intention user 1000 may each value 100, one does not have the intention is 10,000 is also worthless, is this. Or the car insurance example, from the DMV to buy a phone number is a piece of money a A4 paper, all the phone numbers to you, these people have no intention. So I think to return to oneself, must be both sides willing to take the initiative, especially is the transaction data transaction, both parties voluntarily submit to your data, otherwise you think you have 200 million or 300 million data, it is difficult to become money, is this. Of course, besides doing research, thank you.

(Responsible editor: Mengyishan)