Bank "baby" trap dilemma

Scale Competition, Ranking Competition ... In the first half of 2014, the fund industry continued these most common competitions, however, the final result changed drastically in the competition.

IPO gate opening at the beginning of this year is undoubtedly a major event in the capital market. The fund also tasted the sweetness of playing a hit new hit enthusiasm. Unexpectedly, the subsequent adjustment of the new rules to make the fund in the second round of IPO, the number of new shares was sharply reduced, part of the "new hit" fund suffered a share of shrinking helplessness. In the past six months, has the Bank's "Baby" products successfully counterattacked and successfully shared a share of the Internet Monetary Fund? Monetary Fund is still a profound impact on the size of the fund company rankings? The face of the Monetary Authority dominance of the situation, how the development of equity funds? "Daily Economic News" reporter combed several major fund hot spots in the first half, the new changes in the industry carried out inventory.

Banking products on the direct selling platform "baby" financial products are facing an embarrassing situation: a few months of operation, breaking tens of billions of scale, very few.

Prior to this, the balance of treasure, current period and other Internet companies launched a joint venture fund companies are quite rapid growth rate of early products, less than a month's time will easily exceed 10 billion, now many have hundreds of billions scale. By comparison, banks that had previously had expectations in the industry did not achieve the expected results at all, and only one "baby" had a scale of 10 billion.

The feat of banks trying to "self-revolution" now seems to be just a pseudo-proposition.

Bank "baby" trap dilemma

Since the beginning of this year, a number of banks have worked with fund companies to launch wealth management products similar to Yu Bao. About 4% of annualized returns have been redeemed at T + 0 and traded 7x24 hours. Some banks even further opened the function of automatic purchase and cash withdrawal after binding the savings card.

However, the "baby" banking system, which is considered to be counterbalanced with Internet enterprise wealth management products such as "Yu Bao Bao," is not satisfactory. First look at the data of two big firms: ICBC launched the "Sambo" is currently the bank's "Baby" in the largest one (except treasurer wallet), the second quarter of its docking, the size of ICBC Credit Suisse payroll fund is 13.5 billion yuan; Bank of China to create "live treasure" is currently only 30 billion in size.

Big state-owned banks are not the most enthusiastic advocates of "baby," and commercial banks have shown even greater determination to create "babies" earlier, but the data on their direct sales platforms are also not optimistic.

As of the end of the second quarter, Minsheng Bank "wishful treasure" docking livelihood plus silver cash Bao scale 7.3 billion, CITIC Bank "salary pot" docking two funds total size of 4.2 billion yuan, Industrial Bank, "Industrial Po" butt The scale of cash profit increase was 2.9 billion yuan, and Ping An Upland, a joint venture company of Ping An Bank, made up less than 600 million yuan in profits.

"Bank deposits at the end of six months may result in some reduction in the size of the fund, but it is not ideal from the point of view of the size of the deposit," said a marketing director of a fund company in Shanghai, told the Daily Economic News reporter.

Since the beginning of this year, the size of the IMF has seen remarkable growth. According to fund company's disclosure of the end of June net worth statistics, the total size of the monetary fund (including funds) reached 1.71 trillion yuan. At the end of last year, the overall size of the monetary fund was only 747.59 billion yuan, an increase of nearly 1 trillion yuan in the first half of this year, of which the banking sector's share of "baby" was very limited.

Case 1: Industrial Po, treasurer wallet fate vary

The different destiny of "treasurer wallet" and "industrial treasure" reflects to some extent the interests of "baby" operation.

These two products are the balance of wealth management products that Industrial Bank has launched this year and have basically similar functions. However, as of the end of June, the size of treasurer's wallet reached 51.9 billion yuan, while Industrial Po was only 2.9 billion yuan, a huge gap.

"There are many reasons for this difference." People close to Industrial Bank said: "First of all, treasurer wallet has a first mover advantage, a month earlier release, customer awareness is relatively high. In addition, dispensers wallet rate of return has been high At Fortune 500, investors are now very sensitive to earnings, and one important reason is that although both are backed by the Industrial Bank, the two products have different platforms. "

"Treasurer wallet" is a partnership between Industrial Bank and Industrial Global Fund to launch a balance-based wealth management tool on the wealth management portal Money Manager, which is based on its silver-silver platform. Industrial Bank is launched on the direct marketing platform of Industrial Bank Of value-added service products, docking Dacheng Fund cash increase profits currency.

Funds for Treasurer Wallet - Silver-Silver Platform is a platform for small and medium-sized banks (City Commercial Bank, Rural Commercial Bank and Rural Credit Cooperatives) built by Industrial Bank to cover the payment and settlement, wealth management, technology management output, capital and asset-liability structure optimization , Foreign exchange agents and other eight business segments.

Some small local banks have no way of providing value-added services to their customers in terms of hardware and software, while the silver-silver platform provides a channel.

According to media reports in March this year, "Money dispensers" have more than 500,000 customers, a daily increase of 1,000 to 2,000 households. The peak hour can sell more than 100 million yuan of wealth management products every hour.

"Unlike other banks launching similar products, the treasurer wallet is an 'open' product that is not limited to customers who own Industrial Bank accounts, but also to other bank customers," Xing Fund said.

"The treasurer's wallet is not a bank in the simple sense of the word" baby. "" There are fund companies that "this is a product on a peer-to-peer business platform with a third party nature."

In contrast, the direct sales platform, "Societe Generale" is more of the face of Industrial Bank's stock customers.

"Although Industrial Bank also supports the purchase through multiple bank cards, the original intention of the bank is to attract incremental customers through value-added services. However, most banks have already started similar services now with no more than 95 and 98 points between products The difference, so it is difficult to achieve this purpose. "There are fund company marketing manager.

The fund company said: "Most banks can access up to a few banks' bank cards at most, and the restrictions are still very high. Basically, all the foreign funds are stuck."

The differences between the banks' attitude towards the "Bank Funds" and "Bank Funds" can be seen from the restrictions on the amount of funds transferred.

"Treasurer wallet," a major business bright spot is the date of subscription without ceiling, with the current industry "baby" the maximum amount of 30 million redemption the same day, and "Industrial Po" T +0 cash withdrawal amount for the daily real-time single 5 Million, more than this limit will automatically be converted into ordinary withdrawals.

Case two: salary pot is not called applauded

Today, "salary pot" has become an iconic product in the fund industry. At present, many fund companies talk about cooperation with banks in the light of the "salary pot" model. Before the advent of the product, the public opinion gave it a high degree of attention, praising it as "a self-revolution in the banking industry," which may subvert the current deposit business structure in the banking industry.

However, such a high-pitched product has not achieved the scale of success like Yuen Po. Two months after the launch, the two cash funds, "Salary Cooker" butt-linked, each have a scale of 2.1 billion yuan and a total scale of only 4.2 billion yuan.

According to the annual report of CITIC Bank, the total deposits in 2013 were 2.65 trillion yuan, of which demand deposits accounted for 42.6% of the total, about 1.13 trillion yuan. In this calculation, the flow of funds into the "salary pot" accounts for the proportion of demand deposits, but 0.37%, can be described as minimal.

In early May this year, CITIC Bank and CITIC Fund and Harvest Fund launched a balance of wealth management products "salary pot." Compared with other "baby", "salary pot" biggest innovation lies in the purchase and redemption using fully automatic mode: Customers apply for CITIC Bank card, you can set a deposit amount, the excess will be automatically converted to monetary fund; When customers need to use funds, they also do not need to issue redemption orders. They can withdraw funds directly from ATMs or pay for them directly. In the process, CITIC Bank's back office will automatically redeem the money funds quickly.

Insiders pointed out that if the function of "salary pot" is fully realized, the payment effect is nearly indistinguishable from current demand deposits under current bank accounts, but it can provide a relatively high annualized return rate, which has a great Attractive. If the product is widely promoted, it is likely to become a new business model that will replace the current deposit. The impact will be far-reaching.

According to informed sources, CITIC Bank initial idea is to want to make a similar balance treasure products, the original intention is to retain the stock of customers, mainly for the generation of wage customers, so the product named "salary pot."

"Because fewer CITIC outlets, some payroll accounts on behalf of the client often in the second day of wages turned away the money away, the retention rate is relatively low." Citic Bank account manager of the "Daily Economic News" Reporter said.

However, in the latter part of product development, CITIC Bank accepted the proposal of automatic redemption proposed by the fund company, which greatly improved the product so that it could directly connect to ATMs and POS machines. Customers who use the Salary Pot find the balance of both their bank deposits and the Monetary Fund when they check their balances at ATM.

The positioning of products from the retention of stock customers turned into competing for incremental customers, the latter part of the training is no longer emphasized the product for wage households.

Although the high profile debut, but the product promotion process is not "to force." CITIC Bank Business Manager told the "Daily Economic News" reporter, where the promotion of salary pot is not large, only provides for the "salary pot" to open an account for the volume of business assessment, but the size is not required, " It is not difficult for us to complete an average of 10 accounts per day for each of our outlets. "

Shanghai, a fund company director of marketing, said banks and Internet companies to implement "baby" completely different starting point, the bank is more of a passive move, but because of the different interest demands, it is fundamentally determined that the bank is difficult to have real The "broken wrist" move.

Despite the disappointing "baby" development in the banking sector, more fund companies and banks are still in the lead.

Recently there are several banks have introduced related products, China Merchants Bank launched the "Chaopai surplus", will be with China Merchants Fund Baptist Jinxianbao Fund B docking; Bohai Bank and Lion Fund also recently introduced a "Tim Campbell." In addition, according to "Daily Economic News" reporter learned that there are many fund companies to discuss cooperation with local banks.