Since the outbreak of
the new coronavirus epidemic, the financial services market has suffered a certain impact. However, under this impact, user traffic gradually began to move consciously online, and the advantages of financial technology were highlighted, accelerating the digital upgrade of the industry. As the impact of the epidemic gradually diminishes, how should the
financial services industry learn from this challenge and make it a new driving force for industry evolution? And how to deal with the rebound of economic activities after the epidemic?
This article conducts research on five popular financial service areas, including banking, insurance, securities, third-party payment, and consumer finance. It predicts the opportunities that the industry should seize after the epidemic. Hard times.
1. Mobile Banking Service
In January 2020, affected by the Chinese New Year holiday and
the new coronavirus infection pneumonia epidemic, the financial needs of individual customers were relatively reduced, the frequency of use of banking applications was reduced, and the number of active users in the mobile banking service application industry declined. Qianfan data shows that the number of active users in the mobile banking service application industry is 297.75 million, a decrease of 1.1% from the previous month, and it is expected to gradually recover in the later period.
Scale of active users in
the mobile banking service application industry from January 2019 to January 2020:
After the epidemic, what are the opportunities in the financial industry?
In line with policy requirements, mobile banking has become one of the important "war epidemic" positions in the banking industry. To
prevent and control the outbreak of pneumonia caused by new coronaviruses, the China Insurance Regulatory Commission issued a document requesting financial institutions to strengthen online services nationwide, especially in areas with severe epidemics, and guide businesses and residents to conduct financial services online through the Internet, mobile apps, and other means.
As the main position of online services for retail banks, mobile banking has become one of the important financial "war epidemic" positions. Various mobile phone banks have resisted the epidemic through measures such as improving online service capabilities, opening green channels for donations, launching epidemic situation dynamics, innovating epidemic-specific financial products, and expanding livelihood scenarios.
During the epidemic, the mobile banking of various banks not only guaranteed the normal financial needs of users, but also provided a variety of epidemic-related financial and lifestyle services. According to the data, active users of mobile banking picked up after the Spring Festival holiday.
After the epidemic, what are the opportunities in the financial industry?
The epidemic has brought the following opportunities for the future development of mobile banking:
(1) The epidemic further enhances the penetration rate of mobile banking, and the importance of mobile banking is becoming increasingly prominent
As the main channel for banking services to
retail customers, mobile banking will accelerate the digitalization of banks and further increase the penetration rate of mobile banking. Retail customers will use mobile banking more for financial services, and further promote the popularity of mobile banking and functional services. perfect. The strategic importance of mobile banking has become increasingly prominent, and bank retail business competition has fully entered the APP era.
(2) Mobile banking strengthens online marketing, focusing on digital customer acquisition and user operation
Among the customer acquisition channels of mobile banking, the traditional distribution channels and outlet channels are declining, and the acquisition of customers at offline outlets during the epidemic is limited. Therefore, some mobile banks use external drainage links, QR codes, etc. to guide bank employees to promote and promote mobile banking and its key services to customers through online marketing methods such as WeChat group and circle of friends.
Analysis believes that digital customer acquisition is very important for banks. Through WeChat ecological traffic fission marketing, it can be the direction of the mobile banking of various banks. The
mobile banking APP has become the most important online operation platform for bank retail financial business, and it is necessary to gradually improve the digital customer acquisition and digital user operation capabilities.
(3) Promote the scene to attract customers and attract diversion, and open up a wide space for the development of mobile banking
The “house life” caused by the epidemic has driven a substantial increase in the demand for online medical care,
online education, and fresh food e-commerce. Many mobile banks have expanded the livelihood scenes related to the epidemic and promoted the acquisition and diversion of the scene.
In the future, mobile banking will continue to promote cross-border cooperation and co-construction of the scene ecology, adhering to the concept of open banking. Mobile banking will reach more non-cardholders through fast access and open output models, enabling the number of registered mobile banking users to continue to grow. However, the conversion of non-cardholders to cardholders and the long-term stable growth of active users still require banks to continuously improve their operational capabilities, increase scenario usage, and increase user stickiness.
(4) Fintech continues to empower the development of mobile banking, more personalized and intelligent
During
the epidemic, mobile banking of various banks can continue to provide users with contactless online and digital financial services, which is the result of the bank's creation of digital channels and technological empowerment.
With the rapid development and wide application of fintech, providing users with intelligent and personalized products and services is the development direction of mobile banking driven by fintech. In addition, some business processes of banks in the 5G era are expected to be reshaped, such as the opening of remote accounts and the opening of pro-nuclear rules, etc. How to reshape the core functions of offline outlets will become the direction of innovation, and online channels such as mobile banking will carry More features.
2. Insurance Service
After the epidemic, what are the opportunities in the financial industry?
The data shows that the insurance service sector has been steadily increasing in the past year. In January this year, the total active users reached 40.715 million, which to some extent indicates that the ability of insurance online services is becoming more and more important.
On the one hand, the epidemic exposed the shortcomings of the existing offline contact insurance marketing in the short term, on the other hand, it also inspired the industry to quickly improve its digital capabilities, solve demand-oriented product innovation, and focus on scene ecological construction. Importance.
Judging from the impact of the epidemic, the insurance industry may have the following opportunities after the epidemic ends:
(1) Insurance companies can focus on product innovation and marketing to solve health insurance
The new coronavirus epidemic has raised residents' awareness of health risks, which will further stimulate the demand for health protection and promote the further improvement of health insurance. Taking SARS in 2003 as an example, after the SARS epidemic in 2003 stabilized, health insurance continued to grow by 100% -300%. In the second quarter of that year, the entire industry ’s health insurance business increased by 221.4% year-on-year. This increase in residents ’awareness of health protection in the short-term Insurance companies are an important opportunity for the development of health insurance innovation and marketing.
(2) Strengthen its own digital capabilities, focus on online user operations, and improve the adaptability of insurance products to online scenarios
The new crown epidemic has made it difficult for original contact agents to rely on offline contact marketing. Although buying insurance online has become a helpless choice for some residents, it has inspired residents to a certain extent that insurance can be purchased online. Unlike the SARS period, the current Internet insurance business has begun to take shape. This time the insurance situation has further promoted the change in insurance trading habits. Some of the original insurance products need to improve their online adaptability, which will also promote supply-side innovation .
(3) Focus on the integration of life insurance and the health industry
The epidemic has exposed the problem of insufficient public medical resources and medical infrastructure, and the construction of a more suitable new medical health ecology is crucial to the development of the large health industry. For example, online consultation services, online medical resource supply services, etc. Life insurance can be integrated into the ecological innovation and iteration of the big health industry to form a relatively perfect closed loop with specific medical and health scenarios.
(4) The importance of insurance technology is highlighted, and enterprises should deploy insurance technology as early as possible
Under the influence of the epidemic situation, the trend of online promotion of the insurance industry will be accelerated to a certain extent, which may promote the improvement of the status of insurance technology. It is crucial to introduce big data, artificial intelligence, blockchain and other financial technology technologies into insurance marketing, underwriting, and claims settlement to improve service efficiency.
(5) Need to pay attention to the repair of insurance agent team and service model innovation
This epidemic has greatly affected the development and stability of the insurance company's agent business, and also made the industry aware of the drawbacks of relying on the agent's contact marketing model. Therefore, repairing the insurance agent team after the epidemic has become an urgent problem. At the same time, the service model for contact marketing of insurance agents also needs to be further innovative, providing online marketing tools for insurance agents to optimize and improve the marketing level of insurance agents. And marketing efficiency.
