P2P competition how to spend the initial stage

Wang Ying

"Although a lot of capital and a lot of people have swarmed in the past year or two, it is no doubt that the P2P network loan industry is still a huge blue-ocean market and a market that is far from being satisfied." Recently, Pratt & Whitney Financial Information Service ) Co., Ltd. (hereinafter referred to as "Pratt & Whitney Financial") founding partner Dong Qi on the "First Financial Daily" reporter said.

Founded in July 2013, Pratt & Whitney Financial Company is no small place in such an explosive growth industry as P2P. In Dong Qi's view, survival in such an absolute blue ocean industry as online lending is not about the entry time, more about the industry's judgment and whether it owns the core competency of P2P-the risk control capability.

The third-party P2P platform net loan home data show that in 2013 the number of national network loan platform is about 800; to the first half of 2014, the country has a total of P2P P2P loan platform 1184; is expected by the end of 2014, the number of platforms will reach 1500 Family.

Wind control competition, rather than sales competition

"Last year, P2P net loan industry market capacity of about 200 billion a year, according to this pace of development, we expect the market capacity will reach 1.2 trillion by 2020, will be 6 times in 2013." As P2P industry has been concerned about two years , Dong Qi, who did not shoot until early 2014, had more expectations of the industry.

The reason why not two years ago in the early rapid growth of the industry to enter, Dong Qi first consideration is the policy environment. "The regulatory environment for P2P was not clear two years ago, and the whole model has been vaguely established on a global scale."

Dong Qi said that a total of three signals let him see the regulatory policy is clear. First, in March 2014, following the "NPC and CPPCC" sessions, Yu E-Po and P2P started to become hot topics in Internet finance. "Faced with a large number of running platforms, regulators are embarrassed but do not have any signs of shutting down the industry. Instead, they propose to guide the management of the industry." Second, regulation is gradually being refined, starting from the initial central bank To the SFC corresponding crowdfunding, the CBRC corresponds to P2P, the central bank corresponding third-party payment, different regulatory agencies and gradually introduce the appropriate regulatory measures. Third, the CBRC thoroughly investigate and research the regulatory details in full swing. "Regulatory agencies have gradually learned the significance of Internet finance for China. It is clear that P2P as an innovative financial model is a useful complement to China's existing financial system."

"Although the industry is competitive, it is still in its infancy." After sorting out the top 20 companies in the industry in the past two years, Dong Qi believes the industry is still in "infancy." "Last year, the entire industry, whether for personal loans or wealth management, the competition is concentrated in the sales side, the real wind control and asset-side competition has not yet begun." Dong Qi said, "For the financial industry, the real The sense of the competition will never stop at the sales level, but rather the ability of the enterprise's risk management.Because the asset-liability ratio can not always remain at the same level, the status quo of similar pricing for most platforms also indicates that these platforms are not sensitive to asset risks and not Know how to price. "

Data risk control, not big data risk control

Compared with the traditional financial institutions such as banks, the biggest uncontrollability of the P2P industry is that there is no standard risk disclosure, and the potential risk of covering bad debts in increments always exists.

Due to the small proportion of the existing financial system, the flow to consumer finance and small and micro finance, micro-credit loans have become strong. In order to minimize the loss of default, from the perspective of the borrower, the long-term demand led to lower pricing platform, its competitive advantage is less than the high pricing platform. "This is not based on risk pricing, but pricing on the market," Dong said.

Data is a new product of the Internet age and a new darling of risk control of financial products. However, whether new products in this era will become hot potatoes depends on the attitude toward data.

On February 27, 2014, Pratt & Whitney Financial Company joined hands with Experian, the world's largest credit reference institution, in one step in the industry to launch an all-round cooperation on research and development and application of dataized wind control technology. It is reported that this cooperation involves the introduction of a scoring system to build decision-making engine and access to Experian expert advisory services two modules.

As the basic data of the grading system, Pratt & Whitney Financial Internet platform leverages the O2O model and offline collects financial data directly related to the borrower. "What we do is data risk control, not big data risk control." Dong Qi repeatedly stressed that the so-called big data risk control is more about the use of social data that is indirectly related to financial risks. "Bats like having a lot of customer data also want to do Internet finance, but there's a gap between the data and the financial connection." Simply speaking, 1000 social data is not as valuable as a real-estate message. "

It is reported that Experian credit rating system currently used by Pratt & Whitney financial companies, focusing on four types of information on the borrower's data, the first, the basic personal information; second, with cash flow and repayment ability related to the level of work income; Third, the stability of the work and life related to the repayment intention; Fourth, the credit report provided by the borrower.

Lack of China's credit system is an indisputable fact that too much information hinder the development of data risk control. "Although there is not a complete range of risk control instruments in China, it does not mean that we can not do it. And this is a meaningful thing because the so-called 'experience' is actually based on data." Dong Qi said that the relatively good risk Pricing strategy is to do some optimization and systematic splitting on these data to tell the customer how high his risk is.