Reflections on the Internet of social network banking finance

The financial industry is at a crossroads as the global economic slump has brought a huge impact on the financial sector. Citigroup, BNP Paribas and Bank of America have all been downsizing to cut costs in 2011, according to Bloomberg, the global financial services industry (banks, insurance and asset managers, among others), which has cut its workforce by nearly 200,000.

China's banking innovation Representative Merchants Bank is also actively exploring the way forward. We see three factors that determine the growth of commercial banks: the external economic environment, the constraints of banks and the demands of society on banks are all undergoing drastic changes. To this end, Reuters (Chengdu) September 4, 2011: China Merchants Bank Co., Ltd., President Ma pointed out that the CMB is undergoing a second transformation to adapt to the banking revolution, the main goal of the transformation is to reduce capital consumption, improve capacity, reduce costs, to achieve risk control, improve capital return.

The author's point of view is that there are only two ways to develop the financial industry in the future: 1. The innovation of financial products and their services belongs to the traditional financial level. 2. How the financial industry uses the Internet, especially social networks, mobile Internet and other technologies to acquire new customers, sell financial products and complete customer service Information technology and applications will become the second leg of the financial industry, its competitiveness will be more prominent in the future. The author often told financial customers: The next 3-5 years is to leave you to the Internet financial trial and error, feeding stage. If we do not start the financial transformation to the Internet, reserve talent, run business, will not be able to catch up, will miss the opportunity to develop.

Financial industry's second leg, tamping not tamping will determine the financial industry in the future competitiveness, otherwise it will become lame, go not far. Through information technology, especially the Internet can save costs and meet the all-weather needs of customers, reduce the offline branch, reduce sales managers and related personnel, so that the financial industry can be more smooth operation. Overseas financial circles have begun to actively try new forms such as social networking banks and internet banking to build the competitive edge of the financial industry in the 21st century. For example, China's Galaxy Securities will move the sales department to micro-blog, each business department to take care of micro-blog, through the official microblogging service department to serve local users, saving the efficiency of customer managers and staff.

We have also found that there are many non-traditional network financial services: such as the new financing model Peer-to-peer (that is, individual personal) services, is giving traditional commercial banks a huge impact and impact. This model relies on Internet technology, mining mutual cooperation between customers, with the help of online lending platform to complete the related lending behavior. Typical representative: Zopa UK and Prosper Corporation of the United States. A non-profit microfinance website (kiva.org), which provides a minimum of $25 trillion of small loans to companies or individuals around the world. Through the Internet, especially the use of social networks (lenders can get help with feedback via videos, photos, blogs, etc.), kiva a solid virtual community between lenders and small businesses. Kiva, who provides financial services to microfinance lenders, has received a high level of attention and has made a special mention of Kiva in President Bill Clinton's new book.

The author Tangchingtong does not think that a similar social network banking system can replace banks, but banks can learn a lot from it, for example, new bank accounts opened via the Internet break through physical and temporal boundaries to provide customers with no need to handle the counters.

Case study: China Merchants Bank's I-banking community

China Merchants Bank launched in April 2010 I financial Network Interactive Bank, located in the public network financing platform, its aim is increasingly high demand for financial management, the original network of silver products and services to integrate all kinds of financial products, Supplemented by Web2.0 technology, a wealth management commissioner, leaving a variety of bank account access to the portal for the financial needs of all types of customers with one-stop service. Let financial services never close, break through the time before the offline service, space constraints.

I finance "Community Information architecture: through blogs, circles, online interaction and other ways to establish a stable community, such as interactive financial management for customer decision-making to provide Word-of-mouth recommendation products, product user evaluation, sales charts, popularity charts and other services, wealth management community for the people who love to provide online learning and communication space.

Decoding China Merchants Bank's I financial strategy: CMB's private banking clients more than 10,000 people, private banking customers in the bank's total assets of 200 billion yuan, retail bank customers also have 31 million credit card customers and 53,000,001 card customers. But the client group's financial needs are very strong. China Merchants Bank in the country only nearly 800 outlets, CMB's online service network does not give force. Through I wealth management community can unify the resources, trans-regional services, it can be said that the second transformation of the Bank of China Merchants Bank important strategic planning. And I financial platform any bank card binding open mode, for other banks to provide users with new channels of financial services, imagine the space is huge.

Summary: The second leg of the financial industry is an important counterweight to the future competition of finance enterprises, the application of information technology in the financial industry will be more impact than any time before. Are you ready?

There are ideas and you are welcome to communicate with me.

Tangxing

e-Mail along5418@gamil.com,

Weibo: (@ Tangchingtong)

Assistant Tel: 15010535392