The Internet financial crisis: The fund enters the electricity business to enter the key time

In the news of the preparation of the electronic brokerage business by IT companies such as Oriental Wealth (300059, share bar), the traditional security finance field has become a trend with network docking.

Prior to a brokerage executives told reporters that in the securities brokerage licence to open up the trend, the first opening may be the network of light brokerage.

If the network brokerage is still to be a while, the network fund shops have been near the brow. After the previous "Securities Investment fund sales organization through Third-party E-commerce platform to carry out business management interim provisions" (hereinafter referred to as "method") announced, according to the reporter understands, now the relevant electric business is entering to the supervision layer record period, and the fund company aspect waits for the electric business platform to record passes, then will the related sales business on-line.

"The electric dealer is the record beforehand, we are afterwards the record can." "Some fund companies have pointed out.

It's worth noting that this is a critical period, because there will be a lot of things that have not been on the agenda before, such as how the fund uses a Third-party E-commerce platform to define the marketing model, and the "Consumer accounts" and "financial accounts" in third party payments accounts such as Alipay [Weibo]. Can interconnection?

All these determine the future success of the Fund to touch the "net", and whether it can shoulder the task of changing the pattern of fund sales.

Open a door.

"Opened a door. "This is the chief market Officer of Tianhong Fund," said Zhou Xiaoming, referring to the "method" repeatedly used in a word.

In fact, the introduction of the "method" has undergone a relatively long process, since 2012, the Securities and Futures Commission has several times with the fund company to include Taobao stronghold of Hangzhou, including many to seek industry advice. Before the December 27, 2012 "Method" for comments, in the industry experienced five rounds of advice.

Because this is a new thing in itself, so the supervision layer and the industry in the investigation process, the more important is the feasibility and space of the electronic business participation, as well as the legal boundary issues.

"The so-called border is this platform is not in the sales fund?" Are you going to take the cards? Where are the boundaries of behavior? What can and cannot be done? "People who have participated in the discussion have pointed out.

And the final Third-party E-commerce platform is defined as "fund trading activities between funds and fund investors to provide ancillary services information system", which is not a sales organization, but for the fund sales agencies to carry out the fund sales business to provide ancillary services.

This also divides the third party electronic Commerce, the fund company, the third party fund sales organization relations.

Zhou Xiaoming: "The third party electric platform in the fund sales of the nature: first of all, it is the fund marketing system expansion, change, belong to the fund company direct sales system, especially the extension of the online direct marketing system; Second, it also includes the business launch function, not only can display the product, but also can borrow platform to launch the transaction; The payment function is also integrated. ”

Correspondingly, third-party sales organizations should focus more on developing investment advisers, abandoning ordinary investors and switching to high net worth customers.

Although the boundary of the third party electric business platform is strictly defined, the formulation of the whole "method" seems to be a "process of subtraction" in the participants ' eyes, "the regulation of regulation is more of some principles, without the details of rules and regulations, leaving space for the follow-up innovation." "This reflects the more enlightened attitude of the fund department," Zhou Xiaoming said.

This or for the future of the Fund and the electricity business deep cooperation to bury foreshadowing, the most direct embodiment should be product innovation new business state. According to the reporter understands, Tianhong fund already prepared the electric merchant exclusive product.

In addition, the fund company also began to look to have the electricity business and the fund product double habitat experience talented person, has the fund company said, already started to seek this aspect the talented person.

Integration and conflict

"Method" before and after the introduction of the deep subtraction, played the role of "open door", but for the fund to provide wealth management products, has its specific legal framework and regulatory requirements, "the specific operation is very meticulous and rigorous things, to demonstrate clearly." "Zhou Xiaoming points out.

This integration and conflict will be reflected in every step in the immediate progress.

First of all, when the electricity dealer records to the SFC, must solve the information technology system security management question. In fact, in the future, when fund sales organizations are using the electric business platform, they are faced with a smaller audience, that is, a larger number of smaller customers, the technical challenges here are not easy.

In addition, in the view of the fund company, the electric business platform has two characteristics of "eyeball economy" and "price concession", and it is a living consumption platform, which is different from the traditional financial financing platform on the line of funds. How to do product marketing in the legal and regulatory framework of fund product sales is a new topic.

"The way the counter is sold does not apply to the sales of electricity dealers, but the customer demand in the sales of electricity dealers does not necessarily meet regulatory requirements." "Some fund companies have pointed out.

This can be refined into a lot of details, such as the evaluation model of the electric business platform, some people in the industry believe that the fund as a special commodity, can not be profit or not as a simple evaluation criteria, proposed to close the evaluation function; But some people hold different views, hoping to use the evaluation system for marketing

Charging mode is also a problem. Because of the positioning of the electric business platform, it means that it cannot reproduce the charging mode of the third party sales organization simply.

There was a concept that had been proposed in the discussion of the approach, but was not eventually incorporated, but it seemed to be a more viable model in the industry. This model is based on the principle of the above mentioned distributors, and it is in accordance with the principle of payment service charges. This model will be more effective in the original legal framework to solve the problem of costs.

Taobao as an example, in accordance with the current sales payment model, Alipay to provide funds to settle services, will receive funds to purchase fees, no purchase fee funds by the fund company to pay sales service fees, such as the trailing Commission will no longer exist.

In addition, as the electricity quotient is defined as the platform, the fund company as the merchant enters, also needs to pay certain basic technical service fee, "very low, is thousands of yuan, also has the advertisement and so on some expenses." "The fund company contacted by the electricity trader pointed out.

There is also a point, but also from the position of the electric business platform extended out of the proposition, that is, Alipay account set up the issue, which will enter the stage after the electronic business into the formal discussion stage.

According to the existing fund safety management concept, the Alipay account should be divided into "consumer account" for general products and "financial account" for purchasing fund products. And in the future, in practice, will create the situation: in the process of customer Purchase fund products, the purchase of funds from the independent consumer account of the bank card, Taobao to sell funds after the redemption of funds will return to this corresponding bank card, must be transferred from the independent bank card to the consumer bank card. Can use this money to buy consumer goods.

"Every more click of the mouse, will lose more than one customer." Some fund company people pointed out. It points out that while this is a normal process in terms of security management considerations at the moment, it is certainly more desirable for customers to connect seamlessly.

This result is not only a little more mouse, for example, in Alipay as a fund for the sale of third-party payment agencies, its docking bank is currently only for Agricultural Bank and Everbright Bank (601818, shares) [micro-bo], and Alipay in the provision of life to pay the function, docking bank already exists, which undoubtedly caused great convenience.

The more profound effect of the

is that this or to the future of the Electrical and Commercial Fund product innovation, such as the most popular cash management business, if you want to graft to the fund of the electrical products, you need to open the account to pay treasure accounts and financial accounts in the channel, thereby activating the pay treasure consumption account on the huge amount of idle funds.