The next upheaval in internet finance comes from securities?

More than 2015 years, the Internet securities field of frequent movements.

March 11, China Securities Association of the Internet Securities Professional Committee set up in Beijing, this is the first time the association of self-regulation of the establishment of the Internet Securities Professional Committee, the Chairman of the SFC assistant Yujun even proposed "3-5 years to the Internet securities business bigger and stronger."

"Internet Securities" was ranked first in the "public bidding announcement" of the 2015 key Research on China Securities Association, and the importance of the Internet to the securities industry never seemed to be so evident.

Earlier, March 2, the SFC has just approved the fifth batch of 20 securities companies to carry out the Internet securities business pilot. Since April 4, 2014, the SFC approved the first pilot, the number of securities companies into the pilot has reached 55, accounting for the total number of Chinese securities companies nearly half. Listed securities companies, in addition to Everbright Securities, Northeast Securities, have obtained the business qualification.

In the course of the year, the traditional securities companies felt the agitation from the Internet. Many companies have set up the name of the "internet finance" related departments, the introduction of innovative business. The news of merger and cooperation between securities companies and Internet companies is endless. China's first 8 national integrated securities companies, one of the first pilot of the Great Wall securities even set up the "Great Wall Securities before the Sea branch", focusing on the development of Internet securities business, proposed "to rebuild a great Wall securities."

But outside the securities industry, the general public does not seem to feel the impact. Great Wall Securities, former general manager of the Chai Quan in an interview told NetEase Science and technology reporter, the Internet securities business of the Great Wall Securities 2014 years basically in a small scope of the test phase, 2015 ready to push the mass. He believes that, after a previous phase of exploration, the securities industry in the 2015 will be changed by the wider push of internet securities business. This is also the consensus of many people in the industry.

What have these Internet securities pilots tried in the last nearly a year? What changes and imaginary space have these attempts brought to the securities industry? How has the Internet been and will it change the life of the securities industry and the general public?

Pilot: "Try" what

In the public reports since 2014, the securities companies in the Internet security attempts to focus on a number of areas: online accounts, open online shopping malls to sell financial products, and Internet companies to import traffic, which makes the securities company's services from the target customers closer and more convenient.

In terms of online accounts, many securities companies now offer 7 * 24-hour online account opening service, for example, the National Gold Securities "Commission treasure", Citic Investment "108 secretary" and so on, these applications have omitted to open a securities transaction must go to the securities company to handle a series of cumbersome procedures, just through the ID card, The basic information fills in, the video attestation, binds the bank card to complete the account opening.

The opening of online shopping malls, such as Guotai's June Hong Financial Mall, Galaxy Securities Online Mall and the Great Wall Securities Online mall, which makes the past by telephone or on-site consultation to obtain product information more open and transparent, on the internet can be more easily access.

With Internet companies to import traffic, such as CITIC Securities and Tencent cooperation, access to Tencent optional shares app, through Tencent's app into its own traffic. Huatai Securities, together with NetEase, Zhongshan Securities Joint financial sector, GF Securities and Sina signed a strategic cooperation agreement, the East Wu Securities and "with the flower shun" in-depth cooperation, great wisdom to buy Xiang Treasury securities, net acquisition of the same letter securities, Pacific Securities and Beijing-east of the online banking contract, and so on, All this makes it possible for securities companies to reach their target customers in a wider range and with more accurate access to the Internet.

But the significance of the pilot is certainly more than that. According to public reports, at the beginning of the pilot, the pilot enterprise reported the Internet Securities Business pilot program is the core of the account management, investors set up an Internet security account in the payment, transaction, funds and other aspects of the settlement has greater flexibility, some of the pilot securities will borrow the Internet Security Test water financial account funds independent management.

What does that mean?

China Securities Company in the last century 八、九十年代, the securities account has similar to the bank account of the same payment function, but due to the absence of regulatory norms, the outbreak of misappropriation of customer bonds and other cases. Since then the central bank has focused on clearing the accounts of securities companies, and set up a "third party depository" system, that is, the customer's transaction settlement funds by the third party with the qualification of the commercial banks, rather than by the securities company Unified Storage, securities companies do not contact the customer account of idle funds, thus safeguarding the security of customer funds.

As a result of the third party deposit regulation, in the past decade, the brokerage business has been limited, customers lost a lot. If the Internet securities can achieve the independent management of financial account funds, it means that the securities companies can once again have the opportunity to manage the money, which will trigger the bank in the payment of the securities business to bring a huge imagination space, will become the Securities industry "historic breakthrough."

Line, senior economist and strategic researcher at Fortune Securities, notes that in this regard, Guotai has already tapped into the central bank's large payment system, the first direct-access broker and the first Non-bank financial institution to access it. Moreover, according to industry insiders, are now designing access schemes are not Guotai family.

The so-called large payment system is the final fund clearing system provided by the central bank for the payment business between the credit unions, commercial banks and non-financial institutions and the central bank. Previously, the domestic financial institutions directly connected to the system were limited to commercial banks. Industry insiders told NetEase Technology, brokerage direct access to the central bank payment system, means that the payment function of the broker to obtain substantial progress, will help brokers to carry out wealth management.

Line told NetEase technology, because now each customer's electronic account is independent, rather than early, the customer's money in the securities company unified account, so the risk of diversion is greatly reduced.

Impact: Stir up the pattern of securities firms

Since the independent management of financial account funds has not yet been achieved, the impact has not yet emerged in the past year, but attempts have already stirred the securities industry.

February 20, 2014, the National Gold Securities and Tencent launched the "Commission treasure" officially on the line, this can be opened on the mobile phone, trading app, the stock investors in securities trading when the securities companies from the commission from the industry's general eight out of 10,000, a large drop to two out of 10,000. The following March 27, Zhongshan Securities is a "0 Commission" banner.

Industry insiders told NetEase technology, that period of time the broker did feel the impact, the customer did lose, and some sales department in 2014 has 100-200 customers lost, although not a large number, but also enough to let people touch.

According to media reports, the Sichuan Securities and Futures Association held an interim meeting with major local brokerages, asking regulators to investigate the compliance of the "Commission treasure", and asked the China Securities Association to urge the Gold securities to revise the "Commission treasure" of two out of 10,000 commission pricing.

In China's securities industry, the brokerage business of brokering securities is the main source of income for most securities companies. According to the 2014 annual operating data published by China Securities Association, 120 securities companies have realized operating income of 260.284 billion yuan, and 104.948 billion yuan for trading in securities business, representing about 40.32%. This ratio differs in different securities companies, which is slightly lower in some large securities companies with a relatively comprehensive portfolio, but in some smaller securities firms with a single business, the ratio is even as high as 70%.

Commission war is not a new thing, the securities industry over the years played a commission war and a few, in the industry, the Commission war and the Internet does not have a direct logical relationship, but the Internet may aggravate this degree. "Low commissions are now very common. Chai Quan told NetEase Technology.

Commission after the war, the industry told NetEase technology, this is because two out of 10,000 is almost already the cost of the brokerage. After the Commission war, some securities companies ' market share changed.

Take the National Gold securities as an example, its former in the industry as a small brokerage, industry influence is not very big. National Gold Securities "Commission Treasure" February 20, 2014 launched a year later, according to the data disclosed in February this year, its stock trading volume market share from about 0.7% rapid rise to more than 1%, and maintain around 1%, which means that the amount of stock transactions in a year increased by about half. At the same time, the National Gold securities market share in 2014, the growth rate of all brokers ranked among the top. "The Internet strategy has indeed made a substantial change in the country's gold securities." "Accept NetEase Science and technology interview, National Gold securities related person said."

Changes in the market landscape may have just begun. Japan's Internet brokers, once launched, have taken the absolute advantage of the retail business at a faster pace, according to a CITIC investment study. In 1999, the Internet brokerage account only 300,000 households, by the end of 2013 reached 18.16 million households, accounting for the number of Japanese securities account 90%. After full competition, Japanese brokerages now form a high concentration, the top 6 brokerages accounted for 85% of the market share.

In addition to the decline in the rate of commission caused by the changes in the market structure, CITIC Investment securities company Beijing Dongzhimen South Street Securities sales deputy general manager Guan Xin told NetEase Technology, the Internet for the securities companies are more service mode change. In fact, for customers, the rate of Commission is not whether or not to choose the decisive factor of a broker, the brokerage can help customers to make money is the most critical. So, in essence, each brokerage is a professional service, and the Internet brings a lot of data to provide support for this service. "We can analyze the customer's risk preference according to the data of the customer's online transaction, so as to push a more suitable service for him." "she said.

Guan Xin told NetEase Technology, this more accurate service makes her sales department in the fund Management and other business income is on the rise, which for them is a positive impact, to facilitate further business transformation. And to get rid of the dependence on Commission, to seek a richer business model, in the brokerage is already the trend.

In Chai Quan, general manager of the Great Wall Securities former Hai branch, this is a kind of thinking change. He concludes that, in fact, the previous exploration, on the one hand, is to move the securities business to the Internet, on the one hand, using the Internet thinking to do finance. "Unlike traditional financial thinking, the Internet financial thinking is to focus on rapid iterative, customer experience as the center of Business, traditional finance is the risk control as the first element." Risk control and user experience are sometimes contradictory, risk control is good, sometimes inconvenient. such as opening an account, must meet with the customer before, this is not so convenient from the customer experience. He pointed out, and further examples: "For example, our Great Wall securities ' cash sinks ' is the learning balance treasure." Balance treasure is the use of Internet thinking to do products, the traditional approach is the fund company launched the Money fund, put in there customers love to buy, will not ponder what customers think. ”

Inside the industry, although no specific figures, Line feel that the securities company "move" up. He noted that in 2014 many brokerages had their own structure adjusted, and that the establishment of the Internet-related financial sector was almost standard. For example, Guotai set up the network Finance Department, GF Securities set up the Internet Financial Development Leading group and Working group, set up E-commerce department. "Over the past two years, the progress of Internet technology has actually been affecting the securities industry." But especially since the pilot, this feeling is stronger. "he said.

Revolution: From "technological revolution" to "mode Revolution"

Chai Quan is full of confidence and anticipation for the future change. He revealed that the Great Wall securities has been ready to cooperate with micro-letter, in the micro-letter "wallet" "card bag" position may be more than one "securities", point in to buy the Great Wall securities products, details are inconvenient to disclose, but this year can be online soon. He also told NetEase technology, the future of the Great Wall securities may try to raise this model, but also with the Internet companies in the equity aspect of a greater action.

Chai Quan is one of the oldest people who has witnessed the securities informatization in the past 20 years and has not yet left. He told NetEase technology, and the Internet company, in the technical aspects can also use its Advanced technology platform, the domestic larger brokerage service platform to deal with the amount of instantaneous concurrent data is probably in millions, However, some of the electronic business platform can reach hundreds of millions of times, such as the dual 11 when the processing of concurrent data reached this level of magnitude.

Line has written on the development trend of Internet securities to discuss the future development trend of Internet securities and securities companies to deal with the strategy. He believes that the main trend of Internet securities in the future is: Comprehensive securities trading, product sales activities of supermarkets, brokerage marketing activities network. The influence of Internet on securities industry will gradually evolve from "technological revolution" to "mode Revolution".

Tasted the sweetness of the Internet, the national Gold securities more determined its own Internet securities strategy. National Gold Securities related to the responsible person told NetEase technology: "We have through large data and other Internet tools, customer demand for mining, the future we will gradually layout investment, financial management, financing and other product lines, from simple stock investment, to complete the transfer of wealth management." ”

From the practice of national Gold securities, the relevant officials believe that in the future, the internet on the brokerage industry has four impact:

First, the investor's investment entrance migration: The investor carries on the financial investment entrance to appear from the line to the line, from the online simple computer side stock brokerage software operation to the specialized mobile end product and so on aspect change. Investors are increasingly reliant on mobile devices such as mobile phones for investment operations, a trend that is leading the changing securities industry.

Second, the investor's sovereignty consciousness is awakened: the investor becomes passive to take the initiative, utilizes the Internet's general benefit finance, the information symmetry and so on the characteristic and the superiority, carries on the comprehensive comparison to the financial management channel, the product characteristic, the customer service and so on, to determine own choice.

Third, to achieve economies of scale provides means: the Internet for securities companies to use their own professional and technical, service and other advantages, as much as possible to strive for customers and resources to achieve large-scale, faster to achieve economies of scale provides a means to

Four, challenges to business management: the Internet for the securities industry is a new thing, this to the enterprise's middle and senior managers have put forward higher requirements, the leadership needs to change the way of thinking, changing the management concept to adapt to this industry changes.

But Line also cautioned that Internet security does not mean that everything is best to move online. For example, Edward Jones, America's largest brokerage firm, is the largest and most profitable retail broker in the financial services industry in the United States, and its business goes beyond the well-known Merrill Lynch. Edward Jones Company attaches great importance to offline services, in the world has tens of thousands of outlets. "Because the information product is different from the general product, it contains the meaning as well as the risk involved, or need the financial staff to explain on the line, this may not be completely replaced by online mode." "Line said.

In addition, many respondents believe that the internet has not only brought more benefits, but also the attendant risks. In the past, the data in the securities companies should be placed on the Internet, how to ensure that the user data is not disclosed is indeed a challenge. In addition, there is the risk of investment in financial products.

In answer to NetEase technology "Do you think the 2015 Internet securities will be a huge change, what will happen?" "The issue, the national gold Securities related officials wrote:" Innovation will be developed in depth, the Internet Securities industry supervision system will be gradually approaching. ”

Attached：

Five batch of Internet securities trials currently approved by the SFC:

The first batch: April 4, 2014, the CSRC approved Citic Securities, Guotai Securities, Galaxy Securities, Great Wall securities, ping An securities, China-created securities and other first 6 securities companies launched the Internet securities business pilot.

The second batch: September 19, 2014, the SFC approved the second batch of pilot list, GF Securities, Haitong Securities, Wanguo, Citic Investment, state Securities, Societe Generale Securities, Huatai securities, million-linked securities 8 brokers shortlisted.

The third batch: the National Securities Industry Association announced a number of Internet securities business Pilot Securities Company List November 24, 2014, the Securities Industry Association notice shows that, with the approval of the SFC, wealth Securities, Treasury securities, Germany state securities, Donghai Securities, founder Securities, National Gold securities, national Yuan Securities, Changjiang Securities, investment securities, Zhejiang Merchants Securities and other 10 authorized to carry out the Internet securities business pilot.

The fourth instalment: December 26, 2014, the Securities Industry Association released yesterday afternoon, "on the Internet Securities business trial of the list of securities companies (3rd)", with the approval of the SFC, 11 securities companies were allowed to carry out the Internet securities business pilot. So far, four batches of 35 securities companies obtained approval.

According to the notice, 11 of the companies to obtain the Internet pilot qualifications are BAO Securities Limited liability company, Oriental Securities Co., Ltd., Nanjing Securities Co., Ltd., Southwest Securities Co., Ltd., Zhongyuan Securities Co., Ltd, Qilu Securities Limited, Shun Shin Securities Co., Ltd., Hualin Securities Limited liability Company, Dongxing Securities Co., Ltd., first Venture Securities Co., Ltd., Pacific Securities Co., Ltd.

The fifth instalment: on the evening of March 2, 2015, the China Securities Association issued a bulletin on the list of the pilot securities companies of the Internet securities business, adding that 20 securities companies, including CICC and Minsheng, were allowed to launch the Internet securities business pilot.

These 20 include: Finance Limited Liability company, Dongguan Securities Limited liability company, Soochow Securities Co., Ltd., Guo Hai Securities Co., Ltd., Cathay Securities Company Limited, Hengtai Securities Co., Ltd., Huaan Securities Co., Ltd, Hualong Securities Limited Liability company, Huarong Securities Co., Ltd., Minsheng Securities Co., Ltd., Shanxi Securities Co., Ltd., Century Securities limited liability company, Tian Feng Securities Co., Ltd., Tibet Shun Securities Co., Ltd., Hunan Finance Securities Co., Ltd., Yintai Securities Limited Liability Company, China International Finance Limited, China Investment Securities Co., Ltd., Zhongshan Securities Co., Ltd., China Postal Securities Co., Ltd.

This allows the Internet securities business Pilot qualification of the number of brokers to 55, accounting for about half of the total number of brokerages, listed securities, in addition to Everbright Securities, Northeast Securities, have obtained the business qualification.

(Responsible editor: Mengyishan)