Author丨Wang Yuanyuan
Edit丨Jiang Shiqiang
Picture Source丨 Visual China
and investors have always been a curse shrouded in the development of the public fund industry and is difficult to crack.
more public funds removed their client APPs within 2 years.According to statistics from our reporter, it is Changxin Fund , Guojin Fund , Zhongrong Fund, Zhonghai Fund , and Yingda Fund. In addition, Founder Fubon Fund announced in March that it would suspend APP operation and maintenance, and the recovery time will be notified separately. However, the recovery time has not been notified so far, which can also be regarded as being removed from the shelves.
's response to the removal of its APP is exactly the same - it is a normal business operation adjustment behavior. Behind the tacit understanding of
's "official response", what other trend issues in the development of the industry?
"shutdown"
Since Xinda Aoyin Fund announced the removal of the APP. In the past three years, more than 10 companies in the public offering industry have removed their APPs.
In addition to the several fund companies mentioned above, Hongta Fund, Changjiang Securities Asset Management, Debang Fund in 2020, and Dongwu Fund in 2021, have successively announced the termination of operation of its APP - to a certain extent, it can be regarded as a small "shutdown" in the APP field in the public fund industry. The reason for
to be shut down is not difficult to understand: the operating cost of invested by small and medium-sized fund companies in the APP is too high compared to the profit output, and it is becoming increasingly difficult to acquire customers through operating the APP.
"Big companies want to take the information of the holder in their own hands. Although the three parties have large volumes, it is difficult to establish a direct link with the holder." A public funder who has removed its own APP told the 21st Century Business Herald reporter.
was unexpectedly expected. In addition to development costs, direct sales APPs also have operation and maintenance costs every year, and there are even some upgrade and iteration requirements from security, supervision, etc.
According to a reporter from 21st Century Business Herald, the promotion of direct sales APP is also a problem. The brand power and product power of small and medium-sized fund companies are not as good as those of leading companies, and it is very difficult to acquire customers. Therefore, direct sales APP is relatively useless for small and medium-sized companies that originally retain a small scale.
This is an obvious Matthew effect in the field of fund direct sales APP, and even the entire public offering industry: On the one hand, large public offerings need such a self-built platform to serve customers, and it is convenient to directly collect customer data and feed back to the business. On the other hand, these large public offerings have greater popularity and more investment research, channels, and marketing resources to do large-scale investment, which means it is easier to acquire customers. Although small and medium-sized funds also want their own platforms, operational pressure has forced them to "let go".
But even if such a Matthew effect already exists, the APP activity of the entire public offering industry, regardless of whether it is a leading fund company or not.
According to iResearch Qianfan data, in September this year, the monthly active users of the top fund distribution platform " Tiantian Fund " were 4.2178 million, and the monthly active users of " Tonghuashunai Fund " dropped sharply to 193,400. Among the fund company's own APPs, the number of monthly active users is the largest public fund providers with high monthly active users. The highest among
include "Huitanfu Cash Treasure", "Xingzheng Global Fund", " Tianhong Fund ", and "E Fund E-Wallet", with the corresponding monthly active users being 148,600, 109,900, 105,900, and 101,100, respectively. The traffic data of
is obviously out of reach in the face of the closed-loop ideal of "reach-client acquisition-service".
income is not enough to cover the
APP monthly active data is not completely related to the company's scale.
According to a reporter from 21st Century Business Herald, many of the public funders whose management scale is also ranked among the top 20 in the industry, have only tens of thousands of people active in APPs.
takes iResearch Qianfan data as the caliber, such as "Jiashi Financial Management Jia", "Huaxia Fund Manager", "Southern Fund", "ICBC Credit Suisse Fund", " GF Fund HTML ", "China Europe Wealth", " Penghua A plus wallet ", " Boshi Fund ", and " China Merchants Fund ". The corresponding monthly active people in September are 89,600, 80,500, 80,000, 64,700, 41,900, 40,100, 32,600, 21,100, and 11,100, respectively.
According to a reporter from 21st Century Business Herald, the number of monthly active users of a large number of fund companies in the public offering industry has only a few thousand or even hundreds of people. The order of magnitude like
does seem a bit "unsparent" for public fund companies.
"In fact, in addition to those fund APPs that have been closed, there are many fund companies' APPs in this industry that are in a state of "income but not enough", and the input costs and output benefits do not match." According to industry insiders.
is reluctant to shut down. There are many factors behind this, not just the input-output ratio.
According to industry insiders, as supervision increases in security and other aspects, fund companies' own APPs must continue to iterate.
This means that it is not ruled out that there may continue to be removed from the fund's own APP in the future.
public fund industry has experienced leapfrog development in the past 10 years. Behind this round of closure of its own APPs, the simultaneous development of Internet sales channels has gradually grown, becoming an important force in promoting the rapid increase in the industry scale. The most typical representatives of
are Ant and Tiantian Fund. They are more like third-party service providers that can provide fund companies with large traffic and various marketing solutions. At the same time, they are constantly evolving their own wealth management and asset allocation capabilities to serve a large number of C-end customers.
direct sales, left to right?
distribution is divided into online distribution and offline distribution.
offline is mainly traditional sales channels such as banks and securities companies, while online channels are Internet sales channels represented by Ant, Tiantian, Financial Management, etc.
"In the past two years, the scale of non-monetary public funds of Ant and Tiantian has exceeded some traditional channels. There are the following reasons behind this: First, the rise of Internet financial management has made it more convenient to manage finance and invest with smartphones; Second, the post-85s and 90s people have become the main force of the Internet channels; Third, the impact of the epidemic has affected offline channels, and everyone is focusing on the Internet channels; Fourth, this year, more and more investors have educated themselves, and more and more people are willing to manage finances, and the Internet channel is the lowest cost and the most convenient channel." The above-mentioned public funder understood this.
On the other hand, the wealth management business that securities companies are "attacking" is also weakening the necessity of fund companies' direct sales APPs.
According to iResearch Qianfan data, in September this year, the worst monthly active users of securities companies during the same period were hundreds of thousands. The top securities companies' own APPs " Chongle Fortune Tong ", "Guotai Junan Junhong", and " Ping An Securities ", corresponding to the monthly active users were 9.2548 million, 7.4694 million, and 6.4703 million, respectively.
compares the monthly active users of securities companies that can sell funds and have vigorously developed wealth management business in recent years, and the situation of fund companies' own APPs is even more embarrassing.
"In fact, for most securities companies and investment advisors, 'developing wealth management' is equivalent to 'selling funds'." When a reporter from 21st Century Business Herald visited securities companies, many industry insiders understood this simply and bluntly.
The background is that the securities industry has not yet found a good wealth management model, and most investment advisors do not have the ability to serve customers' asset management or wealth management.
From this perspective, when the entire securities industry joins the competition for fund companies to acquire customers, the difficulty of fund companies acquiring customers through their own APPs is increasing and the necessity is also decreasing.
In addition, the "broker settlement model" that began pilot projects in 2018, officially started regular operations in 2019, and fully developed from 2021 to 2022 is also changing the entire fund sales and customer maintenance ecosystem.
Another institution said that the bond settlement model not only stimulates the agency sales vitality of securities companies, but also makes positive contributions to the sales scale and retained scale of public funds, but also promotes the in-depth binding between fund companies and securities companies, and facilitates fund companies to grasp their own customer information.
For example, at the end of September, Changxin Fund, which announced the termination of its own APP operation, has added many new distribution channels such as China Europe Wealth, a subsidiary of tripartite, securities companies, and even interbank public offerings.
It disclosed its development plan for the second half of the year in its parent company Changjiang Securities semi-annual report, namely, to develop securities settlement models, increase cooperation with leading sales agencies; to conduct in-depth research on customer needs, select products that are more in line with platform attributes and customer profiles, and deepen cooperation with e-commerce platforms. The choice of
is obviously not an isolated case.
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This issue editor Li Yutong Intern Wu Ziying
