Dong Ximiao, chief researcher of the Zhongguancun Internet Finance Research Institute
With the rapid development of financial technology, financial institutions including commercial banks and consumer finance companies have made full use of Internet and mobile Internet technologies to accelerate product and service innovation, and Internet loans have emerged as the times require Raw. At the same time, P2P online lending platforms and online microfinance companies have emerged in large numbers and have entered the field of online lending business.
Based on the perspective of financial institutions, Internet loans can be divided into three categories: loan assistance, joint loans and self-support loans. To some extent, joint loans are part of bank-bank cooperation and will likely become one of the most important business cooperation models.
Realizing bank-bank cooperation through joint loans
Internet companies such as Ant Group and JD Digital are the explorers and beneficiaries of Internet lending business. According to the Ant Group’s recent prospectus, the products of the Ant Group’s micro-credit technology platform include Huabei, Boraibe, etc. The revenue in the first half of the year was 28.586 billion yuan, accounting for 39.4% of the total revenue, and it was its most important source of income. Private banks, consumer finance companies and other financial institutions operating in the Internet mode also use Internet loans as their main products.
Due to a mixed set of lending agencies, most of them do not have financial licenses, asset quality is uneven, business management models are relatively extensive, and potential risks are difficult to predict; self-operated loans require relatively high independent risk control capabilities, so in Internet loans, joint loans The model has gradually become mainstream. According to statistics from the People's Bank of China, as of the end of June 2020, the balance of online joint consumer loans issued by commercial banks is approximately 1.43 trillion yuan. Although the total loan volume of less than 1.5 trillion yuan does not account for a high proportion of the bank's loan balance, the proportion of short-term consumer loans is still worthy of attention. According to the data released by the People’s Bank of China, in August 2020, the balance of consumer loans by financial institutions reached 47.53 trillion yuan (short-term and medium- and long-term respectively 8.32 trillion yuan and 39.21 trillion yuan), because the maturity of online joint consumer loans is mostly Within one year, this means that online joint consumer loans account for more than 17% of all short-term consumer loans, and this proportion continues to rise.
Generally speaking, joint loans refer to loans issued jointly by financial institutions. Both partners hold financial licenses and have comprehensive risk management, which not only helps ensure business compliance, but also helps prevent risks to a certain extent. At the same time, most of the institutions participating in joint loans are Internet banks or Internet consumer finance companies, which have relatively rich online scene resources and risk control capabilities; the funders are mostly small and medium-sized enterprises with weak online risk control capabilities but relatively low capital costs. bank. The cooperative model of joint loans can realize the rational allocation of funds and the rapid docking with assets, and maximize the value of resource allocation. At the same time, in terms of online risk control, the online risk control model of Internet banks and Internet consumer finance companies has been polished by using strong and weak methods, enriching their data dimensions, testing and strengthening online risk control capabilities, and making Small and medium-sized banks have the opportunity to conduct practical learning in the real market to effectively cultivate and improve online risk control capabilities.
Bank-bank cooperation to enhance the inclusiveness of financial services
Participants of joint loans are not limited to small and medium-sized banks. Under the tide of open banking, since the beginning of this year, Xinwang Bank, Zhongbang Bank and Industrial and Commercial Bank of China have explored a new model of joint loans, and jointly launched the "e-business aid dream loan" for ICBC small and micro acquiring merchant owners. Provide personal credit loans, adopt the whitelist invitation system, whitelist customers can apply online, pure credit, no mortgage, no guarantee, real-time loans, the maximum amount is 300,000 yuan. It is worth noting that "e-business Dream Loan" is independently controlled by Industrial and Commercial Bank of China, Xinwang Bank, and Zhongbang Bank, and is also a lender. The product is embedded in the ICBC App, which opens the bank in the bank, and makes full use of the respective advantages of large banks and Internet banks. It is a landing case of open banking, with the focus on serving small and micro merchants. The openness of such large banks and Internet banks to customers is of special significance. After all, the inter-bank account information authentication that has troubled the online business development of small and medium-sized banks has not yet made breakthrough progress due to the openness of customers. Of course, we believe that the joint loan of ICBC, Xinwang Bank and Zhongbang Bank may be more based on the consideration of activating existing ICBC customers. After all, as the largest industry in the universe, its stockThe scale of customers is already very impressive. Instead of watching the loss of existing customers to Internet banks, it is better to take the initiative to introduce Internet banking risk control and experience into the Bank's App to activate the bank's existing customer base and reduce loss.
In the past, we often understood bank-bank cooperation as inter-bank business, but the field and scope of bank-bank cooperation is actually very wide. Especially in the context of the current impact of the epidemic and economic downturn, the "six stability" and "six guarantees" work are arduous, and bank-bank cooperation has once again become an inevitable trend. Internet banks and consumer finance companies use their own technological capabilities, especially Internet operations and connectivity capabilities, to build a series of "financial capillaries" leading to small and micro enterprises, opening up the "first kilometer" and "last mile" to serve the real economy. one kilometer". These explorations and innovations have made financial services more inclusive and precise.
In addition, bank-bank cooperation is also an inevitable trend under the development of the industrial Internet. With the transformation of the consumer Internet to the industrial Internet, better serving B-end corporate customers, providing them with customized solutions, and realizing B2B2C linkage management, has become the focus of competition among banks. However, for small and medium-sized banks, limited by the influence of license qualifications, business types, product systems, and operating regions, it is difficult to independently provide comprehensive financial services to corporate customers. Through bank-bank cooperation, they can better cut into B In the service of end-of-the-line customers, it will then give play to its own advantages in segmented areas and obtain differentiated competitiveness.
Bank-bank cooperation is also an inevitable choice under the current open banking trend. The development of financial technology, the deepening of digitalization, and the catalysis of open banking have intensified the "Matthew Effect" of the banking industry. Large and powerful state-owned banks have established financial technology subsidiaries to better serve small and medium-sized financial institutions by exporting their own financial technology capabilities; and small and medium-sized banks have also found a favorable opportunity to borrow boats to go to sea and to borrow troops to fight. Cooperation to quickly improve their own information technology capabilities and risk management capabilities.
We believe that there is still a lot of room for bank-bank cooperation. With the development of digital technology in the future, in terms of inclusive finance, in particular, it will increase the coverage of inclusive finance, reduce service costs and thresholds, and improve the sustainability of inclusive financial services. There is much to be done in terms of ability.
Financial institutions have played the role of responsible lenders in promoting the expansion and increase of inclusive finance, effectively shouldering social responsibilities and becoming the mainstay of the development of inclusive finance. With the impact of the epidemic on retail credit, the formation of the ecological monopoly of Internet giants, and the increasing number of participants, the competition in the consumer credit field has entered the stage of "Warring States Fighting for Power" from "Spring and Autumn". How to explore a new path for development It is worth thinking about every practitioner.
Bank-bank cooperation is indeed an important direction, but the premise of cooperation is still to understand the needs of the other party, especially the business demands of the importing party. Whether it is an Internet platform, a hardware manufacturer, or a bank-based technology subsidiary, all have set their sights on small and medium-sized banks, hoping to export capabilities to them. However, this output is often wishful thinking, and supply and demand do not match. Because most institutions do not understand the business demands of small and medium-sized banks and are unable to provide corresponding services. What small and medium-sized banks need is not a set of technological systems, nor a set of universal methodology, nor a set of perfect "PPT solutions", but a paradigm that can truly create business value. Most institutions consider winning this small and medium bank customer, rather than growing together with this small and medium bank. Only through empathy can we achieve win-win cooperation. The
policy is promulgated to promote the development of joint loan business.
Joint loan also has some problems inevitably in the development process. For example, the funder may actively or passively become a "hands-off shopkeeper". I originally wanted to learn online business development and risk control from Internet banks. Experience, as a result, too little customer data information can be obtained, and can only be a pure funder. On the other hand, Internet banks have greatly reduced their own capital contribution ratio by virtue of their unique online risk control capabilities, even reaching 1:99. They have truly realized light capital operation and successfully passed the main risks to small and medium-sized banks as pure funders. This has resulted in a dangerous situation where the investor does not understand the customer, let alone the risk. This may trigger financial risks and affect financial stability in the context of increasing downward pressure on the economy and the impact of the new crown pneumonia epidemic. The phenomenon of
has aroused great attention from financial regulatory authorities. In July this year, the China Banking and Insurance Regulatory Commission issued the Interim Measures for the Administration of Internet Loans by Commercial Banks, which emphasized and regulated the InternetThe rights, responsibilities and interests of each participant in the loan. Prior to this, the People's Bank of China issued urgent documents to investigate the scale of joint loans of various commercial banks, especially for the bank and Ant Group's joint lending situation. According to the latest news, at least two of the banks that cooperated with the Ant Group in the Internet joint loan business have stopped the new business of the Internet joint consumer loan in cooperation with the Ant Group. The
joint loan model has encountered legal difficulties recently. The "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Loan Cases" (hereinafter referred to as the "Regulations") promulgated on August 20 have aroused great repercussions in the financial industry. Although Article 1 of the "Regulations" clearly states that the upper limit of judicial protection of the private lending rate of 4 times LPR does not apply to financial institutions, some local courts still use this to restrict the lending behavior of financial institutions, causing widespread concern in the industry. In joint loans, financial institutions have high customer acquisition costs, operating costs, and risk costs, and involve multiple parties. At present, there are indeed some credit products with interest rates higher than 4 times LPR. Of course, joint loans and loan assistance businesses themselves are not within the scope of this new judicial interpretation adjustment.
And the "Law of the People's Republic of China on Commercial Banks (Revised Draft)" promulgated by the People's Bank of China on October 16 clarified that commercial banks can independently negotiate with customers to determine deposit and loan interest rates in accordance with the relevant regulations of the People's Bank. Compared with the 2015 revision of the "Commercial Bank Law of the People's Republic of China", the revised draft emphasizes that loan interest rates can be negotiated independently, clarifying the principles and direction of interest rate marketization. This is an amendment to the judgments of some local courts and will help promote the development of the joint loan model.
There is no doubt that in the era of digital economy, financial technology is booming, creating a technical foundation and providing power support for bank-bank cooperation based on Internet joint loans. Openness, integration, complementarity, and win-win will become an irreversible new trend between banks and banks, and closer bank-bank cooperation will usher in spring.
Source: China Credit Card paper published in the "China Credit Card" in 2020 on 11
Author: Dong Ximiao Lilin Hong
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-