The development speed of Internet finance in recent years has indeed surprised many people.
From online payments at the beginning, to online loans now, to crowdfunding, and then Internet funds, it has penetrated into our daily lives step by step, step by step.
Many of my friends around me use Yu'E Bao for financial management, and use Huabei and Jianbei for capital turnover. Even the man selling pancakes downstairs has posted the QR codes for WeChat Pay and Alipay.
This change will undoubtedly have a considerable degree of shock to traditional banks that are used to waiting in line at their branches.
Some people even use "subversion" to describe this change, but what is the real situation?
How much impact does Internet finance have on traditional finance?
Today we will talk about this topic.
Business model: the real relationship from “substitute” to “complementary”
Many people think that Internet finance will replace banks, but after careful analysis, this is not the case.
Nowadays, domestic Internet financial services play more of an auxiliary and complementary role to traditional finance.
Services such as online banking and online payment are essentially an upgrade of traditional financial services toward the Internet. They are the use of technical means to make original services more convenient.
Internet money funds, with Yu'e Bao as their typical representative, have indeed caused a certain degree of diversion of banks' demand deposits. However, under the surface, it is actually more like completely stimulating ordinary people's financial management concepts and cognition, thus forcing banks to improve and enhance their own service quality.
In the field of payment and settlement, even though third-party payment has captured some market share, it actually serves as a bridge between customers and banks. It builds a new four-layer payment and settlement architecture system, rather than overthrowing the original system.
Credit business: the true scale of online lending and crowdfunding
talking about Internet credit business , many people will think of various online loan platforms and crowdfunding projects.
It cannot be denied that these businesses provide new financing channels for small and micro enterprises and individuals, but their overall scale is relatively limited.
Whether in the domestic field or in the global field, the crowdfunding market is mostly based on the level of concept innovation and is far from building a large-scale mainstream business.
As for virtual currency , the current overall impact on China’s financial system is not significant.
It is worth being vigilant that certain alienation phenomena have occurred in this specific field. For example, the model that was originally dominated by equity crowdfunding gradually evolved into project crowdfunding and debt crowdfunding, and even so-called "Internet loan sharks" appeared under the banner of Internet finance.
These chaotic situations have brought new challenges to the financial market, and also reminded us that we must always stay awake in the process of enjoying convenience.
Technological innovation: the double-edged sword of big data and cloud computing
One significant change brought about by Internet finance is technological innovation.
Using big data analysis and cloud computing technology, the platform can obtain massive amounts of information in real time and process it, which to a certain extent alleviates the long-standing information asymmetry problem in traditional finance.
For example, some online lending platforms can quickly conduct credit risk assessments based on user consumption records, social behavior and other data, thus improving the efficiency and accuracy of financial services.
The other side of the coin is that Internet finance combines the dual risks of the Internet and finance. Its fragmentation and cross-border characteristics make risks more likely to occur and spread quickly.
The law has unclear positioning, technical systems have malfunctions, and there are problems with financial security. These are all real hidden dangers.
Once a large-scale systemic problem occurs, it may have a considerable impact on financial infrastructure.
Long-term impact: Deep changes in the banking industry are brewing
In the short term, the direct impact of Internet finance on the banking sector seems to be limited. However, in the long term, the potential impact is likely to be more profound than we can imagine.
In essence, it is a key manifestation of financial disintermediation. It is promoting comprehensive changes in payment and settlement, promoting comprehensive changes in capital flows, bringing about comprehensive changes in financial products, and thus triggering comprehensive changes in the market structure.
If old-school banks are still relying on branches and tellers, they will inevitably fall into a passive situation.
Many banks have already begun to proactively seek changes, launching their own mobile banking apps to optimize the online service experience, and even cooperating with Internet platforms. We can see these situations.
This kind of healthy competition has many benefits for consumers. Among them, we can enjoy the convenience brought by convenient financial service facilities with more convenient features and lower cost attributes.
In the future, Internet finance and traditional finance will tend to integrate and coexist, and it is not a case of one replacing the other.
The impact of Internet finance on traditional finance is profound and complex.
It is neither a trivial matter nor a "subversive" complete revolution.
In terms of sales channels and service methods, it has truly brought about revolutionary changes, making financial services more inclusive and more convenient.
However, from another aspect, it still falls within the scope of financial contracts, and there is no way to break away from the basic laws of finance.
As we embrace the convenience brought by new technologies, we also need to be clearly aware of the risks involved. Investors and ordinary users should remain rational and not blindly follow the trend.
The essence of finance is to provide services to the real economy. At this point, no matter how technology changes, it will not change.
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