摘要In 2018, the Fintech industry has become hot industry favored by global capital market and has stepped into Era 3.0.
On January 31, 2019, iiMedia Research, global leading new economic data mining and analysis organization authoritatively released "2018-2019 China Fintech Industry Research Report ". In 2018, the Fintech industry has become hot industry favored by global capital market and has stepped into Era 3.0. Up to the first half of 2018, the investment amount of global Fintech industry has reached 58 billion yuan. Meanwhile, the application of segmented fields in financial technology has developed further. As the data of iiMedia Research showed, moreover, more than 80% of the interviewed users show satisfaction for the integrity of the mobile payment products` scenario covering. ("2018-2019 China Fintech Industry Research Report " full HD PDF version , click the download button at the bottom of the article to download the report.)
Here details are from the report:
Financial Technology - Definition, Classification and Advantages
Fin-tech can be understood as the application of technology in the financial field. The combination of technology and finance has made breakthroughs in innovative financial products and service modes, improving customer experience, improving service efficiency, and reducing transaction costs. In recent years, fin-tech has become a hot industry focused by global investors and entrepreneurs. Current Condition of Global Fin-Tech
Global fin-tech investment has experienced rapid growth in 2014 and reached its peak in 2015. In 2015, the number of investments in the global fin-tech division reached 1,255. After 2015, the enthusiasm for investment in fin-tech in the global capital market has weakened. In terms of the regional distribution of global investment, European ranks first, the amount of investments in which reachees to US$26 billion, while Asia and America are ranked behind with the investments of US$16.8 billion and US$14.8 billion respectively.
Development History of China fin-tech Characteristics of China Fin-Tech Development
The major characteristic of the development of China fin-tech market is: technology fully empowers the transformation of traditional financial institutions. Since China fin-tech industry started relatively slower compared to developed countries, traditional enterprises have great pressure on transformation, and need to apply technologies in improving operational efficiency and supporting business decisions. iiMedia Research consulting analyst believes that, the cooperation between fin-tech companies and traditional financial institutions should be strengthened to give full play to their respective strengths and improve the efficiency of financial products and services. Young and Middle-aged Men are the Main Users of Internet Financial Platforms
As the data of iiMedia Research showed, Internet financial users in China are mainly male, accounting for 56.2%. Users under the age of 35 accounted for 72.7%. iiMedia Research consulting analyst believes that, the users who prefer to use the financial services provided by the Internet platforms are mainly below 35 years old, and these users more inclined to accept the usage of Internet products. In the future, with the deepening of the combination of Internet and finance, Internet financial products are expected to cover more people with higher ages. The Concept and Characteristics of Internet Consumer Finance
On the basis of Internet information technology, Internet consumer finance provides financial services to meet the higher consumer demand and to solve various consumption restrictions and inconveniences brought about by the original traditional consumption financial services. Specifically, capital suppliers provide financial services for consumer loans to consumers through the Internet in order to meet the expanding needs of consumers in housing, shopping, entertainment, work, etc. The main types of financial services are to provide micro-loan or installment payment to consumers. China's online consumer financial market is developing rapidly
As the data of iiMedia Research showed, China's online consumer finance market has developed rapidly in recent years. According to the scale and forecast of online consumer finance market from 2016 to 2020, the average annual compound growth rate of consumer finance market is estimated to be 82.8%; the market size in 2018 is 1921.17 billion yuan, which is expected to break through 300 billion yuan in 2019. iiMedia Research consulting analyst believes that, in recent years, mobile Internet and big data technologies are becoming more and more mature to promote the rapid development of Internet consumer finance. Internet consumer financial products should explore more in combination with new technologies and give play to their technological advantages over traditional consumer credit. Over 80% of Online Consumer Finance Users Can Repay on Time
As the data of iiMedia Research showed, 81.8% of the respondents said that they can repay on time. Among them, the proportion of users who repay when the reminder date is ready to expire is 31.8%, and the proportion of users who pay earlier is 24.4%. Of the respondents who overdue their payments, 7.4% said they would repay within one week of overdue. iiMedia Research consulting analyst believes that, on one hand, companies are more inclined conduct credit investigation considering users’ online behaviors, and the construction of an online credit system can more effectively reduce the operational risks of Internet consumer finance companies. On the other hand, users gradually develop good financial product usage habits, which will further promote the steady development of the online consumer finance industry. Integrating the Internet, the Efficiency of Supply Chain Finance Improves
Although supply chain financial services can effectively benefit small and medium-sized enterprises, there are still problems such as low efficiency. With the development of technology, the efficiency of supply chain financial services integrated with the development of the Internet has been improved, and their advantages have been further brought into play. Public Opinion Index of Supply Chain Finance Characteristics of the Development of China Mobile Payment
At present, the mobile payment industry is still dominated by WeChat and Alipay. However, the payment business is related to the key segment of the national financial operation. In the future, large-scale payment and cross-border payment will still need to be dominated by the products of the national background. Nevertheless, the mobile payment products launched by the Internet platform have more advantages in popularity and convenience. In the future, they will still be the main players in the field of micro-payment. User Scale of China Mobile Payment Maintains Growth
As the data of iiMedia Research showed, In 2017, the number of mobile payment users in China reached 562 million, an increase of 21.6% compared to 2016. It is expected that the growth of mobile payment users will slow down in 2018, with a cumulative user base of 659 million, and the number of China mobile payment users in 2019 is estimated to be 733 million. iiMedia Research consulting analyst believes that, with the increase in market coverage, user dividends will gradually disappear, and the growth of China Mobile payment users scale will further slow down. Information and Account Security Become the Focus of User Concerns
As the data of iiMedia Research showed, 41.8% of respondents indicated that they most worried about the disclosure of property information such as bank cards when they use mobile payment products, and the proportion of users who are concerned about theft of personal accounts has reached 40.4%. iiMedia Research consulting analyst believes that, with the application of mobile payment products increases, and it associates with more personal information, property status and other core information of users, whether enterprises can provide users with more reliable protection will become a key point of market competition. Tendency of China Fin-tech Development
The Momentum of Fin-tech Development Remains Rapid，Compound Talents and Technical Reserves are the Keys
iiMedia Research consulting analyst believes that, with the better application of Internet, AI, big data and other technologies, the development of fin-tech enabling traditional financial business will continue to maintain a rapid state, and more vertical fields of fin-tech will mature in the future. However, the balance between efficiency and security is crucial for the development of fin-tech. They are equally important but contradictory. Therefore, enterprises need to strengthen the reserves of compound talents and technology to achieve technological breakthrough, which can finally promote the further development of fin-tech.
Market Development Norms Tend to be Stringent, The Application of RegTech is Expected to be Strengthened
iiMedia Research consulting analyst believes that, the development of fin-tech will be a continuous process. During its development, some industries and enterprises are prone to aggressive problems. While the financial industry is a key area for national development, the regulation of the fin-tech market will be more stringent. At present, the development of RegTech is attracting the attention of the government and industry. The application RegTech, which can improve the efficiency of compliance regulation in a larger scope, will be strengthened in the future.
Utilization of Multi-Technologies being Normal in the Development of Fin-Tech, The Intelligent Degree is the Key to Enhancement
The application of fin-tech needs to be perfected with the latest technologies. The key to the continuous advancement of fin-tech is the comprehensive utilization of different technologies. With the application of various technologies, the intelligent degree of financial products will be further enhanced. Through intelligent technology processing, adjustment based on user data and market status, it will provide enterprises and users with the optimal asset and wealth management portfolio.
Fin-Tech Continues to Develop Inclusively, The Importance of Enterprise Financial Service Will be Improved
iiMedia Research consulting analyst believes that, the major advantage of the promotion of fin-tech over traditional financial services is that it can cover more users and enterprises. By lowering the standard of credit granting and simplifying the service process, it can effectively promote the development of financial inclusion. At present, fin-tech enterprises, especially the Internet financial enterprises, mainly achieve inclusive through consumer finance provided for consumers. With the deepening of cooperation between such enterprises and traditional financial institutions, fin-tech services will benefit more SMEs in the future, and achieve general inclusive.
Develop by Cooperating with the Traditional Financial Institution, OpeningBanking Becomes an Important Trend for the Development of Fin-Tech
iiMedia Research consulting analyst believes that, fin-tech enterprises will strengthen the cooperation with traditional financial institutions in the future for their development. On the one hand, the pressure of capitals for fin-tech enterprises will be reduced, on the other hand, it can also promote the transformation of traditional financial institutions. With the deepening cooperation between them, the trend of OpenBanking becomes more obvious. Fin-tech products will be more diversified through financial data sharing.
Multiple Credit Investigation Improves the Risk Management Ability,Big Data Risk Management Ability Becomes the Focus of Enterprises Competition
At present, fin-tech enterprises provide financial services more through online channels, which effectively promotes financial services to cover more users. However, they are also more exposed to the operation risks. Improving the risk management ability is thus very important to the enterprises. In the future, enterprises need to conduct credit investigation from more dimensions, and evaluating the risks by considering the consumption and financial credits records. The improvement of risk management ability requires enterprises to have strong big data technology capability, and it will become the focus of enterprises competition.
Fin-Tech Products Will be More Integrated with Specific Scenarios,Platform-Based Enterprises Have Greater Advantages
iiMedia Research consulting analyst believes that, fin-tech products will be more diversified in the future. Combining with specific consumption scenarios can better meet the users’ characteristic needs and improve the efficiency of users obtaining. Fin-tech products will be more integrated with specific scenarios to serve the users in the future. Platform-based Fin-tech enterprises from industries like e-commerce and logistics will have greater advantages in integrating products with scenarios. These platforms can provide specific products through concrete scenarios such as consumer consumption or supply chain logistics operation, and thus have more advantages in market development.
Competition Among Fin-Tech Enterprises Tends to be Fierce, Demands for Improving Core Competence Become More Urgent
The application of fin-tech has further released the development potential of the financial industry. The huge market space has attracted more enterprises. Traditional financial institutions, Internet financial enterprises, Internet enterprises, etc. have joined in one after another, which intensifies the market competition. Fin-tech enterprises need to further improve their core competence to develop in the fierce market competition environment.
Fin-Tech Products Penetrate More Areas of Life, The Importance of Information Security is Prominent
iiMedia Research consulting analyst believes that, fin-tech products involve fields of payment, wealth management, investment, etc., and penetrate into all aspects of users’ daily life. Its application will involve large amount of users’ private information, and will seriously affect the users once the hidden problems in Internet operation erupt. Therefore, fin-tech enterprises need to further strengthen user information security, build early warning mechanism and improve the technology of information security.
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