The sinking of financial technology needs to overcome several obstacles.

Geng, more (change) also; Son, so are we (here). On the occasion of Gengzi, China's economic and social development once again ushered in a year of change. In the real economy, it is the replacement of old and new productive forces and the global integration of production relations; Reflected in the financial field, it is the sinking of financial technology and the vigorous development of inclusive services.

However, it was not built in a day, and the final formation of the sinking trend of financial technology in Hao Hao Tang Tang also depends on the interaction of the following factors:

On the one hand, as the "dining" business of commercial banks and other financial institutions, "corporate (company) business (construction business) housing (loan business)" is no longer popular, and the flow dividend and capital dividend of technology enterprises peak, and the business "going out to sea" is frequently constrained. The desire for new development engines constitutes the starting point for the sinking of financial technology.

Leading enterprises in the public sector have provided fertile soil for the sinking of financial technology through the integration of supply chain and upstream and downstream partners, the display of consumption power of young people and rural residents in the retail sector, and the acceptance of online consumption by middle-aged and elderly people under the epidemic prevention and control.

Among them, cutting-edge technologies such as artificial intelligence, big data, cloud computing, and 5G networks and their business models have profoundly affected the profound changes in traditional economy and consumer behavior, provided new service channels and operational means for financial technology, and finally made business sink from possible to reality.

However, even if the sinking of financial technology is the general trend, we still have to explore hard. In this process, the industry and even the society need not only the pride of "riding the wind and breaking the waves", but also multiple obstacles on the way forward.

To understand the obstacles to the sinking of financial technology, we first need to understand the significance of the sinking of financial technology.

First, the sinking of financial technology can be understood from the level of industrialization to informationization. It is not groundless for banks to be ridiculed as "dinosaurs in the industrial age", and the low valuation in the stock market also has its origins.

Although financial institutions and financial services have existed since ancient times, it is only one or two hundred years after the industrial revolution (even shorter in China). In the past, the growth of finance benefited from industrialization, but the development of finance in the future is subject to industrialization.

Therefore, with the sinking of financial technology, we not only need to explore the realization of online and information channels and technologies, but also need to use scientific and technological means to reduce costs, improve efficiency, increase coverage and prevent risks. More importantly, it is necessary to realize the transformation of exhibition mode and organization mechanism from industrialization mode to information mode.

Second, the sinking of financial technology can also be understood as urbanization from urbanization. In addition to industrialization, urbanization is another major driving force for financial development. Since the founding of New China, with the rising urbanization rate, there has been a debate about (large) urbanization or (small) urbanization, with different emphasis at different stages of development.

In recent years, with the saturation of residents' absorptive capacity in big cities, the bottleneck of improving urban governance and economic creativity, especially the concentrated exposure of "big city disease" caused by COVID-19 epidemic, the development path of urbanization has risen again. Financial institutions and technology-based enterprises should move from time to time, sink to third-and fourth-tier cities and counties, find new sustainable development paths, and serve the real economy.

Thirdly, the sinking of financial technology can be understood from the perspective of export-oriented economy as a new pattern of dual-cycle development with domestic circulation as the mainstay and international and domestic mutual promotion. With the spread of populism caused by unfair distribution of wealth in the world's major economies, "quitting the group" and sanctions are rampant for a time, and globalization is rapidly moving towards regionalization and nativism.

On the one hand, financial institutions and scientific and technological enterprises also need to reduce their dependence on international (and its derivatives) business to adapt to the changes in the economic base and international order. On the other hand, in the process of grafting external production capacity and domestic demand, financial technology is actually promising-finance can provide necessary funds to guide enterprise transformation in a market-oriented way; Science and technology can provide a new trading platform and ecology, and reduce the information asymmetry between supply and demand.

Therefore, the sinking of financial institutions' science and technology is not a temporary expedient measure, nor is it a blow from cities to rural areas, but it is related to the pulse of the times and the sustainable road of inclusive services. Knowing this, we can correctly identify who is the real "enemy" (obstacle) and who is the real "friend" (help).

First of all, technology has limitations on business transformation and promotion. Finance is a means to serve the real economy, and financial technology is a means to serve. Although the market is full of praise for commercial financial technology, its real role is not optimistic. Not all the problems faced by the sinking of financial business can be solved by technology, nor does it need technology to solve them.

For example, for online credit loans for small and micro enterprises in the county, although big data can provide more dimensional analysis, so that financial institutions can obtain holographic portraits of customers and grasp customers more accurately and comprehensively, it is still unable to replace the pledge of things in risk control, nor can it provide a means of priority compensation. The latter, together with the acquisition, use, storage and transmission of data, is a problem that can be solved by law rather than technology.

In addition, technology itself has limitations. On the one hand, compared with the industrial revolution and the electrical revolution, the real role and influence of many cutting-edge technologies in the information technology revolution are limited; On the other hand, some cutting-edge technologies are still in the incubation stage, their capabilities are not fully displayed, and the corresponding business models are not fully mature.

For example, blockchain is used to solve the information asymmetry problem of small and scattered businesses in the supply chain. Although the blockchain transfers trust from people to algorithms, and even advocates that trust can be upgraded to faith, one of them is relatively inefficient and cannot support high-frequency retail business, which greatly limits its space for play. Both of them can only ensure the security and credibility of the information on the chain, and can do nothing about the problems before the information is uploaded. But it is precisely the front chain that is not the back chain, and offline rather than online is the focus of small business information fraud.

The most important thing is that the sinking of financial technology can't provide the same commercial contribution as "public computer room" and consumer Internet, and it has not embarked on the road of sustainable development, thus reducing the confidence and motivation of related enterprises. Compared with private finance, the comparative advantages of financial institutions and technology enterprises lie in batch operation and risk management and control.

For the former, it is difficult for counties and villages to provide a large number of standardized business scenarios, especially for small and micro enterprise credit, and the law of large numbers has limited effect on cost control and loss occurrence of financial institutions; For the former, it is difficult for banks to get out of the "comfort zone" of customer service such as large enterprises, state-owned enterprises and public utilities. The key is not to make more profits, but to manage risks. On the other hand, it is difficult to provide such high-quality assets when the market is sinking.

The special challenge faced by banks and other financial institutions is that the loss of the dominant position of mobile payment makes its technology sink and become passive. Judging from the conclusion of the current resumption, it is the failure of mobile payment that has led to the "ice and fire" of financial institutions and technology companies in the Internet market.

On the surface, the profit of mobile payment itself is small (even provided free of charge) but the investment is huge, which is marginal compared with credit financing. However, it is the business with the highest financial frequency and the strongest scene fit, which is of great significance to instant customer activity and long-term digital transformation.

In the case of losing the first game, credit lacks strong data and scene support, the transformation is full of worries and faltering, and financial management is also useful (high interest rate, rising debt cost and low interest rate are called "blood sucking"), which weakens the ability of financial institutions to compete for the initiative and commanding heights of the county market.

Although the logic of financial technology can be simply described as online and digital, online channels can not completely replace the role of offline outlets at present. At present, the trend of offline outlets closing down is becoming more and more serious. According to the public information of China Banking and Insurance Regulatory Commission, in the first half of 2020 alone, 65,438+0,332 bank outlets closed, mainly due to the development of financial technology and the active online business. However, it does not mean that online channels must be higher than offline channels, and its consideration should not be simplified to simple cost accounting.

In short, the sinking of financial technology needs the support of offline outlets: on the one hand, offline outlets can provide information, while in county and rural markets, the information that technologies and systems can collect and integrate is limited and cannot be separated from the protection of traditional methods; On the other hand, offline outlets can also provide trust. In third-and fourth-tier cities, counties and townships, acquaintances have a strong social color. Whether there are "legs" (outlets and people) in the market will greatly affect the perception of customers and even the government, thus affecting business development.

If offline channels affect the sinking space of technology enterprises more, then financial disintermediation will affect the sinking effect of financial institutions more.

The sinking of the market tests not only the financing ability of financial institutions, but also their information integration ability, scientific and technological development ability, industrial organization ability and even ecological construction ability. The latter four are undoubtedly the shortcomings of financial institutions.

In terms of economic restructuring after the COVID-19 epidemic, some leading industrial enterprises, such as Haier, supported by the government, used the industrial cloud platform to support enterprises to return to work, but the head technology enterprises were even more unwilling. After that, Alipay upgraded from a financial payment platform to an open platform for digital life, which was open to the domestic full-service industry and used digitalization to boost the quality and expansion of the service industry.

These measures not only weaken the attractiveness and influence of financial institutions represented by banks on corporate customers, but also propose new financial gameplay that is deeply integrated with scenarios and partners and highly compatible with sinking markets and digital economy. In addition to financial intermediaries, financial disintermediation of business ecology has also intensified.

At the level of sinking enterprises themselves, the obstacles to sinking come from the gap between supply and demand. This gap is vividly said that financial institutions, business personnel and product managers of science and technology enterprises in first-and second-tier cities speculate or even "plug" the financial needs of customers in third-and fourth-tier cities and counties and townships.

However, the customer demand in the sinking market is special, and its knowledge background, information acquisition and risk preference are different from those of white-collar workers in big cities. Some business areas, especially corporate credit, cannot copy and paste standardized products.

Second, there has never been an abstract sinking market. Judging from the experience of financial services development in first-and second-tier cities, cities and networks are the two driving forces to smooth people's needs and create standard products, while their roles in third-and fourth-tier cities, counties, towns and villages are undoubtedly declining, thus forming a more segmented market environment that financial institutions and technology enterprises are actually unfamiliar with.

In addition, compared with technology enterprises, traditional financial institutions still have their own conceptual obstacles. They apply financial technology from their own business rather than external scenes, and their understanding of customer needs is not comprehensive and in-depth, let alone "exceeding expectations". In the sinking market, financial technology and financial products are only "enough", far from "good enough".

At the level of public service provision, the obstacle to sinking comes from the market environment.

First, the role of financial technology needs good legal protection. For example, for the good ecology of financial technology development, it is necessary to introduce national standards and industry standards, unify construction, and avoid online "broken roads". In addition, it is necessary to strengthen market supervision, law enforcement and justice, and maintain a clean and tidy service environment.

Both, the role of financial technology needs good public facilities. For example, as the "crude oil" data that drives the operation of financial technology, the government and industry institutions need to strengthen the confirmation and integration, provide a common public platform, and stimulate the will and actions of multiple subjects.

Among the three, the role of financial technology needs good government governance. For example, due to the particularity of local banks in terms of shareholder composition, role and even historical origin, local governments that are sinking in the market are more or less "protectionist", and even large and medium-sized banks are inevitably "aggrieved", which is not conducive to financial institutions and technology enterprises to conduct business on an equal footing through scientific and technological means, nor to the healthy development of local financial markets, nor to financial consumers.

Obstacles are an inspiring force, not an excuse to wander around.

From the realization path, the sinking of financial technology does not depend on multiple cutting-edge technologies, abundant funds and exquisite models. On the contrary, the sinking of technology depends on concrete and subtle technology accumulation and continuous evolution; At the same time, it also depends on the satisfaction of people's daily needs, and accumulates strength in satisfaction. It is in such an ordinary "upgrade and blame" rather than a grand historical narrative that technology will eventually grow into a towering tree.

Specifically, all parties can work hard in the following directions to enhance the gold content of science and technology sinking.

For the government, the key is to strengthen the governance capacity, constantly improve the software (legal system) construction while building hardware, and create a good development environment. More importantly, it is necessary to build local public infrastructure, especially "digital infrastructure", integrate all forces to carry out joint research on cutting-edge scenes, basic sciences and cross-technologies, promote data sharing including government data and public service data, and guide enterprises to take the initiative to assume the social responsibility of helping partners to digitally transform, thus forming a benign division of labor system and avoiding low-level redundant construction.

In addition, the government can also consider introducing the "third sector" such as industry self-regulatory organizations and social professional organizations to improve the level and quality of public service supply. On the one hand, industry self-regulatory organizations can give full play to the role of implementing the original market order and exercise the bridge function between the government and enterprises; On the other hand, give full play to the comparative advantages of law firms, clubs, research institutions and other social professional institutions to escort the sinking of financial technology.

For science and technology enterprises, the key is to strengthen their ecological capabilities, "base" their own technologies and products, help science and technology sink with the improvement of social service capabilities, and join hands with financial institutions to serve more small and medium-sized enterprises and individual customers, so as to make digital services more diverse and make smart life richer and better. In this bridging empowerment, the ecological status of science and technology enterprises has also been improved, and they have gradually stepped out of their own development path.

In addition, technology companies should also strengthen public awareness of their security capabilities and build trust in the field of financial technology.

After all, the bottom line of finance is security. As an important part of experience, not the other way around, technology companies can give full play to their advantages in technology reserve and implementation experience, and explore LBS (Location Based Service), biometrics, trusted environment and other ways, which not only increase the intensity and breadth of security, but also "reduce the burden" on experience, so that customers' funds and information security can be unconsciously cared for in an immersive environment.

For financial institutions, the key is to strengthen product capabilities. In the process of technology sinking, customers are more subdivided enterprises and millions of consumers in Qian Qian. Their needs and risks are different, and the products that match them need accurate "drip irrigation". It is suggested to make good use of existing products, including account services, payment and settlement, and wealth management products. Take capital operation as a breakthrough to empower local enterprises that sink the market. For individual customers, we can create a package of online solutions with the theme of family needs, covering pension, housing, education, tourism and so on.

On this basis, on the one hand, optimize strategic products, aim at the digital transformation trend of online office and the enterprises behind it, develop products with comparative advantages in financial functions such as business travel reimbursement, expense accounting and salary payment, and form a high frequency of viscosity with customers; On the other hand, promote product integration, and selectively cooperate with external high-frequency non-financial platforms to conduct mutual diversion and accumulate data based on the ability to export financial services to the outside world under the open banking structure.