For the first time, we learned that Wang @ Tsinghua, a sandwich member, introduced himself and he took part in the venture of Changyin. com. Because this model is relatively new and has not been touched before, it immediately aroused our interest in visiting. Before the interview, Changyin.com official website learned some basic information. The entrepreneur has been interviewed by news synthesis, CBN and other media before. Under the lens, Shi Jun, the founder of Changyin.com, looks mature and steady, and he is comfortable with reporters' questions. Kan Kan talked about it. On the day of the interview, Shi Jun had a little accident playing basketball and sprained his ankle. His first impression is that he is an outgoing and infectious activist. This seems to be a bit out of place with the rigorous work I imagined. So we started the interview with curiosity.
Work experience before starting a business
Shi Jun, a native of Shanghai, graduated from Shanghai University on 200 1. In his own words, he is "atypical" and doesn't like reading. He thinks that the basic education stage of scientific knowledge that can be used in real life is enough, and university study is a waste of time. It is better to study more and practice more in society. So he didn't pay attention to what he learned in college, only a vague impression. At first, he just thought it was easier to learn this major. The club is Shi Jun's university. He worked as a waiter in KFC, advertising company, market, sales company, insurance company and bank. The first job of serving food laid the foundation for him to engage in the service industry. Along the way, the leaders always love and hate Shi Jun. His sharp-edged and confident personality makes him stand out in sales performance, but it also gives managers many problems. He doesn't like the constraints of rules and regulations, and likes to achieve his goals in his own way. Shi Jun quipped that he likes fresh changes because he is a Gemini. But what remains unchanged is that all the work he does is dealing with people. Turning from fast-moving service to financial service is a natural change he made out of his own preferences after accumulating certain social experience.
How to switch from fast-moving to finance? Shi Jun has his own ideas. He believes that banks and securities are difficult to enter, and insurance is an agent system with low protection, but the threshold is also low, making it easier to enter the industry. After having an idea, he resolutely resigned from the generous and relaxed job of state-owned enterprises and plunged into the highly competitive insurance industry. Actually speaking, the insurance threshold for Shi Jun to enter is not low. She is an internationally renowned financial institution whose main business is banking. After purchasing an insurance company, she began to carry out insurance business in China. At the beginning, the founder really wanted to do something ambitious. From managers to internal training, from recruitment and sales to customer service, they are all branded as high-end. However, the plan always fails to keep up with the changes in the capital market, and the acquired insurance companies are sold again within one year, taking away the aura of well-known financial institutions that are set on this group of insurance elites. A blessing in disguise is a blessing in disguise, but this sudden change has laid a good foundation for Shi Jun to start in the financial industry. The original two-month training has become half a year. In the past six months, Shi Jun and his colleagues have received very professional training. Moreover, the extension of time did not let everyone slack off, but because of the uncertainty of the company's future, trainers and students took it more seriously. An industry that was originally eager for quick success, because of an accidental opportunity, let everyone settle down. After half a year, the company officially launched its business. With solid financial knowledge and years of experience in the service industry, Shi Jun quickly stood out from more than 1 000 and became the top seller of the company. His first job in finance made him feel at home.
A year later, the company brought in new shareholders and new ideas, but it was different from what Shi Jun had originally identified. So he "ran away" again. With its high-end customers, financial expertise and service concept accumulated in the insurance industry, Shi Jun has easily found a new starting point in the field of bank credit. After doing this, he feels that there are many problems in the credit industry, such as high hidden financing cost, low efficiency, imbalance between supply and demand and so on. The idea of changing this situation through our own efforts has emerged. So, after working in the financial industry for five years, Shi Jun started his own entrepreneurial road, and Changyin.com was established on 20 10.
Why long belt? com？
Yin Chang. Com is a media platform that provides information for both borrowers and lenders, making previously invisible and opaque demand and supply open and transparent. Shi Jun said that his original intention was to make a useful supplement to the existing credit channels and fundamentally break the credit monopoly. On the one hand, a large amount of credit resources flow into large enterprises with ability and background, while those small and medium-sized enterprises with ability and demand and people's livelihood are blocked by qualifications and lengthy processes. On the other hand, private lending has become synonymous with usury because of asymmetric information and imbalance between supply and demand. Working in this industry for many years, Shi Jun has seen the demand in this field, and has a certain knowledge base and connections. With a sense of mission to change social injustice, Shi Jun is duty-bound to do what he wants to do.
What is P2P?
On the one hand, some lenders' demand for funds has an obvious feature, which is small, temporary and sudden. But financing channels such as banks are more difficult to meet. On the other hand, for borrowers who have a small amount of spare money, don't want the bank to depreciate, but also want to manage money, the access of wealth management products and the skills of stock trading have become a hurdle before them. P2P(Peer to Peer) financial management model is aimed at this demand. P2P credit financing model originated in Europe and America, among which LendingClub, Prosper, Zapa and Kiva are the representatives. The core of this model is that the borrower must take responsibility for the personal social credit established in his true identity.
How to control risks
Credit information system is the core of risk control, and it is also the survival way of P2P. Shi Jun said frankly that their credit evaluation system was born out of the bank's credit control mode, and on this basis, it was optimized according to the characteristics of P2P. First, both borrowers and borrowers are required to ensure the authenticity of personal information. Ensure the authenticity of personal information through databases such as the National Citizen Identity Card Inquiry Center and the Central Bank's Credit Information. Secondly, the borrower's authority and loan amount need to be obtained through a series of evaluations. Personal credit evaluation adopts the internationally accepted "AAA" credit evaluation system. In view of the characteristics of small and efficient demand, the loan does not need mortgage, and the third party guarantee can be used selectively. The repayment method is equal principal and interest, with monthly repayment. Real-name registration system and monthly repayment system ensure the authenticity and reliability of personal credit evaluation papers.
With Yin Chang. As a gatekeeper, the details of the loan will be decided by both parties through consultation. The interest rate is determined by both borrowers and borrowers independently, but it cannot be higher than 4 times the national benchmark interest rate.
profit model
The way of individual and individual self-matching reduces the time and management cost of collecting and redistributing funds by intermediaries and improves the efficiency of lending. Changyin.com itself does not handle the actual funds, and the loan risk comes from the borrower's credit. Yin Chang. Com only provides an information platform for both borrowers and borrowers, examines borrowers' credit and supervises lending activities. At present, Yin Chang. Com charges successful borrowers a certain fee as their income.
group
When I started my business, it was just Shi Jun and a friend who worked in finance. At present, their entrepreneurial team has 15 people, mainly responsible for risk control, business and technology. Shi Junyi spent 1 year and more than 7 months from the recruitment to the formation of the core team. He admits that the biggest problem encountered since starting a business is the problem of talents.
Future planning
Shi Jun believes that this industry will have an explosive stage in the future, and more competitors will join in. I hope that in this process, I can express some voices and establish some conventions to make this industry more transparent, more self-disciplined and healthier, and avoid some bad collective behaviors or illegal behaviors. Principles of Yin Chang's development. Com is to be steady and fast. Controlling risks is the focus of work. We can't take some radical measures to expand our business.
Sandwich problem
1. What impact do you think the government's current efforts to promote SME credit will have on you?
I don't think it will affect us. Even if there are more preferential policies, the loans provided by the government will definitely be inefficient due to objective reasons. From application to actual borrowing of funds, Yin Chang. Com can be completed in two hours or even seconds. Generally speaking, banks can't even do it for a day.
2. How to reduce the bad debt rate? If there are bad debts, who will bear them?
The most important thing is to strictly control the entry threshold and carefully check the process of personal credit information system. If the lender fails to purchase guarantee services for bad loans in advance, it can only bear the losses.
It is reported that there are about 1000 personal loan companies in China. So what is the threshold for entering this industry? Where are Changyin.com's competitive barriers in the industry?
First of all, I think the statistical source of 1000 Renren Lending Network Company is debatable. As far as I know, there are at most 100 such companies at present. The core value of this industry is comprehensive risk control ability, which is not a problem that can be solved by capital alone. The establishment of risk control model, how to optimize and find target customers are all barriers to entry. I have worked in the banking system before and accumulated certain risk control models, related skills and customer resources.
4. What experience do you have in the management team?
Because it is the first time to start a business, there is not much so-called experience to talk about. Although it is not easy to find suitable talents, compared with large companies, startups are more likely to find the bright spots in everyone and give them opportunities. Shi Jun tells the story of the Three Kingdoms. He used Jia Xu's example of persuading Zhang Xiu to go to Cao Cao to illustrate the value and role of talents in large and small companies. ) I think everyone can play their part in the work as long as they can put themselves in the right position. If someone in the team leaves because they feel that the work is not done well, I feel that I have some responsibility. In addition, I advocate more communication and more consideration for employees.
5. Does your family support your career?
My father is a businessman. At first he didn't understand what I was doing. I insist on showing him my grades every month and constantly communicating with him. Now, he finally understood my idea. My father has a certain influence on my entrepreneurship. When I was in junior high school, I watched him go from working to starting his own business and realized that it was not easy. These memories helped me form some good habits. My father was also my first angel investor and gave me great support when my company was very short of funds. But we signed a loan agreement with strict repurchase terms, and my lawyer revised it five or six times. He was very surprised when he learned that the borrower was my father.