At present, the scope of financial technology includes payment and settlement, electronic money, peer-to-peer lending, big data, blockchain, cloud computing, artificial intelligence, smart investment, smart contracts and other fields, which are having a huge impact on the core business of banking, insurance and securities, and judgment is getting rid of barbaric growth and entering a period of rational prosperity.
Rational expectation of the value of financial technology lies in solving the following three problems: financial business innovation, safe and efficient transactions, and the integration of technology and intelligence. A brief review of the past of financial technology can clearly see this trend:
In the early stage of 1.0, IT was mainly IT plus finance, which realized the electronization and automation of financial business, and the credit, clearing and integrated business systems of commercial banks were typical representatives.
The 2.0 stage focuses on the reform of electronic financial channels. Financial enterprises use the Internet, call centers, automation equipment and mobile terminals to gather a large number of users and information to realize information sharing and business expansion.
The 3.0 stage is dominated by technology, and many scientific and technological enterprises begin to enter the financial market, providing innovative financial services with the help of networks, machines, data, user information and trading behaviors.
The 4.0 stage is the accelerated integration of financial institutions and scientific and technological institutions. Financial products and services are mainly provided in digital form. A large number of technology research and development and platform construction focus on the combination with financial services, including artificial intelligence, VR, big data, cloud computing, blockchain and other new technologies. This trend should continue for a long time in the future.
The detailed investigation of financial science and technology activities in China mainly focuses on three types of institutions, including traditional financial enterprises, emerging technology (Internet) companies and support services (communication, infrastructure and related professional services). The main formats are Internet payment, peer-to-peer lending, crowdfunding, Internet sales (funds, insurance), consumer finance, corporate financial services, credit reporting and data services, and these formats will continue in the future.
Secondly, financial technology focuses on serving the new real economy, paying special attention to innovation and promoting artificial intelligence.
Financial technology has become a hot spot, which is related to the social and economic environment in which Chinese enterprises and residents have accumulated more financial assets, the Internet is prevalent and financial transactions are increasingly active. It is also related to the rapid development of China's new real economy. China is striving to promote supply-side structural reform, promote financial marketization, and integrate primary, secondary and tertiary industries. Undoubtedly, financial technology provides an equal and unique new supply.
For a long period of time, China's financial format is relatively single, with several financial institutions dominating, and the financial supply is seriously insufficient. It has been talking about innovation within the traditional scope and has not made great progress. Until the popularity of the Internet and mobile technology, a large number of innovative formats began to appear in the market, such as third-party payment, online financial management, internet insurance, crowdfunding and so on. It really serves more levels of financial needs and seems to subvert the traditional finance that is more closely integrated with the new entity.
From now on, China is the beneficiary of financial technology and one of the countries with the most active financial transactions, the most convenient payment, the lowest cost and the highest efficiency in the world. Comparatively speaking, in the United States, where the overall finance is the most developed, the offline financial system is relatively developed, and the role of financial technology is defined as covering customers and market gaps missed in the traditional system.
In China market, the traditional financial supply itself is insufficient. The development of financial technology can fill this gap, and make use of the advantages of the Internet to form a rapid expansion, absorb scientific and technological talents and innovative technologies, which has the leading possibility and provides the best solution for inclusive finance and * * * to enjoy finance.
In the field of financial technology, the development of several new technologies in the future is likely to explode with great commercial value.
First, blockchain reduces transaction and trust risks, reduces the operating costs of financial institutions, and plays an important role in P2P credit reporting, stock trading, cross-border payment, settlement and delivery.
Second, big data data mining, payment has the dual attributes of finance and data, and the data resources owned by payment scenarios are the cornerstone for the further development of complex financial services such as credit and credit investigation. Social media can integrate a large amount of information in the fields of personal consumption and security and directly transform it into a platform for providing financial services. Search engines can introduce user traffic into the financial field, which is convenient for intelligent analysis using big data in the future.
The third is artificial intelligence, which may make low-end analysis activities be replaced by a large area, predict in time dimension, optimize risk pricing model, reduce emotional interference and optimize game strategy. Artificial intelligence is fully applied to Internet finance and related fields. It extracts a lot of useful information from financial and commercial data, processes and judges the information and feeds it back to financial institutions for decision-making, and then feeds it back to users in real time for selection, thus reducing the information asymmetry and uncertainty of bilateral transactions and driving the intelligent development of the financial industry.
Third, financial technology must attach great importance to social responsibility and promote the evolution and purification of ecology.
The financial technology industry must bear corresponding social responsibilities while developing;
One is to provide inclusive finance services and save social costs. Financial technology has provided inclusive finance with the most efficient tools, promoted the innovative application of advanced technology in the financial industry, greatly saved social costs and helped the whole society to cross the digital divide. From a practical point of view, once the entire ecosystem is built, both financial institutions and financial technology innovation enterprises will get higher valuations in the capital market, which is actually the recognition of their underlying data and advanced technologies. All sectors of society should vigorously promote the evolution of Internet financial ecology.
The second is to embrace supervision and control risks in development. The financial technology industry must learn to develop by monitoring and controlling various risks. Only within the framework of laws and regulations is it clear and standardized, which is the gospel of the industry. Playing the edge ball seems to take advantage of supervision for a while. In the long run, there are no rules and regulations. Under the law of the jungle, today's winner will be subverted by a more ferocious opponent tonight.
Of course, the supervision of financial technology should adhere to local conditions and keep pace with the times. Combined with the characteristics of China's financial technology, it started late and the supply was insufficient. The regulatory authorities should listen to the real voice of the industry, pay attention to the opportunities of the industry, prevent institutional mistakes in separate supervision and cross-border operations, and promote the purification of the Internet financial ecology.
This year is the year of financial risk prevention, reminding all practitioners, innovators and investors to pay attention to risks. The whole society must work together to create a good environment for the development of financial technology.
First, strengthen legislation and law enforcement. In recent years, there have been a large number of black platforms for payment fraud and financial management, but the illegal cost is extremely low because of legal reasons and insufficient law enforcement power.
The second is to vigorously build a social credit system, focusing on tracking and paying attention to fraud and lifelong records of untrustworthy people.
Third, strengthen the education of investors and financial consumers, and improve the discriminating ability of users. In the face of various financial technology products and services, the most direct protection is to improve users' safety awareness.
The fourth is to introduce the China version of the regulatory sandbox, learn from the international experience of restrictive authorization and exemption, and at the same time establish a blacklist of industries to give warnings to those who violate the law and discipline, and even prohibit the industry from entering, so as to promote Internet finance, financial enjoyment and the sustainable development of technology and finance's ecosystem.