Micro Focus Bank chairman Gu Min: Internet companies do to get a banking licenseUpdated: October 19, 2015 Views: 51
Micro Focus Bank has formed the pattern of consumer financial services, wealth management, financial tripod platform, positioned as a mass-market customers, small and micro clients and financial institutions, 'the connection owner'
Internet companies do to get a banking license
- Interview with Micro Focus Bank chairman Gu Min
□ the correspondents Wangpei Cheng / Wen
Opened less than a year, all banks will be slightly younger challenged, management changes, cooperative banks closed 'nuclear body' interfaces, the business model is questioned, blowing a series of tricky puzzles, this is placed high expectations of financial reform 'forced march', a time pushed to the cusp.
FINANCE << >> reporter was informed that regulatory authorities have approved the qualifications of the new micro-public bank governor on Oct. 12, the micro-public bank formally appointed former Board of Supervisors 李南青 Micro Focus Bank, while China Merchants Bank 'nuclear body' Interface off event, the two sides are still communicating, substantive progress has been achieved.
The second half of 2014, China Banking Regulatory Commission has approved five private banks to start construction, private banking reform to get a historic breakthrough. From a business model perspective, these five banks can be divided into two categories, namely traditional bank (Shanghai Huarui Bank Tianjin Jincheng Bank, Wenzhou civil and commercial banks) and Internet banking (Zhejiang network operators, banks, Shenzhen Qianhai Micro Focus Bank).
Private capital enthusiasm, five agencies will soon officially opened its doors. In the surging tide of Internet banking, particularly the advent of online banking, the financial sector led to great concern. Shenzhen Qianhai Micro Focus Bank (referred to as 'micro-public bank' ) conceived in the forefront of reform and innovation, backed by Internet giants such as Tencent, date of birth, he was given a different mission.
Micro Focus Bank chairman Gu Min said, 'I do not think we are doing a traditional bank, Bank downright Micro Focus is an Internet platform, an Internet platform to hold a banking license.' Micro Focus is a public bank customers, small and micro customers financial institutions 'are connected', and more specifically, the micro-public bank is technical support, risk services provider of product design, data analysis consultants, by the output of these services, and promote cooperative financial institutions to better serve target customer base.
This role-based positioning and business philosophy, all the banks to quickly launch micro build their own business structure. May this year, the bank launched its first micro-public personal consumer credit products 'particulate loans.' In mid-August, the bank APP micro public on-line, and Release of the first financial product sales agents, has formed the pattern of consumer finance, wealth management, financial platform, the three pillars of business architecture prototype initially apparent.
In particle loans, for example, runs nearly five months since the cumulative lending amounted to 3.0 billion, loans more than 20 billion yuan. Take whitelist invitation-loan credit performed well over 30 days past due less than three thousandths As Micro Focus Bank's first product, the market performance exceeded expectations, product form, the business model has stabilized. Micro Focus is currently being beta banks have a variety of products, based on the concept of Internet banking system is accelerating the formation of the product.
However, all is not so smooth as expected. Soon all the banks into micro separation and co-president of the bank shut down the interface whirlpool. For a time, rumors everywhere. By the end of September, the office in Shenzhen Taoyuan Micro Focus Bank Headquarters, Gu Min accepted FINANCE << >> Reporter interview, elaborated on the micro-public bank select logic platform behind banking model, business development and development planning. At the same time, he also face the governor to leave the storm, CMB 'nuclear body' interface to off event, within the company Cultural fierce collision and other sensitive topics.
Ping Gu Min had worked in China more than ten years, the insurance industry has a wealth of business experience. Gu Min immediate, no wear dark suits Gelv traditional bankers, nor tie, a casual clothing play, it appears to be Internet entrepreneurs veritable 'IT man.' Room conversation, he quick thinking, conversation clear, straightforward hearty Unlike the traditional financial sector, he used to be called micro public banks, 'the company.'
'This year the team is very painful run-in, the internal intense cultural collision ever.' He admits, Internet culture more focus on customer experience and product innovation, and minimize the risk of financial stresses, both natural difficult to coexist, these two kinds of thinking mode only After full debate and fight back, little by little adjustments, and only under the premise of stable team, two of thinking gradually seek balance, in order to form a final agreement.
Advent of Internet banking, the current regulatory system in the end will bring what impact and challenges? Has been the focus of the outside world. Gu Min said, the outside world that the inertia of thinking, very conservative regulatory authorities, in fact, on the contrary, the regulatory authorities at all levels are open. The so-called regulatory challenges or external environmental constraints, mainly reflected in the existing regulatory regime and regulatory provisions of the section, and not suited to the needs of the development of Internet banking, for example, micro-public banks need 200,000 queries within an hour pen personal credit data, but Existing Central Bank [microblogging] Credit Information Center system is difficult to support this kind of business, are such questions.
Recently, the China Banking Regulatory Commission, director of City Bank Ling dare author said, the next step CBRC will improve the regulatory framework for private banks, urging to strengthen corporate governance and internal control, and strengthen related party transactions, liquidity and other key areas of risk management and control, support for banks to realize the characteristics of the market positioning, encourages the cultivation of the operating characteristics of Private Banks differentiate development policies.
'I like Cao Tong'
<< >> FINANCE: Micro Focus Bank after former president Cao Tong departure of such personnel changes in the outside world care, does that mean the company's strategy and development ideas change?
Gu Min: entrepreneurial team will go through a lot of ups and downs, ups and downs, but no such thing happened rather strange changes in the so-called management team, in fact, Governor Cao leave but all the bank's micro-development ideas, has not any change...
The most concrete manifestation, this year on January 4, Premier Li Keqiang visited the micro-public bank, then we share the material reporting to the Prime Minister this morning (September 24) I pointed mayor of Shenzhen, submitted again, almost the very same report, the same direction and strategic planning, but more substantial, measures more specifically since January this year, the micro-public banks in addition to the number of employees and product planning point of time to update, develop strategy and direction without any adjustments.
Cao Tong is I personally invited him to the micro-public banks in the second half of last year we hit it off and now I'm still half 'work', half 'business', while Cao Tong chose a more complete entrepreneurial path, I Cao Tong the ability to like, almost everyone areas of expertise.
<< >> FINANCE: Which specializes in the field?
Gu Min: If you say this, I will become a little self-praise (laughs).
So to speak, there are a few traits governor Cao, one of which is the key to solve the problem, he can be found in a lot of very complex situation, the two of us for how to develop the micro-public banks, many view is also very consistent.
Earlier this year, Cao Tong will have to separate the idea of entrepreneurship, then we have a lot of in-depth discussions, the current direction of his business, some of his ideas, there are some that I gave him advice.
<< >> FINANCE: Since there are so many similar places, it should be 'like-minded' partner, why he would make a new choice?
Gu Min: Just because it is like-minded, so that we can in the micro-public banks worked well but now he would like to see, taking a business road.
The reason for his departure, I saw several interpretation, first say Internet banking (micro Public Bank) encounter a problem, of course, the Internet bank has a lot of problems and challenges that need to be addressed, but his departure is not representative of a problem with Internet banking , I think this is not right. The second argument is that the rest of his disagreement with the team, said outside the 'Green Line' is too strong, in fact, talking about the outside world 'peace lines' when, forgetting a very important point, In the micro-public banks inside the team, if the person has been in the investment and CITIC work together, account for more than half of the entire micro Public Bank executive team. The company executives a total of 12 people, there are six from the 'investment + CITIC' As within the 'Green Line' and 'CMB system' fighting rumors, these are conspiracy theories, but more like the outside world to see it.
<< >> FINANCE: Micro Focus now Bank Supervisors 李南青 has taken over the post of president, how do you see future cooperation with him?
Gu Min: From the Division of Labor, including risk, operational, financial, personnel, etc., all front office by my responsibility, governor in charge of the back office operations, I think, for an Internet company's main responsibility, of course, should be in-depth business.
李南青 style of doing things exactly the opposite with me, he was more sedate, think very thoughtful, but I temper more anxious, you want everything fast. If you see me as a man to go forward, he will be pulled in behind live with my people. Cao Tong after leaving, I suggested that he served as governor, shareholders and board of directors have accepted him as governor from inside the bank, the need to have such a balance, and this is our very important considerations.
Pathfinder 'joint lending'
FINANCE << >>: 'Since particulate loan' product in July this year on the line, how to operate the current situation?
Gu Min: 'particulate loan' products have been in the mobile phone QQ and micro-channel two-channel access, whitelist invitation system as of the end of September, a total of nearly 3 billion yuan loans, the loan balance of nearly 20 million, the vast majority of customers choose 10. months of repayment, the proportion of all borrowers in repayment within one month is about 15% to 20%, as projected, the average loan term of four months or so.
Credit performance of loans to customers much better than we had expected, probably more than 30 days overdue in thousandths less, of course, this can not be directly equivalent to credit losses, in part because of overdue loans may also be recycled. This is to some extent confirms our original Suppose, just loaned too much, you should not assume that credit performance of those segments must be worse than others, and if the loan two to three million, is facing the risk of losses may be higher, but if you lend only 5000 yuan, 1 million, the customer's credit performance will not necessarily be poor.
<< >> FINANCE: is 'particulate loan' essentially a consumer loan products, the use of 'joint lending' model, this combination is how to embody?
Gu Min: simply understood: micro-loans jointly issued by all banks and cooperative banks, cooperative banks will be given to the micro-public part of the bank after receiving interest, this part of the co-called service fees, under this model, most of the benefits from the same industry Banks enjoy. Micro Focus is the role of bank products and risk management technology exporter.
Of course, public banks also provide part of the micro-lending fund, currently the proportion of micro-public banks to provide funding of about 20%, cooperative banks is probably more than 80%. The reason now to be funded 20%, because the model is not stable performance, and collaboration trust banks have not yet been fully established, the hope for the future increased from 20% to 5% or less, and even dropped to less than 1%.
Currently, all banks have turned slightly and Shanghai Bank, the contractor Bank 3 banks, and seven banks signed a cooperation contract, hoping to end of this year reached 10 cooperative banks, expanded next year to about four or five homes.
<< >> FINANCE: Process negotiations with banks, joint-stock banks, state-owned big firms attitudes What are the different?
Gu Min: small and medium banks are very active, accusing him of the relatively cautious because Dahon own operational capacity in the Internet field and their ability to get a strong retail customer side, added value to their produce micro congregation bank is not so obvious. The small and medium-sized banks to cooperate with us more, some of the more than medium-sized city commercial banks, as well as small joint-stock banks, more than medium-sized agricultural businesses as well as some foreign banks, for the development of retail business demands strong willingness to cooperate with us.
I would like to emphasize that all the banks will not be these micro loans on their own balance sheet, which is associated with the business model of micro direct public banks. Once these operations mature, will take the so-called 'co-financing' model. Of course, , signed a contract with the cooperative banks is not limited to 'fine particle loan' of syndicated loans in the future in the consumer finance field, there will be two new products available.
FINANCE << >>: 'syndicated loans' means micro Public Bank more as a 'connection' and 'output' role, how to understand the 'Connect', 'output' of the specific content?
Gu Min: so-called 'connection', ie the micro-public bank is connected between customers and financial institutions, which is a user, the scene but lack the financial capability of the platform, with some connections have the financial capacity but lack of customer institutions, The second connection mode, we call financial platform.
The so-called 'output', micro banks can output all three things, the first output of the user, for example with the Shanghai Bank, Shanghai Bank actually got from Micro Focus customers a complete data, the second output technology, now micro congregation Bank There are nearly 500 scientific and technological personnel, micro-based public banks to IOE's done a lot of investment in science and technology platform in the fields of industry, data is the clear leader in science and technology, and the third output of new risk management capabilities and tools, micro-based public social data bank risk management tools, help to enrich traditional credit credit management tool.
Business Architecture previews
FINANCE << >>: the end of August, slightly public banks to launch mobile phone APP, and started consignment other than bank financing of all types of asset management products, micro-public banks What this plan and ideas?
Gu Min: Public Bank launched since the micro-financial products affiliate function, already has sales agents of insurance, funds, securities firms and other variety of asset management products, the financial situation consignment exceeded our expectations, each product will be quickly sold out. Initially we assume that the customer's interest is not high, the product returns almost all profit to the consumer.
However, the first half on sales of products are only sold out, and later several products more exaggerated, basically spike, this time we just think it is wrong, product yields too high. Constantly tested so slightly Public Bank will form APP financial products based on the yield curve, and then to look for products based on this curve. absolutely does not exist outside the imagination, we use the means hunger marketing.
Micro Focus Bank does not own the creation of financial products, we want to be purely financial affiliate platform. So far, the micro-public banks have not been allowed to be signed financial products remotely, so the financial products still unable consignment. The company plans early next year introduce new features, direct to cooperative financial institutions in the micro-public bank APP inside the shop, which means that the micro-public banks may even do not do consignment, you can take it as a financial Taobao, different financial institutions can shop.
<< >> FINANCE: financial products such consignment has formed a perfect line, the line consignment system, what are the advantages to ask all the bank's micro?
Gu Min: The biggest advantage is cost.
The same financial products, cost of sales in physical outlets may have to reach about 100 BP, or at least 50 BP. After our calculations, when all the banks in such business after the formation of micro scale, only need to pay the cost of about 20 BP This will produce 80 BP's earnings difference is reflected in the financial product yield is 0.8% of the difference, part of this part of the difference will be reflected in financial products revenue, and enhance income financial products, while the other part will be reflected income micro public banks.
<< >> FINANCE: From the current perspective, all the banks have formed a micro consumer finance, wealth management, financial platform, the three pillars of the pattern, please detail 'Platform finance' business logic and ideas.
Gu Min: the first one is consumer finance, it is well understood, in order to 'fine particle loan' for example, it is micro-channel cooperation with the QQ, so it go very fast second chunk is wealth management, which is the micro-public. Bank financial products affiliate platform, and now the industry there are still some doubts, but the future will gradually improve.
The third block is the financial platform, most of the financial needs of almost all concerned with certain scenes, first to combine financial and Internet e-commerce scene, like Taobao, Alipay [microblogging]. The vast majority of financial scenarios under more online, such as buying clothes, decoration, car, marriage, travel, education, etc., but when O2O appear, you will find through technological means, the financial directly grafted onto these scenes go, this is the micro-public banks expand basic financial logic platform in the whole process of cooperation to benefit the most are actually partners, Micro Focus Bank are these scenes, users, Platform Partners, the financial capacity of the output data, the depth of the financial services embedded into other O2O scene.
In short, micro-public banks just follow in subsequent financial service providers, or even the whole process did not appear in any public bank brand micro Micro Focus Bank plans to re-introduce two similar 'particle loan' of consumer loan products, a It is concerned with consumer staples, another product family housing renovation related.
<< >> FINANCE: Micro Focus now banking business model has been formed, but the adjustment has been conducting an internal organizational structure, compared with the traditional banks, organizational structure What are the different?
Gu Min: the transition from the traditional banking sector banks are pushing banks to process, specifically, micro-public banks have not process the bank, but the bank Micro Focus Bank project a new business after, always with a project first It drives up to form a fully cross-sectoral organization, the project leader from the beginning to catch the tail, which can be equivalent to the establishment of a just a product of the mini-bank.
When the project come to a certain stage, then this model cured into the organization, over the project, the organization will be more and more solidified, the new project will be less and less, the entire banking organization will gradually fixed down. In the 'particle-prime' products start at the beginning, was once a very large project team, the project manager is Huang Liming (Micro Focus Bank Vice President), he caught the tail from scratch after when the 'particle loan' slowly scale , then it becomes a fixed platform, only a handful of interface with external departments connected, such as science and technology and so on.
I believe in the future this will be normalized pattern. Overall, all banks are now many micro businesses, including on-line business yet, all have prior business organizations, the coming period will still be in accordance with the micro-public banks such mode go.
Banks logic platform
<< >> FINANCE: Micro Focus Bank has stressed the need to 'become one with the banking license of the Internet platform', you talk about 'a banking license Internet platform,' the logic behind this choice.
Gu Min: Public Bank in awarding micro chips the first day, not long wanted to be a good platform, and why first of all, from the Bank of China's capital market valuation logic, decided to do the traditional banking dead micro congregation?. When the bank was founded, Tencent PB15 times the average PB Chinese Banking A shares is about 0.8 times, all shareholders say that if you want investment banking, investment listed banks like, Why Invest in Micro Focus banks.
Traditionally, for many banks, the value of employees is mainly reflected in the level of bank profits, bank shareholders, too, if the shares never sell, shareholder value is not the value of the bank's stock, just like domestic state-owned banks Of course they will not be concerned about the bank's shares worth, and only care about how much money the bank.
We often, for example, if you want to build a traditional bank, will drag Tencent shares Imagine Tencent a 100 billion yuan of total assets, the bank made a public micro 2 trillion yuan of assets, the two put a balance sheet, which will Tencent executives very tangled, and even market analysts are questioning Tencent investment decisions.
In this what-if scenarios, if the micro-public development bank is not very good, the outside world would say such a good waste of resources, if done well, has become a two trillion yuan in the bank, but could be a drag Tencent shares, this time Tencent also how to support you, this will be a paradox.
Therefore, the choice of platform for Internet companies is a matter of course in the process.
<< >> FINANCE: The outside world that the public bank since to do micro platform, the platform will hold a banking license do not waste as do the 'platform', Tencent itself even can do, how to look at this evaluation??
Gu Min: This is a very interesting question, this argument is theoretically established, but it is not.
Whether Micro Focus banks want to become a multi-platform, a banking license is necessary. If you start with the identity platform only talk about cooperation cooperative banks, cooperative banks can easily be rejected, because you do not have any of their own products, but also do not see the credit performance In reality, a bank with an Internet company hardly occurs partnership, because you can not on the risks, meet the requirements of customers on the bank's share. Second, the stage must have a banking license to support, such as 'particulate loan', July Previously, the loan is to be one hundred percent in their own balance sheet, the micro-public banks need to prove to the cooperative banks. Of course, when the product is more mature, really worth a banking license will gradually weaken.
I think all the banks need to micro banking license for two long and two short-term reasons for short-term reasons for two reasons: First, the bank will more likely to trust you two, and you will play the role of banks in the early stages, which is done by the bank to the internet. long transition for two reasons: First, there is a banking license in order to legally retain all customer data, the second in China to do the financial, internal compliance management requirements and qualifications but also identified the need to regulate normal. Under it is indeed such a platform does not necessarily require a banking license.
FINANCE << >>: this round of private banking reform introduced two network banks, which are all the banks and network operators micro banks, how to see the difference between the two?
Gu Min: Net Commercial Bank more interesting point is that the ants gold clothes itself in the establishment of the platform, I think, when the top platform when the parent company has been established, the following subsidiaries do not necessarily platform, because the subsidiary is a subsidiary role, Micro Focus Bank and there is no such parent, so he must build platform.
Compared with net Commercial Bank, both of which have a different positioning, micro-public banks never will net Commercial Bank as a competitor, the entire Chinese market is very big, both are very small, all the bank's micro-positioning platform providing support and services to other banks, I think that one day the bank can work with Micro Focus Net Commercial Bank.
Culture Running and Challenge
<< >> FINANCE: Internet culture more focus on customer experience and product innovation, and minimize the risk of financial stresses, both naturally difficult to coexist, the face of such problems, the company and deal with how to balance?
Gu Min: After nearly a year in the past, every day faced with this situation, even quarreling I think that to solve this problem, you need to constantly running team, everyone is only through discussion, debate, debate and a series of procedures, the final a certain understanding.
Quarrel because two people can look different perspective of their own problems, not the two sides from their point of interests, quarreling final result is that the Internet holds one thought thinking itself will change, people came from the financial sector way of thinking will produce changes have come to understand each other's mutual starting point, after constantly running, each will begin to understand and accept each other's way of thinking.
Of course, running-in process is very painful, in the process, the team's stability is crucial, otherwise the new entrants, but also to re-fight, if there is no trust between the two people, quarrel will evolve into personal attacks, so we very much hope to do the same The team remained stable thing, only experienced running-in period, in order to form their own company culture, business in order to gradually stereotypes.
<< >> FINANCE: There are specific examples?
Gu Min: the first example, customers buy financial products risk assessment, both sides furiously days the central question is how to do the entire risk assessment in accordance with regulatory requirements, initially try to meet in the case of compliance, the first version of the risk assessment. Set up 35 question, financial human logic is that regulations must be met, or face compliance risks, and the Internet thinking that if the pursuit of customer experience, who on such a small phone screen continuously answered so many professional, esoteric problem, the customer experience can you?
To this end, the company's chief risk officer, two sets of people and managed services quarreling, no one would dare to make decisions, and finally to me, my principle is that the micro-public banks have a responsibility to remind customers, customer Kan Bukan him The problem, therefore, while adhering to the risk assessment, and finally the question as simple as possible to 12.
As another example, 'particle loan' in the development of on-line process, the first loan to do phone verification, there is fierce debate, the Internet people's thinking is that customers first experience the product, you need the best experience feelings, experience is not good on will lose customers, but the logic of the financial people, the risk checks must intervene at the beginning, how the money borrowed, just do risk control, this appears contradictory.
This quarrel ever have, some time may yield to the Internet thinking people, sometimes see very clearly, it conservative, you never want to find a balance.
FINANCE << >>: Now this run-to what extent?
Gu Min: such as 'particulate credit' of the team, now been running very well I think that several factors contribute to the success of the run, first, the product must be successful if the product is not successful, but also how run-run-out second, the team is stable, and it needs enough time to run-in, a third, very important department heads, he must learn to balance the views of all parties.
<< >> FINANCE: For relatively dispersed ownership between a private bank, shareholder relations is also crucial, face some potential shareholders of the target divisions and concepts conflict is how to deal with?
Gu Min: First, I think there is a significant shareholder level leader, is the key to the success of the corporate governance structure, Tencent very well play this role, on the one hand Tencent coordinate all resources to exert a strong influence, but However, the degree of participation in the company's daily operations. Micro Focus previous major shareholder Bank views on banking business model highly consistent, in terms of earnings, is the pursuit of customer or short-term profit? also the consensus of the shareholders. These shareholders also there is a relationship of mutual investment These are all factors to keep shareholders rapport.
Currently, micro-public bank shareholders who are aware of their contribution to the micro-public banks and their stake is not an exact match, Tencent holds a 30% stake, but it may contribute 90% of the value. However, I have always been, Tencent's support should be charged in accordance with a fair and reasonable market price.
Tencent being does not charge any service fees are still unpaid support, but does not mean that all the banks are free to enjoy the micro Tencent resources and services permanently. Frankly, only to pay to make the business a long time, otherwise all the banks and Tencent micro relationship might not know, someone will always be questioned.
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