A variety of online wealth management products are selling well. Why is online wealth management popular？
Tencent Wealth Management recently released the Post-90s Financial Management and Consumption Report, which shows that more and more young people prefer to manage their finances through the Internet, and 84.5% of the post-90s people choose the Internet platform, which is far higher than the proportion of traditional financial management channels such as banks. Xu Junzuo (Xinhua News Agency)
Fujian Branch of Agricultural Bank of China has shifted its service focus to mobility and intelligence, providing customers with convenient and fast financial services. The picture shows the employees of Fujian Jinjiang Sub-branch of Agricultural Bank of China handling business for customers through the "super counter". Photo by Liang Zhiqiang (People’s Vision)
During the epidemic prevention period, many people stayed at home, and online financial management quietly caught fire.
Recently, the data released by Alipay showed that the sales of platform deposit wealth management products increased by over 100%, and the fund subscription trading day increased by 400%. The sales of various online monthly wealth management products showed a "second-empty" pattern, and the live broadcast of wealth management was also widely sought after. What are the new trends in online financial management? Is it a temporary phenomenon or the mainstream in the future?
Recently, online financial management is particularly hot.
"Today’s income is more than 70 yuan, not bad." Recently, Liu Duo Jr., a Beijing office worker, made a habit of opening Alipay wealth every morning to see the income. "I haven’t bought a fund before. At most, I just put my spare money in the balance treasure, and I earn six or seven yuan a day." Xiao Liu said, "Recently, many colleagues and classmates around me are buying funds and managing money. I am a little moved, so I follow suit ‘ Get on the bus ’ 。”
Xiao Liu said that in the past, when she had spare money, she kept regular savings. Although the interest rate was stable, the income was low. "I am usually very busy at work, and I don’t have much time and thought to ponder over financial management, but I am often at home during this time, and I began to study financial management." Xiao Liu smiled. "I didn’t expect it to be so convenient to buy wealth management now. You can buy it directly on Alipay."
The data shows that after the Spring Festival this year, the transaction activity of wealth management users on Alipay has increased significantly, and the number of visits to positions and market information has doubled compared with that before the holiday. "We found that many users can’t go out and spend money during the epidemic prevention period, and they will choose to transfer their funds to do some stable financial management." According to the person in charge of Ant Wealth Operation, some regular products with income above 4% have been launched recently, which are sold out quickly after being put on the shelves every day, and the sales volume has increased by more than 100%. "This also reflects that users are more stable in investment under the epidemic."
Ms. Zhang from Xuzhou, Jiangsu Province is a veteran of financial management. She told reporters that in the past, it was time-consuming and inefficient to buy financial management at the bank counter. "Wealth management products are becoming more and more common in recent years." Ms. Zhang said, "In the past, when we went to the bank, we just kept a regular deposit. There were not many people who bought wealth management products. In recent years, banks have moved financial management online, which not only improves visibility and transparency, but also improves convenience. "
It has been some time since banks moved their wealth management from offline counters to their own online, and a recent change is that a large number of wealth management products from different banks are concentrated in third-party platforms, which has triggered a new wave of buying wealth management and fund products. For example, since February 18th, 30 financial institutions, including ICBC and Agricultural Bank of China, have put nearly 100 explosive deposits and fund products of their own into Alipay "Wealth Management Week", so that users can "buy in buy buy" just by opening Alipay, thus meeting the diversified needs of investment and wealth management. Relevant data show that Alipay has launched more than 1,000 wealth management products through cooperation with more than 300 institutions, and launched wealth management products such as term, fund and gold for investors with different risk tolerance. The risk types are divided into five grades from low to high, and it has accumulated more than 600 million users.
According to the person in charge of wealth management business in JD.COM, during the epidemic prevention period, the subscription transaction volume of Jingdong Financial Platform Fund remained at a high level. "The proportion of equity funds in user asset allocation has increased significantly. Taking the new fund as an example, the new fund raising has a hot momentum, which greatly exceeds the previous performance. The amount raised by a single fund has increased by 20 times compared with the past. " According to the person in charge, Jingdong Financial Platform cooperated deeply with financial institutions during this period, and recommended market-recognized star fund managers and products for investors. At the same time, during this period, the user experience is continuously optimized, so that users can enjoy a stable and secure investment and financial management experience without leaving home or staying at home.
"Chasing financial live broadcast like a drama"
Open Alipay’s homepage and enter the "Financial Week" interface. There are not only stable long-term financial products to choose from, but also high-yield funds and large bank time deposits for consumers to choose from. The long-term insurance wealth management products with an annualized rate of about 4.7% have been sold short, which shows the enthusiasm of consumers.
It is understood that behind the recent "second light" of online wealth management products, there is another important factor, that is, there are new changes in the ways and means of recommending wealth management products online, and the live broadcast of wealth management has attracted more users.
Xiao Li, who has just worked for a year and a half, has formed financial habits. Xiao Li introduced that in the past, he knew nothing about wealth management products, and he was also confused about buying them. He bought whatever the homepage recommended. Since Alipay started the "Financial Week", there has been a live broadcast of financial teaching almost every day, and Xiao Li’s understanding of financial management is refreshing every day. "I am now chasing financial live broadcasts like a drama." Xiao Li said with a smile, "This has greatly improved my financial management ability and gained a more comprehensive understanding of the market."
According to the data from Alipay, since the Spring Festival, nearly one million people have watched the financial live broadcast in Alipay, an increase of 63.8% compared with that before the holiday, and users in Guangdong, Zhejiang and Jiangsu have the highest enthusiasm. "post-90 s" is the main force to watch the live broadcast of financial management, accounting for nearly 40%; Nearly 13% of the live audience are middle-aged and elderly, and their enthusiasm for learning financial management knowledge is also high.
Lack of professional knowledge and being cheated in investment and financial management are the most worrying issues for some elderly people. Aunt Chen, who is nearly 70 years old, said that the elderly should also keep up with the trend of the times. Watching live broadcasts to buy wealth management can help them make better use of their pensions and obtain steady income. "I watched Alipay’s financial live broadcast under the leadership of my niece." Aunt Chen said, "Listening to experts and teaching financial knowledge, buying your own financial management is also more bottomed out. Sometimes I will ask questions from experts during the interactive time, and experts will reply seriously. "
The person in charge of wealth management business in JD.COM said that in the next step, Jingdong Financial Platform will continue to optimize the user experience according to the user characteristics, and cooperate with financial institutions by combining the popular live broadcast and other means to continuously enrich the investment content and provide professional investment categories.
Ceng Gang, deputy director of the National Finance and Development Laboratory, said that the transfer of wealth management investment from offline to online is a necessary adjustment for institutions to adapt to the changes in users’ consumption habits.
"Alipay is like Wangfujing online, and other platforms such as WeChat and JD.COM are similar to Xidan and Guomao online." Ceng Gang believes that the presence of institutions in the platform is conducive to the formation of a good ecological relationship among institutions, users and platforms, and the three parties will develop together. The traffic platform empowers institutions and improves customer satisfaction; The organization broadens the sales channels through the platform, reduces the labor cost of offline consumption, and better follows the changes of users’ needs; The platform can form a more perfect ecosystem and a new economic growth point through the presence of multiple institutions, and the needs of users can be better met in this process. The new means of financial live broadcast has also brought the parties closer.
The trend of online financial services is obvious.
"Rather than saying that online financial management has become an inevitable trend, it is better to say that the modernization and online trend of financial services is very obvious and will become the mainstream in the future." In view of the small upsurge of online financial management initiated by Alipay, Ceng Gang believes that it is nothing new for banks and other institutions to settle in third-party platforms, and it is also in line with the development and changes of the whole industry. "In the past, people were not used to frequently visiting bank websites or apps to view the latest wealth management product information. Therefore, the entrance with more online traffic has become a potential sales channel for banking institutions. The third-party platform represented by Alipay has a traffic advantage. "
Ceng Gang pointed out that there is a complementary cooperative relationship between financial technology platforms and banks, and this relationship will become more and more obvious. Taking Alipay and Bank as examples, Alipay platform has expanded the bank’s sales ability on the Internet. At the same time, Alipay can also give full play to the platform traffic advantage in cooperation.
However, online financial management also has some shortcomings. Ceng Gang said that the biggest deficiency of online financial management lies in the standardization of management and the division of power and responsibility. He pointed out that in the past, offline sales were compliant in form, consumer protection was in place, and problems and disputes were better solved, while online financial management still needed to be strengthened in terms of consumer protection and future rights and responsibilities confirmation. "Because more and more products are sold online, but banks don’t meet consumers, how do banks know that the products they sell are suitable for customers? At the same time, banks are not sure whether customers understand the risk-return characteristics behind products. " Ceng Gang said.
At the end of last year, the People’s Bank of China Banking and Insurance Regulatory Commission and China issued the Notice on Regulating the Management of Cash Management Financial Products (Draft for Comment). The Notice pointed out that commercial banks and bank wealth management subsidiaries should strengthen the management of investors’ appropriateness when selling cash management products, fully disclose information and risks to investors, and must not publicize or promise to protect the capital, and must not exaggerate or unilaterally publicize the investment income or past performance of cash management products. Commercial banks and banking subsidiaries shall, according to the business nature and risk characteristics of cash management products, establish and improve the business management system of cash management products, formulate and implement corresponding risk management policies and procedures, ensure the continuous and effective identification, measurement, monitoring and control of various risks of related businesses, and ensure that the management scale of cash management products matches their own personnel reserve, investment and research and customer service capabilities, risk management and internal control level.
Ceng Gang believes that in the next step, institutions should better regulate the process of online wealth management sales, and make detailed responsibilities in protecting consumers’ rights and interests. "While institutions and platforms adapt to the changes in consumer financial behavior, the regulatory level also needs corresponding system supervision rules to create better conditions for the healthy development of the business."
For individual investors, Zhang Yu, director of Alipay Wealth Group, suggested adopting the strategy of "one stable, two divided and three deadlines". Specifically, "one stability" means that investment and financial management should be seen as believing and everything should be implemented in a written contract; "Dichotomy" means that investors should allocate funds according to different investment preferences, taking into account different rates of return; "Three-term" means that all investments should be divided into three categories according to the term, and sufficient current or liquidity funds should be reserved for emergencies.