The windfall falls: the opening of the re-evolution of Internet finance

The moment Internet finance hit regulation, the financial industry began a mad dash to find a new combination. Faced with the reality that the external environment has undergone profound changes, the financial industry must undergo real changes in order to escape the dilemma it is currently facing and enter a new phase of development. Whether it is the Internet giants represented by Ali, Tencent and Jingdong, or some large mutual fund platforms that have grown up in the mobile Internet era, using new concepts or technologies to deeply change the financial industry itself, so that finance can really keep up with the development of the overall industry, has become the key to deciding how far the financial industry can actually go in the future.

Many people have the impression that Internet finance is about building a platform that enables a seamless interface between lenders and capitalists, with the platform simply taking on the task of making a quick match between the two. This model is typical of the O2O model, and platform logic and traffic thinking are fundamental to this model. It is true that such an approach can indeed contribute to the operational efficiency of the financial sector, but if it is just a matter of disintermediation rather than changing finance itself, such changes are bound to be unsustainable. Therefore, the financial industry is different from other industries in that it involves areas of great concern to people such as property and income, and if we just blindly disintermediate, what we will bring is inevitably an increase in risk, the explosion of projects and many other problems.

The increase in problems has left Internet finance simply stuck in its original stride, and the consequence of being wrapped up in the process is a missed opportunity. Thus, we see many internet finance platforms starting to crack the dilemma they are facing today through a new evolution. Fintech was once seen as a successor to Internet finance, but after development, it has become clear that if Fintech is not more thoroughly de-financialized and continues to simply add the elements of "finance" and "technology" according to the Internet finance model, Fintech will fall into the same predicament as Internet finance.

It is evident that what the financial industry needs is not a shallow addition with external technologies, what they need more is how to sort out, tap and activate the internal development potential with the help of new technologies, so as to achieve the re-evolution of the financial industry. This may be the right way to bring real development to the financial industry, if it is just a simple addition without tapping into the potential of finance itself, then all the evolution will end with the harvesting of users and is subject to regulation is equally inevitable.

Looking back at the evolution of Internet finance, we will find that all the evolution aimed at acquiring users will only bring the development of the financial industry into a very narrow development situation in the end, and even lead to some risks. The same is true even for the later stages of fintech. Thus, an evolution with the user as the ultimate goal cannot really change finance itself, it will only make innovations about it at the marketing level. And only an evolution that truly starts with finance can fundamentally tap into the new potential of the financial industry and will continue to advance it.

The processes and links of finance need to be reconstructed.Although the financial industry has evolved over hundreds of years of history, the processes and aspects of finance have not changed much in a major way. In the face of increased user demand, it is clear that simply relying on traditional financial processes and links to supply cannot really play a real and substantial role, and only by using new technological means to reconstruct the processes and links of the financial industry can the supply mechanism of finance undergo new changes.

Based on this logic, it is clear that the practice of merely interfacing finished financial products with users through the Internet cannot achieve the purpose of changing financial processes and links; it merely changes the contact channel between financial products and users. This is why internet finance is experiencing so many woes. One very important point is that Internet finance has only changed the problem of the interface between financial products and users, and has not really changed the production mechanism of financial products, so that finance is still the same old finance, not knowing that user needs have changed profoundly.

Therefore, the re-evolution of the financial industry can only be truly achieved through the re-construction of financial processes and links; only by truly innovating the output mechanism of financial products can new user needs be met. Internet technology tools have proven unable to truly transform finance itself, and new technologies that can transform financial processes and links are crying out to be introduced.

The functions and attributes of finance need to be explored again. One phenomenon of interest is that although the financial sector has evolved over the last hundred years, the functions and attributes of finance have always remained fundamentally unchanged. Investment and money management remain the most fundamental functions and attributes of the financial sector. However, the needs of users are no longer just about investing and managing money, they are more interested in how to get more new functions and attributes with finance.

Based on this logic, we cannot simply carry this function and attribute of the financial industry with the help of disintermediation, but we need to deepen the connection with users by discovering and uncovering new functions and attributes of the financial industry. Nowadays, people want to experience products, understand them and even join the actual process of producing them through finance, and if we still just give them dry, cold financial products, it will obviously be a big disappointment to the users. So, we want to achieve a better interface between it and the user by discovering new features and attributes of the financial industry.

In fact, the financial industry is not just investment and finance so simple, living finance will be a major direction of the future development of the financial industry, even the "father of tomorrow" Kevin Kelly has predicted that the future of finance will "evolve into a new way of life". Since it's a lifestyle, maybe finance is not just as simple as having investments and money, through finance, we can not only invest and manage money, we can also socialize, we can also experience, we can also organize communities, we can also be actors.

In short, through finance, we can get more than just investing and managing money. Only when the functions and attributes of the real financial sector are brought into greater play can we become more closely connected to finance. Only when the connection is tightened will our lives find a footing in finance, and only when we find a footing will finance truly evolve into a new way of life.

The drivers of finance cannot be limited to the Internet itself. What is one consequence of the onset of the Internet boom? The consequence of this is that people become overly enamored with the Internet, believing that it is a panacea and that any time they get a little bit involved with it they will be able to get a new lease on life. This is obviously too much of an overestimation of the role of the Internet, as it is merely an external channel and means, and does not have much of a connection with the industry itself. To put it bluntly, it's just a channel for traditional industries to get a source of users. If we become too enamored of the Internet, we will be reluctant to do the dirty and tiring work, for example, the research and development of new technologies, the innovation of new models, and so on.

If we limit the changes driving the financial industry to just the Internet itself, what is one immediate result that results? Changes in the financial sector are only on the surface and cannot really change the inner workings of the financial sector. So what should we do to really get out of the woods when Internet finance hits a rough patch? Then, of course, it's time to say goodbye to internet finance and find a new way. Moreover, we see that other industries outside of finance are deeply integrated and connected with new technologies outside of the Internet, and the financial industry can no longer be left alone, it can only actively embrace new technologies to break the current development dilemma and even gain new development.

So, what are the main drivers of the financial sector, apart from the Internet? Aren't we seeing a lot of companies now looking at big data as a future growth windfall? The financial sector, then, can likewise find new momentum by converging with big data. The name change we saw for Jingdong Finance to become Jingdong Digital is a direct reflection of this trend.

Big data is only a very small aspect. In addition to big data, new technologies such as cloud computing, quantum computing, blockchain, and artificial intelligence can also be integrated with the financial industry, replacing the Internet as a new booster for the financial sector. This is the fundamental reason why Ali has set up the Dharma Institute and Jack Ma talks and laughs with the world's top scientists.

In fact, Mr. Ma then to Ali to find new drivers outside the Internet, in so many of the top technology, as long as you find one or a few drivers, then, Ali's future development will not be a problem.

The same is true for the financial sector, on the contrary. Whether it's big data or cloud computing, whether it's artificial intelligence or blockchain, as long as we find a new technology that can really drive change in the financial industry, and that technology is no longer just disintermediated like the Internet, we will be able to drive new change in the financial industry for another five years, or even a decade, of energy to the evolution of the financial industry.

The key aspect of the financial industry cannot be lost, it is not finance if it is lost. Why is internet finance experiencing policy regulation? It is mainly because the problems caused by Internet finance have become big enough to affect social stability that the Government has stepped in to regulate them. So, not only do we ask, why is Internet finance in trouble? That question is the key. Because the current development model of Internet finance is bent on obtaining traffic to offset the costs associated with operations, Internet finance platforms must rush to offset the pressure from the cost of scale.

However, where are there so many quality programs? In order to continuously on the ground project, charge service fees, many mutual fund platform even began to some bad projects also put on the platform to raise funds for the operation, wait until these projects have problems, mutual fund platform and think to make up, but make up the east, the west has a problem, when the mutual fund platform can not make up for this deficit, the Internet finance will naturally have problems.

Therefore, the development of Internet finance cannot rely solely on extracting service fees to make profits, because the profit point in this area is too low to even ensure the operating costs of the entire project. What's more, you can't blindly put projects on line and reduce the key aspects of the financial industry, especially the risk control link, once the risk control link are gone, it's only a matter of time before the Internet financial platform goes wrong.

Therefore, no matter how the development of Internet finance can not lose the key aspects of the financial industry, these key aspects are lost, Internet finance is not called finance, to put it bluntly, a new type of scam. So, from this perspective, we are not in a position to blindly scale up and continue to put up inferior projects just to offset the pressure of operating costs. Only by truly preserving the key processes and links of finance, or even saying that those quality key links of traditional finance will be enhanced by means of new technology, can Internet finance truly avoid going into a whirlpool of scams.

It is no coincidence that Internet finance has encountered regulation, and the inability to transform finance has ultimately created this. When Internet finance hits a rough patch, we see a defection from Internet finance rather than a change in the right remedy. From this logic, it is also inevitable that fintech will fall into a past tense. Because it also doesn't really change the financial industry itself, it merely makes a conceptual change.

Entering a new phase, the evolution of Internet finance begins a new phase. We can only truly say goodbye to the trap of Internet finance and enter a new stage of development if we seize the key to the evolution of Internet finance, truly base on finance itself, and truly strengthen the inner reconstruct of finance. And for the market water temperature perception earlier Internet giants seem to have pointed us in the direction of saying goodbye to Internet finance completely, and really let Internet finance return to the technology itself.

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