Reporters Hao Yajuan and Wang Kejin reported in Shanghai and Beijing
On March 18, the Central Bank of China, the Banking and Insurance Regulatory Commission, the Securities Regulatory Commission, the State Administration of Foreign Exchange and the People's Government of Zhejiang Province jointly issued the Opinions on Financial Support for The High-quality Development of Zhejiang and the Construction of a Common Prosperity Demonstration Zone (hereinafter referred to as the "Opinions"), proposing to promote the high-quality and coordinated development of various mobile payment products such as the unified mobile payment App and the bank app of the banking industry.
Recently, the China Internet Information Center (CNNIC) released the 49th "Statistical Report on the Development of China's Internet Network", showing that as of December 2021, the scale of China's Internet users reached 1.032 billion, and the Internet penetration rate reached 73.0%. Among them, the scale of online payment users reached 904 million, an increase of 49.29 million over December 2020, accounting for 87.6% of the total number of netizens.
The deepening and development of mobile payment has provided people with convenient transaction methods, but at the same time, industry insiders also pointed out that mobile banking Apps have problems such as strengthening payment barriers and increasing payment costs, which highlight the importance of improving the level of financial services, promoting the equalization of public services, and promoting the development of unified mobile payment Apps in the banking industry.
Tap into the value of your payments
The "Opinions" proposes to promote the high-quality and coordinated development of various mobile payment products such as unified mobile payment Apps and bank apps in the banking industry; promote the integration of resources by government departments to jointly build mobile payment convenience scenarios. Support eligible banks and non-bank payment institutions in Zhejiang to provide domestic mobile payment services for overseas individuals. Support eligible regions to carry out digital yuan pilots.
Su Xiaorui, senior analyst of the financial industry at Analysys Analysis, said that the proposal to promote the high-quality and coordinated development of various mobile payment products such as unified mobile payment Apps and banking Apps in the banking industry mainly has two considerations: on the one hand, from the perspective of the unified mobile payment App in the banking industry, it can unify the interface standards and unified user identity, thereby promoting the unification of user experience, and also building a comprehensive prevention and control system in terms of payment security. On the other hand, from the perspective of bank apps, it is necessary for banks to establish user thinking, focus on functional innovation and service optimization, and form a benign interaction with mobile payment through the construction and expansion of the bank App operation system, so as to better serve users and enhance users' stickiness and value recognition of bank Apps.
Regarding the unified mobile payment App of the banking industry, the interviewees believe that they may continue to increase the optimization and improvement of cloud flash payment and promote the high-quality and coordinated development of various mobile payment products such as bank apps.
As early as 2017, As a unified app for the banking industry jointly released by China UnionPay and commercial banks, payment institutions and other industrial parties, WeChat and Alipay have become monopoly channels for domestic third-party payment.
Zhou Yiqin, a senior financial regulatory policy expert, said: "Behind the cloud flash payment is a 'national team' composed of banks and UnionPay. Alipay's advantages are more obvious, there are trading platforms such as Taobao and Tmall, with consumer credit businesses such as Huabei and Borrowing, plus various financial products such as financial investment and insurance products, which have generally formed a relatively complete ecological chain. ”
Zhou Yiqin believes: "In recent years, the strict supervision of Internet platforms has brought all parties back to the same starting line, at least in terms of regulatory policies. As a unified app for the banking industry, with China UnionPay as the support, cloud flash payment can integrate the existing business and resources of the bank to a greater extent in the future, build an online financial service platform, give full play to the bank card management function, continuously improve the basic financial services within the app, seize the immediate opportunities, expand users and enhance stickiness, and expand other functions. ”
As far as mobile payment is concerned, commercial banks still need to further tap their value. Huang Zhiling, former chief economist of China Construction Bank, published an article pointing out that payment is the highest frequency financial intermediary connecting commercial banks and users, and is a key link for commercial banks to accumulate data assets, and commercial banks should fully understand the importance of payment intermediaries and tap their deep value.
Specifically, Huang Zhiling pointed out that as a connection intermediary for social production and life, the payment link connects enterprises and enterprises, enterprises and consumers, consumers and consumers, and the massive data brought by these connections is an important response to the operating state of each social subject and the basis for financial institutions to provide a series of extended services. To obtain comprehensive and accurate payment data, commercial banks need to integrate the payment link into the whole process of digital consumption and digital production, eliminating the correlation breakpoints of capital flow and information flow.
Bank app plus "interconnection"
The "Research Report on the Development of Fintech of Small and Medium-sized Banks (2021)" pointed out that from the perspective of specific business and technology, 69.64% of the surveyed banks focused on the field of "mobile banking and online banking", and online businesses such as direct banking, financial services based on social platforms, and online supply chain finance were generally valued.
Mobile banking apps, especially retail business apps of commercial banks, as the main output products of the fintech front-end, have become an important portal for banks and the main carrier of customer experience. However, the current situation is that the app opening rate of many small and medium-sized banks is not high, and the lack of customer acquisition and investment cannot keep up has become the status quo of the industry. In view of the shortcomings of small and medium-sized banks in digital transformation, the regulatory authorities previously proposed that large banks export risk control tools and technologies to small and medium-sized banks.
'In digital transformation' Under the anxiety, some banks have developed a lot of Apps, which is easy to cause the separation of data information in the bank, and it is also very difficult for users to choose, and after some apps are developed and deployed online, the follow-up maintenance operation is rarely followed; heavy registered users and light active users, the number of registered users in mobile banking is very important, but if the registered user activity is very low, it also occupies a lot of resources, which is similar to the bank's sleep card or long-term immobility; heavy product deployment and light user experience, some mobile banking functions are very powerful, but users may be inconvenient to use, poor experience 。 Dong Ximiao, chief researcher of CMF, pointed out.
In the view of Zhou Maohua, a macro researcher in the financial market department of Everbright Bank, "With the development of banking business online, banks have developed mobile banking and opened various mobile banking App programs, but due to the excessive number of mobile banking Apps, the customer consumption experience has been significantly reduced, and even brought choice anxiety to consumers, and individual Apps may be insufficient in consumer privacy protection." Banks integrate back-end service resources, which can improve service quality and customer consumption experience, and at the same time, improve regulatory efficiency, better regulate the order of market policy competition, and better protect the legitimate rights and interests of consumers. ”
In order to meet the needs of users for efficient, convenient and secure mobile payment services, and to provide more smooth funding channels for economic and social development, commercial banks continue to optimize the payment experience.
On March 24, the reporter learned from China Minsheng Bank that the cloud flash payment version of the national life app developed by the bank in cooperation with China UnionPay was officially launched. With the goal of "unified identity, unified experience, and unified interface", the two sides based on the cloud flash payment network payment platform create a unified payment experience on the bank side, reduce the cumbersome operation of users switching back and forth between multiple software, and open up a new development space for mobile payment in the banking industry.
Looking forward to the future, Zhou Maohua believes that the focus of future mobile banking operations is: First, to improve service innovation capabilities. Provide customers with a wealth of financial products and scenarios, to meet the diversification of personalized experience. The second is to improve wealth management capabilities. With the growth of people's wealth and the upgrading of consumption, people's concept of wealth management and investment is changing, how banks can create more value for customers and enhance intermediate business income. The third is to actively respond to the problem of the digital divide. At present, there is still a certain gap in digital finance for the elderly, how to meet the financial service needs of the elderly and release the potential market demand through technological innovation.