《财经》2012年第27期 [financial]In 2012, 27 period

    互联网金融变革的重要时刻正在临近。

    The Internet financial reform is an important time is near.

　　电子商务与银行信息化——这两个一度平行发展的行业，近来不断发生碰撞并产生交集。

Electronic business and bank information - the two once parallel development of the industry,Recently a collision and continuously produce intersection.

　　9月18日，腾讯宣布打通旗下财付通与移动产品微信的应用通道，这意味着其2亿微信用户可通过微信扫描商户二维码的方式付款，并享受折扣优惠。未来，两者的合作还将实现微信用户之间的转账。

On September 18,,Tencent announced through its wealth FuTong and mobile products micro letter of application channel,This means that its 200 million micro letter user can through the micro letter scanning merchant two-dimension code for payment,And enjoy discount.The future,The cooperation will also realize micro letter of transfer between users.

　　此前两个月，阿里巴巴宣布，旗下阿里小贷将向除温州以外的江浙沪地区的B2B普通会员开放信用贷款业务。

After two months,Alibaba announced,Its ali small loans to in addition to wenzhou outside of the jiangsu area B2B ordinary member open credit loan business.

　　互联网企业携带着数据及电子商务优势，已深入支付结算和信贷这两项银行核心业务；拥有庞大资金和公信力的商业银行不甘于退居后端，为了直接获取客户的一手信息，增加客户黏合度，巩固并拓展银行与客户之间存、贷、汇等业务关系，也高调挺进电商、移动支付等非传统银行业务领域。

The Internet enterprise carries data and electronic business advantage,Has further payments and settlement and credit the two bank core business;With a large capital and credibility of the commercial bank unwilling to retire after end,In order to direct access to customer information firsthand,Increase customer bonding degree,Consolidate and expand the bank and its customer with between/credit/Collect business relationship,Also high-profile into electric business/Mobile payment and non-traditional bank business areas.

　　就在腾讯财付通宣布新移动支付业务的同一天，招商银行(600036,股吧)（600036SH/03968HK）与HTC（中国）联合发布中国移动支付标准确立后的首个移动支付产品——“招商银行手机钱包”。

In tencent wealth FuTong announced new mobile payment business the same day,Merchants bank(600036,guba)(600036 sh / 03968 hk)And HTC(China)Jointly issued by China mobile payment standard established the first mobile payment products --"China merchants bank mobile wallet".

　　中国建设银行(601939SH/00939HK)则将创新业务直指互联网企业的主脉——电子商务。7月10日，建行宣布旗下“善融商务”上线，截至8月中旬，“善融商务”签约商户过千，会员发展至数十万。

China construction bank(601939 sh / 00939 hk)Will the innovation business directed at the Internet enterprise main vein, electronic business.On July 10,,Construction bank announced its"Good melt business"online,By the middle of August,"Good melt business"Signing merchant than,The development of membership to hundreds of thousands of.

　　在经历了十多年的积淀与酝酿后，互联网与银行的合作终于跨过外部技术运用的初级阶段，开始核心业务的渗透与融合。

After ten years of accumulation and after brewing,Internet and bank cooperation finally across the external technology using primary stage,Began to core business of infiltration and integration.

　　这一新浪潮可能催生的互联网金融新业态和大市场，令各方痴迷，亦引发争议和忧思。

This new wave may ecbolic Internet financial new formats and big market,Make all crazy,Also controversial and sorrow is hushed into.

　　先觉者已开始行动。阿里小贷、腾讯财付通以及众多第三方支付组织和人人贷机构，皆在互联网数据开发的基础上加速挖掘金融业务的商业附加值，搭建出不同于银行传统模式的业务平台。

Illuminati has started to action.Ali small credit/Tencent wealth FuTong as well as many third-party organization and everyone credit institutions,All in the Internet data based on the development of accelerated mining financial business of commercial value,Build out is different from the traditional model of bank business platform.

　　相较于互联网企业的积极进取，银行机构深感变革的迫切。在8月的中期业绩发布会上，中国银行(601988SH/03988HK)行长李礼辉从总行战略层面提出建设“智慧银行”，在实现客户服务从线下向线上迁移的同时，根据互联网的特点再造银行业务流程。

Compared with the Internet enterprise positive enterprising,Banking institutions are the urgent reform.In August the medium-term performance of conference,The bank of China(601988 sh / 03988 hk)President LiLiHui head office from strategic level construction is put forward"Wisdom bank",In the implementation of customer service to online migration from the line at the same time,According to the characteristics of the Internet bank business process reengineering.

　　“互联网时代正在迅速地改变传统的商业模式和组织形式。”一位国有银行高层对《财经》记者表示，未来五年到十年，互联网金融会有很大发展，大银行如果不抓紧启动，会赶不上竞争对手。

"The age of the Internet is rapidly changing the traditional business model and organization form."A state-owned bank to top[financial]reporters,The next five to 10 years,The Internet financial will have great development,Big Banks if you don't take the start,Will catch up with competitors.

　　与十年前仅将网上银行作为渠道经营不同，当前的互联网金融具有尊重客户体验、强调交互式营销、主张平台开放等新特点，且在运作模式上更强调互联网技术与金融核心业务的深度整合，银行在经营模式及业务流程上面临深层次变革。

Ten years ago and only will the bank on the net as a channel management is different,The current Internet financial has the respect customer experience/Emphasize interactive marketing/Advocate platform and opening up new characteristics,And in operation mode more emphasis on the Internet technology and the depth of the financial core business integration,Banks in business model and business process faces a deep change.

　　招商银行行长马蔚华对此颇有心得，9月18日他在“手机钱包”产品发布会上表示，“银行业本身具有IT属性，信息技术之于银行业如同空气一样，须臾不可或缺；历史上每一次通信技术的变革，都会带来银行的变革。”

China merchants bank President MaWeiHua it's experience,On September 18, in his"Mobile wallet"Products conference said,"Banking itself has IT attributes,Information technology to the banking as air,An instant;History every communication technology,The bank will bring change."

　　在中国社会科学院信息化研究中心秘书长姜奇平看来，未来互联网与银行业务的融合，将促使银行转变传统生产方式，即从结构上改变依靠节点型的专用资本，学会运用网络化的社会资本，这正是未来银行结构转型的关键。

In the Chinese academy of social sciences information research center secretary general JiangJiPing looks,The future Internet and banking fusion,Will enable the bank to change the traditional mode of production,That is, from the structure change depending on node type of private capital,Learn to use the network of social capital,This is the key to the future bank structure transformation.

　　银行开办电商 Banks electric business

　　银行在互联网金融上的创新一定要从自身的金融业务特长入手，将新业务与金融业务捆绑镶嵌，才能形成具有自身特点和优势的产品

The bank in the Internet financial innovation must be from their own financial business of specialty,Will the new business and financial business bound Mosaic,Can form has its own characteristics and advantage of the products

　　“传统商业银行将成为21世纪最后的恐龙。”比尔·盖茨在本世纪初第一波互联网浪潮时曾这样判断。

"The traditional commercial bank will become the 21st century the last dinosaur."Bill Gates at the beginning of this century the first wave tide of the Internet had such judgment.

　　十年前，马蔚华受此激发，推动招商银行发展网上银行业务，如今招行的零售银行业务已蔚为大观，网上渠道对银行利润的贡献明显。

Ten years ago,MaWeiHua by this excitation,To promote the development of China merchants bank business of the bank on the net,Now zhaohang's retail banking has be a sight to behold,Online channel to the bank profit contribution significantly.

　　十年过去了，传统银行并没有因互联网的兴起而衰落。国内银行业完成了股改、上市历程，即使在2008年全球金融危机之后一度赚得盆满钵满，面对新技术可能带来的行业变革，银行家们的焦虑却始终存在。

Ten years have passed,Traditional bank and not because of the rise of the Internet and fading.The domestic banking sector completed the reform/Listed course,Even in 2008 after the global financial crisis once earn piles,In the face of new technology may bring industry change,Bankers anxiety but always exist.

　　2012年上半年，中国银行董事长肖钢不止十次去互联网创新企业调研，每次都会带上分行行长，并借此给他们“洗脑”。而招商银行副行长丁伟和高管团队，每隔半年就会和国内最重要的互联网企业合作伙伴进行业务沟通。

In the first half of 2012,The bank of China, chairman of the board XiaoGang more than ten times to the Internet innovation enterprise research,Always take the branch President,And like to take this opportunity to give them"brainwashed".And China merchants bank vice President and executive team shi,Every half an year will and domestic the most important Internet enterprise partner in business communication.

　　从事“智慧银行”问题研究的中国银行战略发展部武岩博士表示，无论在竞争格局上还是客户的需求上，互联网金融时代的到来都给银行带来比较大的冲击。第三方支付、电信运营商、互联网公司、电商企业和银行卡组织等，都在凭着技术和商业模式的创新，蚕食本属于银行的业务领域。

Engaged in"Wisdom bank"The study of the problem of the bank of China, says dr WuYan strategic development,No matter in the competition pattern or customer needs,The arrival of the age of the Internet financial to bank bring bigger impact.The third party payment/Telecom operators/The Internet company/Electric business enterprise and bank card organization, etc,In with technology and business model innovation,Encroach on this belongs to the bank's business areas.

　　如果不能顺应业务模式创新潮流及适应客户交易习惯变化，银行将面临金融中介角色边缘化的风险。正是在这种担忧下，部分银行开始试水电商。

If you can't conform to the business model innovation trend and adapt to the customer trading habits change,The bank will face the risk of financial intermediary role marginalization.It is in such fears next,Part of the Banks began to try hydropower quotient.

　　2012年6月底，建设银行筹划了20多个月的电商平台“善融商务”上线。它包括“企业商城”和“个人商城”两个平台，并带有“商城账户”支付工具。与此同时，建行逐步将其他金融服务和非金融服务向平台上加载，以期构成四位一体的平台体系。

At the end of June 2012,Construction bank planning more than 20 months of electric business platform"Good melt business"online.It includes"Enterprise mall"and"Personal mall"Two platform,with"Mall account"Payment tool.meanwhile,The construction bank gradually turn other financial services and non-financial service platform to load,In order to constitute quaternity platform system.

　　目前，“善融商务”的“个人商城”中的商品标识较简略、种类较少。在竞争激烈、奉行“赢者多吃”法则的电商领域，后来者建行的考虑一度令人费解。

At present,"Good melt business"of"Personal mall"The product identification is short/Kinds less.In a competitive/pursues"Win person eat more"The laws of electrical business field,Later construction bank consideration once inexplicable.

　　建行在给《财经》记者的书面回复中表示，不同于阿里巴巴、京东等纯电商平台，“善融商务”会在电商服务上对客户充分让利，银行看重的是其带来的新鲜用户、客户的金融信息和金融消费。建行希望借此进一步拓展中小企业对公融资、个人消费贷款、住房贷款、助业贷款等业务。

Construction bank in to[financial]Reporters said in a written reply,Different from alibaba/Jingdong and pure electric business platform,"Good melt business"Will be in electric business service to the customer fully the profits,The bank value is its bring fresh users/Customer's financial information and financial consumption.The construction bank hoping to further expand the financing of small and medium-sized enterprise tests/Personal consumption loans/Housing loan/Help industry loan, etc.

　　建行对入驻“善融商务”的商家直接减免了店铺租金、交易佣金、年服务费，还免除了借记卡支付结算手续费，并为优质商户提供免费推广服务。

Construction bank in to"Good melt business"The merchants of direct reduction the shop rent/Transaction commission/Years service charge,Also exempt from the debit card payments and settlement fee,And for high quality merchants provide free promotion services.

　　一位参与“善融商务”平台搭建的建行中层人士对《财经》记者表示，“只有接近客户，才能更好地服务客户，否则老躲在后面，靠别人传达信息，银行会失真。建行上下曾反复研究，最终意识到还是缺一个电子商务平台。”

A participation"Good melt business"The construction bank of the platform to the middle person[financial]reporters,"Only close to the customer,To better service to the customers,Otherwise the old hide behind,Depend on others convey information,The bank will distortion.The construction bank fluctuation had repeated research,Finally aware of or lack of an electronic business platform."

　　在上述建行内部人士看来，银行做电商最大的优势在于诚信度，同时，雄厚的资金实力能够支撑目前的投入。另外，一切并非从零开始，由于银行结算、清算、信贷等领域已有现成的IT基础构架，电商平台的搭建只需在后台增加相应人员，而其庞大的物理网点，又是一种“辅助优势”。

In the above the construction bank insiders looks,Bank do electric business is the biggest advantage of credibility,At the same time,Abundant capital actual strength can support the current input.In addition,All is not starting from scratch,Due to the bank settlement/liquidation/Credit etc have ready-made IT base frame,Electric business platform just in the background increase corresponding personnel,And the huge physical network,Is a kind of"Auxiliary advantage".

　　不过，银行做电商绝非再造一个淘宝或京东商城。在多位业界人士看来，银行在互联网金融上的创新，一定要从自身的金融业务特长入手，将新业务与金融业务捆绑镶嵌，才能形成具有自身特点和优势的产品。

but,The bank is doing electric business to create another clean out treasure or jingdong mall.Many people in the industry seems to be,The bank in the Internet financial innovation,Must from own financial business of specialty,Will the new business and financial business bound Mosaic,Can form has its own characteristics and advantage of the products.

　　在这方面，招商银行的“网上商城”颇具特色。招行信用卡商城于2004年10月成立，是国内信用卡商城的先行者。目前在招商银行全国1700万信用卡用户中，有500万用户参与商城网上平台的实物交易。

In this respect,China merchants bank"Online mall"characteristic.China merchants bank credit card mall in established in October 2004,Is the domestic credit card the forerunner of the mall.At present in China merchants bank national 17 million credit card users,There are 5 million users online mall in the platform of barter trade.

　　信用卡商城中的商品具有“低配送、利润率高”的特点；同时，分期付款的支付方式也与其信用卡业务的优势相得益彰。招商银行已在上海成立了电子商务公司，提供定机票、酒店等差旅服务，下一步的重点是推动奢侈品销售。

Credit card in the mall with goods"Low distribution/High profit margin"characteristics;At the same time,Payment by installment payment also instead of credit card business advantages bring out the best in each other.China merchants bank has set up a file in the Shanghai set up electronic commerce company,Provide settle ticket/The hotel and travel services,The next step is the key to promote sales of luxury.

　　招商银行副行长丁伟说，银行做电商最重要的目的是稳定客户、黏合客户、服务客户，这与电商单纯盈利目的不同。

China merchants bank vice President said shi,Bank do electric business the most important purpose is stable customers/Bonding customer/Service to the customers,This and electric business pure profit purposes different.

　　2011年，招行信用卡商城交易额超过7亿元，未来三年的目标是达到100亿元左右的销售规模。

In 2011,,China merchants bank credit card mall turnover of more than 700 million yuan,The next three years of goal is to reach 10 billion yuan sales scale.

　　金融技术脱媒 Financial technology disintermediation

　　第三方支付组织崛起，加速了金融脱媒的进程，这对向来扮演资金中介的银行来说，无疑是非生即死的挑战

The third party payment organization rise,Accelerate the financial disintermediation process,The always play fund intermediary bank speaking,No doubt is born namely dead challenge

　　商业银行进军电子商务的意图在于，获取一手客户交易信息的同时，增加客户黏合度，拉近银行与客户之间存、贷、汇等业务关系。

The commercial bank is the intent of the electronic commerce,Get a customer transaction information at the same time,Increase customer bonding degree,Close the bank and its customer with between/credit/Collect business relationship.

　　促使商业银行走向商务前台的直接压力来自第三方支付组织、电信运营商、互联网公司、电商企业和银行卡组织等机构共同掀起的金融脱媒浪潮。

To make commercial bank business the direct pressure comes from the third party payment organization/Telecom operators/The Internet company/Electric business enterprise and bank card organizations a common financial disintermediation wave.

　　第三方支付组织的举动最令银行紧张。近来，马蔚华在多个场合强调，以支付宝为代表的第三方支付已经削弱了银行作为社会支付平台的地位。

The third party payment organization move most make bank nervous.recently,MaWeiHua on many occasions stressed,To pay treasure as a representative of the third party payment have weaken the bank as a social payment platform position.

　　“如果支付业务被侵犯的话，对银行的影响将是非常大的。”上述国有大行高层人士对《财经》记者解释，银行由支付起家，客户最早出于支付目的把钱存在银行，银行有了存款后慢慢发现还可以拿去放贷，于是就有了贷款，存、贷、汇业务因支付而衍生出来。

"If the payment business is infringement of words,Impact on Banks will be very big."The state-owned big line of top people[financial]reporters,The bank started by payment,The first customer of payment purpose put money in the bank,The bank deposit slowly after the found can also take to lending,So there will be a loan,save/credit/Collect business because pay derived.

　　在IT技术与电子商务共同孕育下，第三方支付组织应需求而生，并迅速在电子支付领域壮大。迄今,央行为前后5批、共计197家第三方支付企业颁发了支付业务许可证，业务范围涵盖网上支付、银行卡收单和预付卡发行。

In the IT technology and electronic commerce under common breeds,The third party payment the organization shall demand is born,And quickly in the field of electronic payment grow.So far,The central bank for 5 group before and after/A total of 197 the third party payment enterprise awarded the payment business license,The business scope covers online payment/Bank card charge list and prepaid card issuance.

　　易观智库数据显示，2011年中国第三方互联网支付市场全年交易额规模达2.16万亿元人民币，较2010年增长99％。尽管与当年全国支付系统近2000万亿元的业务处理金额相差甚远，但第三方支付组织已将手伸向了银行的核心业务，且在电子支付领域奠定了优势地位。业界人士预计，未来几年其交易额将迎来爆炸式增长，业务占比会不断提升。

Easy to view think-tank data display,In 2011, the Chinese third party Internet payment market annual turnover scale of RMB 2.16 trillion,A growth of 99% in 2010.Although the national payment system with that nearly 2 quadrillion yuan of business processing amount far,But the third party payment organization has reach out her hand to the bank's core business,And in the field of electronic payment laid a dominant position.Practitioners is expected to,The next few years the turnover will have explosive growth,For business than will improve.

　　9月18日，腾讯宣布打通旗下财付通与微信的应用通道，这意味着其2亿微信用户可通过扫描商户二维码的方式付款，并享受折扣优惠。未来，两者的合作还将实现微信用户之间转账。

On September 18,,Tencent announced through its wealth FuTong and micro letter of application channel,This means that its 200 million micro letter user can through the scanning merchant two-dimension code for payment,And enjoy discount.The future,The cooperation will also realize micro letter between user transfer.

　　关键问题在于，第三方支付组织崛起，加速了金融脱媒的进程，这对于向来扮演资金中介的银行来说，无疑是非生即死的挑战。

Key problem is,The third party payment organization rise,Accelerate the financial disintermediation process,This to always play fund intermediary bank speaking,No doubt is born namely dead challenge.

　　在传统的电子支付产业链中，电商、第三方支付公司和银行扮演着各自的角色：电商为用户提供网上交易平台；第三方支付建立网关服务平台，实现消费者、商家、金融机构之间的在线支付，并提供现金流转、资金清算服务；银行则是最终资金结算服务的提供者。

In the traditional electronic payment in the industrial chain,Electric business/The third party payment companies and Banks play their role:Electric business to provide users with online trading platform;The third party payment establish gateway service platform,Realize consumer/merchants/Between financial institutions online payment,And provide cash flow/Fund settlement service;The bank was the ultimate fund settlement service providers.

　　但第三方支付公司已不满足只做银行网关支付平台，借助其数据信息积累与挖掘的优势，开始直接向供应链融资、小微企业信贷等领域扩张。

But the third party payment company has not satisfied only do bank gateway payment platform,By means of its data accumulation and mining advantage,Began to directly to supply chain financing/Small micro enterprise credit expansion, etc.

　　“我们在支付宝刚成立的时候，就想推动解决小微企业融资难的问题。”阿里巴巴集团副总裁胡晓明告诉《财经》记者，阿里巴巴最初的B2B平台是信息平台，不涉及交易，2003年淘宝推出之后，网络支付成为电子商务发展的一个障碍。支付宝的出现解决了商户的支付问题，但中小企业贷款问题始终存在，阿里巴巴由此而萌发了开办网络小贷企业的设想。

"We in paid treasure to just was established,Just want to promote small micro solve the problems of financing difficulties of the enterprises."Alibaba group vice President HuXiaoMing tell[financial]reporter,Alibaba first B2B platform is information platform,Does not involve trading,2003 years after the taobao launched,Network payment become the development of e-commerce in an obstacle.The emergence of the pay treasure to solve the problem of merchants pay,But the small and medium-sized enterprise loan problem always exists,Alibaba from this and the germination opened the network small credit enterprise idea.

　　继2004年推出第三方支付工具支付宝、坐拥7亿注册用户后，阿里巴巴于2010年和2011年先后成立浙江阿里巴巴小额贷款有限公司和重庆市阿里巴巴小额贷款有限公司（二者以下简称阿里小贷），创造了“小贷+平台”的融资模式。

Introduced in 2004 after the third party payment tool pay treasure/After sitting on 700 million registered users,Alibaba in 2010 and 2011, he established zhejiang alibaba small loan co., LTD. And chongqing alibaba small loan co., LTD(Both hereinafter referred to as the "ali little credit),created"Small credit + platform"Financing mode.

　　阿里小贷作为阿里巴巴的金融业务，为淘宝和天猫上的用户提供“订单贷款”和“信用贷款”两项业务。“订单贷款”基于“卖家已发货”的订单申请，信用贷款则完全基于卖家的信用。目前为止，阿里小贷放贷资金累计已经超过300亿元，为13万家小微企业、个人创业者提供融资服务。

Ali small credit as alibaba's financial business,For taobao and days on the cat users"Order loan"and"credit"Two business."Order loan"Based on the"Sellers already delivery"Order application,Credit is completely based on the seller's credit.So far,Ali small credit lending funds accumulated more than 30 billion yuan,13 for thousands of small micro enterprise/Individual entrepreneurs to provide financing service.

　　7月26日，阿里巴巴宣布，将阿里小贷业务向除温州以外的江浙沪地区的B2B普通会员开放。

On July 26,Alibaba announced,Will ali small credit business in addition to wenzhou to outside in jiangsu B2B ordinary member open.

　　第三方支付所衍生出的信贷业务，仍以小微信贷为主，尚未对银行的主流信贷业务构成威胁，且对当前以大企业贷款为重的银行信贷体系形成有利的补充。但从长远来看，由于银行业资本监管新政及利率市场化的推动，银行机构目前纷纷向中小企业贷款业务转型，并将这一领域视为实现资本低消耗、资金高回报成长的重要战场。

The third party payments are derived by the credit business,Still in small micro credit is given priority to,Has yet to the mainstream of bank credit business pose a threat,And on the current enterprise loan to redouble bank credit system formed favorable supplement.But in the long run,Due to the banking capital supervision and promote new market-oriented interest rate,Banking institutions at present in succession to small and medium-sized enterprise loan business transformation,And this area as realized capital low consumption/A high return money growth important battlefield.

　　用姜奇平的话说，对于银行业的转型，抛开纷乱的表面现象，可以抓住一条主线索来观察。转型标志就是托夫勒曾经提出的新旧区分：单一品种大规模生产与小批量多品种生产，分别代表传统生产方式与新的生产方式。对银行来说，大企业融资与小企业融资可以分别代表这两种趋向，而小微贷，就处在转型的正前方十环靶心上。

With JiangJiPing words,For the transformation of the banking industry,Despite the chaos of the surface phenomenon,You can seize a main clue to observe.Transformation mark is TuoFuLe once proposed to distinguish between the new and the old:A single species mass production with small batch and various variety production,On behalf of the traditional mode of production and the new mode of production.For Banks,Big enterprise financing and small business financing could separately on behalf of the two kind of tendency,And small micro credit,Right in front of the transformation of the ten HuanBa heart.

　　目前，淘宝、天猫订单贷款日利率为0.05％，信用贷款日利率为0.06％；阿里信用贷款额度为5万元至100万元，日利率在0.05％至0.06％之间。参照最低的0.05％日息计算，阿里金融提供的信用贷款，年化利率最低应为18％，远高于银行贷款的平均利率水平。

At present,taobao/Day cat order RiLiLv loan is 0.05%,RiLiLv credit loan is 0.06%;Ali credit loans for 50000 yuan to 1 million yuan,RiLiLv between 0.05% and 0.06%.With reference to the lowest 0.05% daily interest calculation,Ali financial provide credit loan,Annualised rate lowest should be 18%,Is much higher than the average level of bank loan interest rates.

　　坊间传说，阿里小贷日利息收入已超过100万元，虽然这一数据尚难求证，一位小额贷款行业人士向《财经》记者表示，阿里小贷可能已经实现盈利。

Urban legends,Ali, small loan interest income has more than 1 million yuan,Although the data are difficult to prove,A small loan industry to the public[financial]reporters,Ali small credit may have realize the profit.

　　更乐观的预测是，“如果阿里巴巴拿到银行牌照，三年内超过民生银行(600016,股吧)不成问题！”今年7月底，有分析人士如此对比阿里巴巴与民生银行的小微贷款业务。而对于拥有国内最多用户数的腾讯，业界也曾有“腾讯可以向个人用户提供小额贷款，取代信用卡”的大胆设想。

The more optimistic prediction is,"If alibaba to bank licence,More than three years of bank of the people's livelihood(600016,guba)No problem!"By the end of July,Analytic personage so contrast alibaba and the people's livelihood bank little micro loan business.For domestic users with the most of tencent,Industry also had"Tencent can to individual users provides small loans,Replace credit card"Bold assumption.

　　银网竞争合作 Silver net competition and cooperation

　　第三方支付虽然在渠道、创新、客户需求收集上有优势，但在最终的客户结算和基础金融服务上仍要依靠银行

The third party payment while in the channel/innovation/Customer demand has the advantages on collection,But in the client's settlement and basic financial services are still depends on the bank

　　“银行牌照？那是没有的事。”《财经》记者询问是否在争取获得银行牌照时，包括财付通在内的多家第三方支付机构负责人予以否认。

"Banking licences?That's no such thing."[financial]Reporters asked whether a bank in the fight for the licence,Wealth, including FuTong several third-party agency chief denies.

　　“我们一定不会走线下、做银行，这不是我们的强项。因为一做线下，我们就会被纳入到现有的监管体系和银行服务体系内，我们做不好。”一位阿里巴巴内部人士对《财经》记者表示。

"We must not go offline/Do bank,This is not our strengths.Because a do offline,We will be into the existing regulatory system and the banking services within the system,We do not."A alibaba insiders to[financial]reporters.

　　2007年，阿里巴巴曾与工行、建行联合推出面向中小企业的贷款业务，希望在银行系统下，结合阿里巴巴用户资源解决中小企业贷款难问题。但历时三年，终因双方信贷理念与业务模式难以调和而终结合作。

In 2007,,Alibaba has and icbc/The construction bank jointly launched for small and medium-sized enterprise loan business,Hope that in the banking system,Combined with alibaba user resources to solve small and medium-sized enterprise loan difficult problem.But over three years,Eventually because of both credit concept and business model incompatible end cooperation.

　　“银行一般定义贷款额在500万元以下的为中小企业，但阿里巴巴平台上贷款额最大的也只在50万元左右，更多的客户只贷几万元甚至几千元，做周转资金之用。”胡晓明告诉《财经》记者。

"Bank loan specified amount defined in 5 million yuan of the following for small and medium-sized enterprises,But alibaba platform on the biggest loan specified amount is only in 500000 yuan or so,More customers only credit tens of thousands of yuan yuan even,Do the use of circulating capital."HuXiaoMing tell[financial]reporter.

　　除了企业贷款规模，两者对企业信用的考核也存在巨大差异。“我们认为每天有业务交易的小企业，就是良好的；但银行认为，有交易不代表有利润；有利润不代表有资产或担保。我们认为，企业不良率到2％尚可接受；但银行却要求做抵押和担保。”

In addition to enterprise the size of the loan,Both to the enterprise credit assessment and there are also great differences."We believe that every business transaction of small businesses,Is good;But the Banks think,Transaction does not represent a profit;Have profit do not represent have assets or guarantee.We think,Enterprise defect rate to 2% fair to accept;But Banks are required to do mortgage and guarantee."

　　“结果是，推荐了100家企业给银行，但最后被毙掉了97家。对风险和企业资质的不同认识导致合作无法继续。”胡晓明说。

"The result is,Recommended 100 enterprises to the bank,But in the end is to shoot down in 97.To the risk and enterprise qualification of the different understanding of the lead to cooperation cannot continue."HuXiaoMing said.

　　建行有关人士认为，双方合作的终结，一个关键原因在于建行无法从阿里巴巴那里获取想要的企业数据信息，反而感觉自己越来越退居后台，离客户越来越远，这是令银行真正感到受威胁的地方。这也正是为什么建行启动“善融商务”平台，直接走向交易前台的初衷。

The construction bank officials say,The end of the cooperation of both sides,A key reason is that the construction bank can't get from alibaba to enterprise data information,But feel more and more retired from the background,From the customer more and more far,This is what Banks really feel threatened place.This is exactly why the construction bank start"Good melt business"platform,Direct to the purpose of the transaction at the front desk.

　　多位业界人士认为，第三方支付机构与银行之间除了竞争，在业务上存在互补、合作的空间。银行在支付结算服务、公信力上占有先机；而第三方支付则手握大量终端客户群，在了解客户需求、营销渠道建设上有优势。

Many professionals think,The third party payment institutions and Banks except competition between,In business are complementary/Cooperation space.The bank payment and settlement services/The credibility to take the initiative;But the third party payment is holding a large number of terminal customer base,In understanding customer requirements/Marketing channel construction have an advantage.

　　以众多年轻客户、信用卡业务著称的招商银行，在和支付宝合作时一度心存芥蒂，并不愿意开放无交易限额的“快捷支付”。

With so many young customers/Credit card business for China merchants bank,In and pay treasure cooperation once nurse a grievance,Do not want to open no trading limit"Quick pay".

　　一位支付宝内部人士透露，出于对品牌具有替代性的担忧，招商银行此前和支付宝关系不太好，但招行后来发现，无论客户使用什么渠道支付，到最后还是用哪一张银行卡的问题。而在双方合作后，招商银行通过支付宝的电子支付的交易额很快超过几家国有大行。

A pay treasure insiders revealed,For the brand has alternative concerns,China merchants bank previously and pay treasure relationship is not so good,But China merchants bank found out later,No matter use what channels customers pay,To the end or by which a bank card problem.And in the cooperation of both sides after,China merchants bank through the pay treasure of electronic payment of turnover and soon more than a few state-owned large line.

　　招商银行信用卡中心总经理刘加隆对《财经》记者表示，银行和第三方不是敌人，在竞争与合作的过程中，互联网企业已深刻改变了银行。

China merchants bank credit card center general manager to LiuJiaLong[financial]reporters,Banks and the third party is not the enemy,In the process of competition and cooperation,The Internet enterprise has profoundly changed the bank.

　　快钱市场部副总裁周萍认为，支付公司的最大价值在于支付平台信息的收集作用，帮助银行拓展那些原本无法展业的客户。“第三方支付可在搜集到客户需求之后，再跟银行谈合作，但最基本的支付工具和资金还是来自银行本身。”

Vice President ZhouPing think quick buck market,Pay the biggest value lies in payment platform, information collection function,Help Banks expand those originally not presenting the customers."The third party payments can be collected in customer demand later,To talk about cooperation with bank,But the most basic pay tool and capital or from the bank itself."

　　在很多第三方支付看来，支付终端和支付模式的创新并不代表互联网对银行核心业务的冲击，更多时候，互联网充当的仍是渠道角色。

In a lot of the third party payment looks,Payment terminal and payment mode innovation does not represent the Internet to bank core business impact,More time,As the Internet is still channel role.

　　快钱公司负责人在接受《财经》记者采访时表示，快钱已经从单纯的支付业务扩展到供应链融资等金融增值服务，但即便在这些业务模式中，快钱也是充当“收割机”，提供企业和银行之间的数据打包和集成，与银行的关系密切，而非对银行业务形成冲击。

Quick buck company controller in accepting[financial]A reporter to interview said,Quick buck has from the pure payment to the expansion of business in the supply chain financing, such as financial value-added services,But even in these business mode,Profit quickly is also ACTS as"harvester",Provide enterprise and bank of data between packing and integration,And bank close relations,Rather than to bank business form the impact.

　　第三方支付虽然在渠道、创新、客户需求收集上有优势，但最终客户结算和基础金融服务上仍要依靠银行，加之目前银行外机构“虚拟开户”的问题仍无法解决，客户仍然绕不开银行。

The third party payment while in the channel/innovation/Customer demand has the advantages on collection,But in the end customer settlement and basic financial services are still depends on the bank,Currently, the bank and the mechanism"Virtual account"The problem cannot be solved,Customers still is not open around the bank.

　　但借助其在电子支付领域的优势，第三方支付组织似乎已可以对银行形成倒逼之势。

But with the electronic payment advantages,The third party payment organization seems to have to bank DaoBi formation of potential.

　　以支付宝为例，庞大的淘宝客户基础，构成其与银行议价的有力筹码，使其在与多家银行的合作中争取到极低或免费的支付手续费。同时，第三方支付也借选择备付金存管银行之机，要求银行开放更多客户，提供更多的系统接口。

To pay treasure, for example,Large taobao customer base,With the bank constitute its powerful bargaining chip,In the cooperation with many Banks in extremely low or try to free pay commission.At the same time,The third party payment also borrow choose excess reserves save tube bank machine,Require Banks to open more customers,Provide more system interface.

　　便利的第三方支付还让基金公司等金融机构找到了除银行之外的直销渠道，从而对银行代销业务形成冲击。5月初，支付宝、财付通、快钱三家支付公司正式获批证监会颁发的基金第三方支付牌照。

Convenient to the third party payment still let fund companies, and other financial institutions find except the bank outside of the marketing channel,So as to form the impact bank sale.Early may,Pay treasure/Wealth FuTong/Quick buck three pay company formally approved by the CSRC fund the third party payment licence.

　　中国支付清算协会有关人士坦言，如何处理第三方支付组织与银行间的竞合关系，是其未来工作的重点。

China's payment and settlement association officials said,How to deal with the third party payment organization and inter-bank competition relationship,Is the key work of the future.

　　高华证券投资研究部主管马宁8月12日在中国金融四十人论坛互联网金融圆桌会议上表示，银行业务可以分为五个部分：一是寻找潜在客户；二是提供服务；三是风险管理；四是处理纠纷；五是处置不良资产。在他看来，互联网在寻找客户、提供服务和风险管理方面有优势。

Gao hua securities investment research department director marin August 12, in China's financial forty people BBS Internet financial round table meeting said,Banking can be divided into five parts:One is looking for potential customers;The second is to provide services;The third is risk management;Four is to deal with disputes;Five is the disposal of bad assets.In his view,The Internet in looking for customers/Provide service and risk management has an advantage.

　　不过，由于人是社会人，再综合考虑政治和法律因素，处理纠纷和处置不良资产主要还是得靠传统金融模式。

but,Because people are social,To comprehensive consideration of the political and legal factors,Deal with disputes and disposal of bad assets mainly still have to rely on traditional financial mode.

　　建行钱文彬博士则撰文建议银行增强其支付产品对非银行支付产品、非银行受理终端的兼容，在时机成熟的时候，甚至可以考虑寻求自建或者收购第三方支付平台。

Dr. QianWenBin construction bank is the bank articles suggest enhance its pay products to the non-bank pay products/Non-bank accepts the terminal compatible,When the time is ripe,Can even consider seeking self-built or purchase third-party payment platform.

　　在利差收窄、金融同质化竞争日趋严重的当下，发展网络支付类业务是商业银行提升用户黏度的重要手段。

In the interest margin narrow/Financial homogenization competition becomes increasingly serious now,The development of Internet payment kind of business is the commercial bank to improve user viscosity important means.

　　姜奇平认为，面对金融业互联网化的机遇，互联网公司对此的态度则类似早年他们对电信运营商的态度，“不碰触核心环节，不希望获得金融行业注意”。而中投总经理谢平则认为，“对于互联网金融，人们应该具备想象力。”

JiangJiPing think,In the face of financial industry Internet change the opportunity,The Internet company this attitude is similar to early them to the attitude of the telecom operators,"Don't touch the core link,Do not wish to receive financial industry attention".And with the general manager XiePingZe think,"For the Internet financial,People should have imagination."

　　金融模式创新 Financial innovation of the mode of

　　互联网大大降低了金融业的信息成本和交易成本，而对于经营信息不对称业务的银行来说，信息对称后，其存在的价值将逐步减损

The Internet greatly reduces the financial information cost and transaction cost,For business information asymmetry business for the bank,Symmetry of information after,The value of its existence will gradually impairment

　　银行并非不想将中小企业信贷业务拿下，毕竟比起大企业信贷，中小企业信贷可带来更高的利差收益。难点在于，银行传统的业务模式无法面对这一业务风险分散化、多样化的挑战。

The bank will not do not want to small and medium-sized enterprises with credit business,After all, compared with big enterprise credit,Small and medium-sized enterprise credit can bring higher interest margin revenue.Is difficult,Bank of the traditional business model unable to cope with the business risk decentralization/Diverse challenges.

　　中小企业融资的主要障碍之一是信息不对称。互联网企业的进入，无疑在技术上解决了这一难题。

The main obstacle to sme financing is one of the information asymmetry.The Internet enterprise into,No doubt during the technology to solve the problem.

　　与银行贷款模式相比，缺乏实物抵押的阿里小贷的不良率不足0.7％，低于银行业当前1％的不良率水平。

And bank loan mode to compare,Lack of physical mortgage ali small loan defect rate less than 0.7%,Less than 1% of the defect rate banking current level.

　　姜奇平分析，阿里巴巴持续多年对“诚信通”会员企业信用的记录和监督，以及利用丰富的电子商务经验打造的贷前、贷中、贷后封闭的资金链条，最大限度降低了银行筛选优质企业的成本。这一做法，开始从核心竞争力上发挥互联网作用，并影响银行业务模式。这就不仅仅是给既定银行业务充当管道了。

JiangJiPing analysis,Alibaba to last for years"trustpass"Member enterprise credit records and supervision,And the use of rich e-commerce experience in creating the credit ago/Credit in/After the credit closed capital chain,To minimize the bank screening high quality enterprise cost.This approach,Start from the core competitive power of the Internet on the role play,And influence bank business model.This is not only to established banking act as pipe.

　　基于互联网数据挖掘而产生的征信手段创新，令信贷客户群呈现快速增长。

Data mining based on the Internet as a result of the inquiry method innovation,Make credit customer base presents the fast growth.

　　与阿里小贷模式的创新性尝试相比，发源于国外的人人贷（Peer to Peer，即个人对个人的贷款方式）的目标对象也是传统金融未覆盖的人群。

And ali small credit model of innovative compared to try,Originate from foreign everyone credit(Peer to Peer,Namely the individual to individual way of loan)Target object is also the traditional financial uncovering the crowd.

　　2005年3月，全球第一家人人贷公司Zopa在英国开始运营。在借贷过程中，Zopa充当信息中介：在 Zopa网页上，贷款者可列出金额、利率和想要出借款项的时间；借款者则在无中介的情况下寻找适合的贷款产品；Zopa则向借贷双方收取手续费，而非赚取利息，这是其与阿里小贷之类的网络贷款公司最重要的区别。

In march of 2005,The global first a everyone credit company Zopa in Britain began to operation.In the lending process,Zopa act as information intermediary:In Zopa web site,Lenders can list the amount/Interest rates and want to lend money time;Borrowers are unmediated cases looking for suitable loan products;Zopa is both sides to lending commission,Rather than earn interest,This is its and ali small credit and so on network loan company's most important difference.

　　与Zopa类似，美国的第一家人人贷公司对信用机制进行了调整，从最初的荷兰式拍卖演变为后来的内部评级的利率定价机制。而评级的基础则基于借款人的社会保障号、个人税号、银行账号、个人信用评分等。这一模式决定，人人贷业务主要集中在高信用度人群。

And Zopa similar,The United States first everyone credit company of credit mechanism have been adjusted,From the Dutch auction for the later evolution of internal rating interest rate pricing mechanism.And the basis of the ratings are based on the borrower's social security number/Personal duty paragraph/Bank account/Personal credit rating, etc.This mode decision,Everyone credit business mainly concentrated in the high credibility.

　　2006年，国内第一家人人贷公司宜信成立，随后，出现了拍拍贷、红岭创投、齐放网等规模较大的人人贷公司。哈佛商学院在2012年5月完成的一份名为《中国人人信贷概览及其在中国金融体系中的潜力》（下称评估报告）的报告中估计，中国已有超过100家P2P平台。这份尚未正式发布的报告分析，诸多P2P公司自创立始，年增长均超过50％。不过，对此尚未有中国相关机构的统计数据予以佐证。

In 2006,,China's first everyone credit company letter should be established,then,Appeared clap your credit/Red hill vc/Put together and larger everyone credit company.Harvard business school in May 2012 completed a name[China everyone credit overview of the financial system in China and its potential](The evaluation report said)Report estimated,China had more than 100 P2P platform.This has not issued a formal report analysis,Many P2P company since its beginning,Growing by more than 50%.but,Regarding this, has not yet have the relevant agencies shall be evidenced by statistical data.

　　尽管增长迅猛，在信用体系尚不健全的中国，人人贷公司模式开始产生变异。宜信CEO唐宁称，目前除拍拍贷坚持国外同行模式外，多数人人贷公司已做出修正，将部分业务转向线下，进行线下的信用评估和信用教育。

Despite the rapid growth,In the credit system is still imperfect in China,Everyone credit company pattern began to mutate.Appropriate CEO downing letter said,At present in addition to clap credit adhere to the foreign counterparts outside mode,Most everyone credit company has to make correction,Will be part of the business to offline,For offline credit assessment and credit education.

　　上述评估报告认为，从金融体系的视角来看，P2P通过以下几种方式带来了模式变革，也创造了价值：P2P将传统的非正式人际借贷标准化，并让其扩展到借贷者的社交圈及所在区域之外；通过信用评估及将借贷过程系统化，P2P信贷平台亦增加了借贷过程的透明度，降低了风险及信息不对称，从而让资本以较低成本流向生产用途。

The above assessment report says,From the perspective of financial system,P2P through the following several ways brought mode change,Also creates value:P2P will traditional informal interpersonal lending standardization,And let it spread to borrowers community and outside the area;Through the credit evaluation and the lending process systematization,P2P credit platform also increased lending process transparency,To reduce the risk and the information asymmetry,Thus make capital at lower cost flow production purposes.

　　以人人贷、阿里小贷为代表的互联网金融机构，通过模式创新将过去从未有信用记录的人群纳入金融信用体系，这就使他们梯次接受互联网金融、传统金融服务成为可能。

To everyone credit/Ali small credit as a representative of the Internet financial institutions,Through the model innovation will there had never been credit record crowd into the financial credit system,That would allow them to accept the Internet financial arrangement/Traditional financial services become possible.

　　在这个模式中，互联网金融与传统金融展现出了清晰的梯次结构，互联网金融的本质，不是仅仅作为工具提升交易效率和降低成本，而是通过网络征信的方式，拓展金融业服务的目标人群。

In this mode,The Internet financial and the traditional financial showed clear echelon structure,The nature of the Internet financial,Not only as a tool to increase trading efficiency and reduce the cost,But through the network reference way,Develop financial service target population.

　　目前互联网金融的业态，已超越了以往“将现有业务电脑化”的初浅阶段，互联网已深入银行核心业务，并成为核心竞争力所在。

At present the Internet financial format,Already beyond the previous"The existing business computerized"Initial shallow stage,The Internet has further bank core business,And become the core competitiveness.

　　在未来电子银行的发展中，银行业关键是要进行生产方式的转变。姜奇平认为，银行业要从结构上改变依靠节点型的专用资本，学会运用网络化的社会资本。数据挖掘将成为互联网金融的关键业务。

In the future in the development of electronic banking,Banking is the key to the transformation of mode of production.JiangJiPing think,The banking industry from the structure will change depending on node type of private capital,Learn to use the network of social capital.Data mining will become the key of the Internet financial business.

　　互联网与银行的融合不会止步于此，金融业作为银行主要收入的业务格局有可能因此而发生转变。姜奇平预期，在互联网高度发达状态下，银行可能出现这样的前景：金融业务在全行业收入中的比重大大下降，数据业务在全行业收入中的比重大大上升。

The integration of Internet and the bank will not stop in this,The financial sector as the main income business pattern may have transformed.JiangJiPing expected,In the Internet highly developed under the state,The bank may appear such prospects:Financial business in the industry the proportion of income drops greatly,Data service in the industry the proportion of income increase greatly.

　　姜奇平引述斯蒂格里茨的观点认为，不是用集中的货币方式，而是用分散的信贷方式进行交易是可能的：“正是信息技术的变化最终导致货币是交易媒介这一观念的过时。个人在和他们熟悉的人进行交易时，总是广泛地运用信贷；只有在这个狭小的圈子之外进行交易时，他们才需要货币。”

JiangJiPing quoted stig ritz's view,Not with centralized currency way,But with the dispersion of the credit way trading is possible:"It is the information technology changes eventually lead to currency is medium of exchange this concept outdated.People in and their people familiar with the deal,Always the widespread use of credit;Only in the narrow circle traded outside,They just need money."

　　马蔚华一直不无担心，以脸谱（Facebook）为代表的社交网络，威胁到银行生存的根基——存贷中介的功能，这将是银行面临的最严重挑战。

MaWeiHua has been not worry,With facebook(facebook)As a representative of social networks,Threats to the survival of the bank foundation - deposit-loan intermediary function,This will be the bank facing the most severe challenge.

　　武岩建议，国内银行应以网络化、移动银行为方向重构渠道体系；以虚拟化、便捷化和客户自定义为方向构建产品体系；创建总分行分工合作的产品研发体系；培育产业链和生态系统。

WuYan Suggestions,Domestic Banks shall be in network/Mobile banking direction for reconstruction of channel system;To virtualize/Convenient and customer custom for direction construct product system;Create ZongFenHang division of Labour cooperation product research and development system;Cultivating industrial chain and ecological system.

　　商业生态系统，是指由企业、消费者、市场中介、供应商、风险承担者甚至竞争者等构成的价值链，不同的链之间交织形成价值网，物质、能量和信息等通过价值网在联合体成员间流动和循环。

Business ecosystem,Is refers by the enterprise/consumers/Market intermediary/suppliers/Risk-taker even competitors constitute the value chain,Different chain between mixed form value net,material/Energy and information through the value net in the association between members of flow and circulation.

　　苹果公司App Store的成功，已经展示了商业生态系统的巨大魔力。目前，电商、第三方支付、手机系统开发商和电信运营商都在推荐商业生态圈的建设，在客户基础和“入口为王”的时代，这些聚合大量客户基础的平台都是银行接触客户的极佳场所。

Apple App Store success,Have shown the business ecosystem huge magic.At present,Electric business/The third party payment/Mobile phone system developers and operators are recommended business ecosystem construction,In the customer base and"Entry for the king"era,These polymerization a large number of customer base platform are bank customer contact excellent places.

　　互联网金融的前景虽然看起来很美，但仍有业内人士对此表示谨慎，宜信公司创始人兼CEO唐宁表示，金融服务与卖家电不同，金融服务要和客户深度接触，并在High Tech（高科技）与High Touch（深入接触）中找到平衡。他认为，不应高估这波互联网金融热潮的影响。

The Internet financial prospects although looks very beautiful,But there are still the personage inside course of study expressed cautious,Appropriate letter company founder and CEO downing said,Financial service and sell different home appliance,Financial services and client depth contact,And in the High Tech(high-tech)And High Touch(Further contact)To find balance.He thinks,Should not overestimate the wave the Internet the influence of financial boom.

　　部分业界人士认为，互联网大大降低了金融业的信息成本和交易成本，而对于经营信息不对称业务的银行来说，信息对称后，其存在的价值将逐步减损。然而，银行在金融行业中的“霸主”格局，在中国这样金融管制的经济体中，短期内仍无法撼动。

Part of the industry people think,The Internet greatly reduces the financial information cost and transaction cost,For business information asymmetry business for the bank,Symmetry of information after,The value of its existence will gradually impairment.however,Banks in the financial industry"overlord"pattern,In China so that the financial control and economies,In the short term still cannot shake.

　　关键在于银行如何尽快实现转型。中国银行行长李礼辉在8月24日举行的中期业绩发布会上表示，中行已将“智慧银行”纳入其三年发展战略之中，未来工作重点将集中在渠道服务、搭建全球公司客户服务平台、建立创新机制这三个方面。

The key lies in how to realize the transition bank as soon as possible.The bank of China governor LiLiHui on August 24, the medium-term performance of conference held said,Bank of China has"Wisdom bank"In the third year of development strategy,The future emphases will focus on service channels/Build global company customer service platform/Establish innovative mechanism these three aspects.

　　通过流程再造，西方银行大部分已实现了流程银行，而国内银行业还处于部门银行阶段，改变现有部门的利益分配，需要上层魄力，以及科技和业务的良性互动和深度融合。

Through the process reengineering,Most western Banks has realized the process bank,And the domestic banking sector bank is still in a stage,Change the existing department interest distribution,Need upper force,And the science and technology and business benign interaction and depth fusion.

　　在业界人士看来，对于做惯了存、贷、汇业务的中国银行业来说，想在互联网金融上真正施展拳脚并非易事，人员、文化、创新、架构都有可能成为掣肘。而在最近几年靠存贷差就能“吃饱饭”的时代，银行的创新动力(310328,基金吧)究竟有多大，仍有待事实考量。

People in the industry seems to be,For do spoil the deposit/credit/Exchange business for Chinese banking,Want to on the Internet the real financial cast into the is not easy,personnel/culture/innovation/Architecture could be the handicap.And in recent years on the deposit-loan difference can"Had plenty of food"era,Bank innovation power(310328,Fund it)Exactly how much,It remains to be fact considerations.

　　监管问题待解 Supervision problem for solution

　　目前互联网金融是一个灰色地带，现行监管体系无法完全覆盖，适度的混业监管，或是未来的一个选择，但涉及相关立法和监管体系的变化，需要较长时间

At present the Internet finance is a gray area,The current supervision system can't completely covered,Moderate mixed supervision,Or the future of a choice,But in related legislation and supervision system change,It takes a long time

　　互联网金融在不断创新的同时，也要面对有效监管的挑战。

The Internet in financial innovation at the same time,Also to face the challenge of effective supervision.

　　任何市场，创新永远在监管之前，监管的艺术在于既不限制市场的创造力，又能敏锐地嗅到新的市场风险而防患于未然。

Any market,Innovation in supervision forever before,The art of supervision is neither limit market creativity,And can subtly smell new market risk and nip in the bud.

　　互联网金融模式花样繁多，主流机构包括第三方支付、P2P贷款平台和网络信贷机构，另外，传统金融企业的“触电”趋势也愈发明显。

The Internet financial mode great variety,The mainstream institutions including the third party payment/P2P loan platform and network credit agency,In addition,Traditional financial enterprises"Electric shock"Trend also increasingly obvious.

　　对于第三方支付企业来说，在央行2011年5月陆续发放支付牌照后，其法律地位得到认可，并由央行支付结算司负责监管。与此同时，2011年5月成立的中国支付清算协会作为行业自律性组织，也意在维护市场竞争秩序、防范支付清算风险，第三方支付已经进入“后牌照时代”。

For the third party payment for enterprise,In the central bank May 2011 issue in succession after pay licence,Its legal status recognition,And the central bank payments and settlement department responsible for supervision.meanwhile,In May 2011, established the China association of payment and settlement as industry self-disciplinary organization,Also aims to maintain the order of market competition/Prevent payment settlement risk,The third party payment has already entered"Licence era after".

　　相比之下，P2P贷款平台则仍游离于监管之外。从P2P贷款平台的业务性质看, 可将其归为网上民间借贷中介。由于《放贷人条例》尚未出台, 此种民间借贷中介仍处于法律真空地带，央行和银监会都无法定权限实施监管。

Compared with,P2P loan platform is still free from outside supervision.From P2P loan platform business nature to see, Can be categorized as its online folk lending intermediary.because[FangDaiRen regulations]Has not yet issued, This kind of folk loan intermediary still in legal vacuum zone,The central bank and banking regulators cannot set permissions implementation supervision.

　　央行海口中心支行邢增艺、王艳曾撰文建议出台《网络借贷管理办法》，对网络借贷的性质、组织形式、经营范围予以规定，将从事网络借贷业务的网站界定为“民间借贷中介组织”，指定央行分支机构和银监会派出机构作为监管部门，建立网络信贷统计监测指标体系，对借款用途、借款利率、贷款期限、分笔情况、偿还情况等进行监测, 并要求网站定时报送数据报表。

The central bank haikou center branch XingZeng art/WangYanCeng Suggestions on writing[Network lending management measures],The nature of the network lending/Organization form/Scope of business shall be provisions,Will be engaged in network lending business website defined as"Folk lending intermediary organizations",Designated central bank branches and the CBRC dispatched institutions as the supervision department,Set up network credit statistical monitoring index system,Use of borrowing/Borrowing rate/Loan time limit/Points pen situation/Repayment condition monitoring, etc, And ask the website timing data report.

　　外界对人人贷模式的争议，集中于资金监管和担保问题上。唐宁认为，人人贷公司大多采用与出借人风险共担的机制。宜信会从出借资金总额中抽出贷款总额的一部分（2％）作为还款风险金，但如果超过风险金额度，责任由出借人承担。

The outside world to everyone credit model of dispute,Focus on capital supervision and security issues.Downing think,Everyone credit company is used mostly and lender risk sharing mechanism.Appropriate letter from lending in the total capital spare part of the total loan(2%)As FengXianJin reimbursement,But if more than FengXianJin line,By the lender bear responsibility.

　　中国共有上百家P2P公司，目前并没有监管机构、第三方商业银行等对其进行监管，只能通过行业自律。这让监管部门看到风险所在。

China has hundreds of P2P company,There is no regulators/The third party commercial bank, carry on the supervision,Only through self-discipline.It makes the supervision department to see risks.

　　2011年8月23日，银监会办公厅下发了《关于人人贷有关风险提示的通知》（下称《通知》），指出了包括贷款可能进入“两高一剩”等限制性行业、业务风险难以控制、监管职责不清等在内的七项风险。但据中国金融四十人论坛发布的《互联网金融模式研究》报告观点，《通知》意在向商业银行提示人人贷潜在的风险，并非否定P2P融资模式存在的合理性。

August 23, 2011,CBRC issued by the general office[About all relevant credit risk prompt notice](said[notice]),Points out that the including loan may enter"Two higher left"Etc restrictive industry/Business risk is difficult to control/The responsibility of supervision and regulation is not clear, seven risk.But according to Chinese financial forty people released BBS[The Internet financial model research]The report view,[notice]Is designed to commercial bank hint everyone credit potential risks,Not negative P2P financing model rationality of the existence of.

　　监管机构当时的忧虑是，由于行业门槛低，且无强有力的外部监管，人人贷中介机构有可能突破资金不进账户的底线，演变为吸收存款、发放贷款的非法金融机构，甚至变成非法集资。

Regulators worry is at that time,Due to the low entry barriers,Without strong external supervision,Everyone credit intermediary institutions may break through capital not into account the bottom line,The evolution of absorption deposit/Lending of illegal financial institutions,Even become illegal financing.

　　在监管缺位的情况下，P2P贷款平台认识到行业自律的重要性。它们希望仿照第三方支付的路径，借由业务规模扩大的既成事实，逐渐获得法律认可。

In the absence of supervision of the situation,P2P loan platform to realize the importance of self-discipline.They hope that imitates the third party payment path,Borrows by business scale expanding fait accompli,Gradually legalization.

　　宜信、贷帮、人人贷曾在去年发起“小额信贷服务中介机构联席会”，并发布了《小额信贷服务中介机构行业自律公约》。

Appropriate letter/Credit help/Everyone was launched last year in the credit"Microfinance service intermediaries extended meeting",And released[Microfinance service intermediary industry self-discipline].

　　对于阿里金融来说，旗下两家小贷公司分别在浙江和重庆注册，归当地金融办监管。而温州民间借贷登记服务中心则由当地金融办负责筹备和监管。

For ali financial speaking,Its two small loan companies in zhejiang and chongqing were registered,To do the local financial supervision.Wenzhou folk loan registration service center by the local financial do responsible for preparation and supervision.

　　对于阿里小贷基于网络数据征信的方式，亦有金融行业人士持保留态度。高华证券投资研究部主管马宁认为，数据可以帮助金融机构了解客户，但任何数据都是历史数据，不能代替人的思维。用过去的交易数据来判断未来趋势，相当于在对冲基金中使用物理学混沌模型来预测，这样做的问题在于，如果出现系统性风险，危害也会加倍。

For ali small credit based on the network data reference way,Also have financial professionals reservations.Gao hua securities investment research department director marin think,Data can help financial institutions customer,But any data are historical data,Can't take the place of human thinking.Use the past transaction data to determine the future trend,In hedge funds is equivalent to the use physics chaos model to predict,Do this problem is,If a systemic risk,Hazard will double.

　　他同时认为，尽管小微企业在阿里巴巴平台上留下交易数据，但互联网无法掌握贷款人的资金流向，只关注购销行为的风险较大。此外，对不良资产和纠纷的处理仍需要互联网之外人与人的沟通解决。据《财经》记者了解，阿里小贷设有专门人员负责“追债”，不过由于坏账率不高，目前这部分成本支出不大。

He also think,Although small micro enterprise in alibaba platform leave transaction data,But the Internet can't master lenders' cash flow,Only pay attention to marketing behavior of the risk is bigger.In addition,To bad assets and dispute processing still need outside the Internet communication between people solve.According to[financial]The reporter understands,Ali small credit has special personnel in charge"dunning",But because of bad debt rate is not high,At present this part costs is not big.

　　传统金融企业的互联网金融创新，目前仍采取机构监管。一位银监会内部人士对《财经》记者表示，互联网金融尚无特定监管部门对接，银行等传统金融机构线上的创新，依然依靠机构监管。

Traditional financial enterprise Internet financial innovation,At present is still to take supervision mechanism.A banking regulatory commission of insiders[financial]reporters,The Internet is no specific financial supervision department butt,Banks and other financial institutions the innovation of traditional online,Still rely on institutions supervision.

　　全国人大财经委办公室副主任王连洲对《财经》记者称，目前互联网金融是一个灰色地带，现行监管体系无法完全覆盖，适度的混业监管，或是未来的一个选择，但涉及相关立法和监管体系的变化，需要较长时间，程序性问题会有很多。

The National People's Congress deputy director of the office of CaiJingWei WangLianZhou[financial]Reporters said,At present the Internet finance is a gray area,The current supervision system can't completely covered,Moderate mixed supervision,Or the future of a choice,But in related legislation and supervision system change,It takes a long time,Procedural problems there will be many.

　　在他看来，互联网金融中的许多创新还难以预测，但节省成本的效果十分明显，尤其是对于那些网点不多的金融机构，走向网络化服务已是大势所趋。

In his view,Many of the Internet financial innovation is hard to predict,But cost saving effect obviously,Especially for those outlets of the few financial institutions,To network service is the trend of The Times.

　　世行在《无网点银行业务2020》报告中写道，瞬息万变的技术对于监管界限和定义的挑战始终存在，监管者应该采取积极、试验的态度，不断地与监管同业分享新的经验。

The bank in[No network banking 2020]Wrote in the report,The fast changing technology for regulatory limits and the definition of the challenges always exist,Regulators should take positive/Test attitude,Constantly and regulatory trade share new experience.

　　世行建议，政策制定者可在早期适当放松创新环境、鼓励尝试，随后在市场发展不同阶段逐步增加控制和监管。这样在每个阶段，服务提供者均将从监管环境的确定性中受益，这种确定性来自监管者对风险和机会的细致拿捏。

The bank advice,Policy makers can be in early appropriate relax innovation environment/Encourage try to,Then in different stages of development of the market gradually increase control and supervision.So at each stage,Service providers are from the regulatory environment benefit of certainty,This kind of certainty comes from regulators of risk and opportunity careful take hold.

　　中投公司副总经理谢平在中国金融四十人论坛课题报告《互联网金融模式研究》（下称《报告》）中表示，互联网金融模式下的监管形态将以行为监管、金融消费者保护为主。

Cic XiePing deputy general manager in China's financial forty people BBS project report[The Internet financial model research](said[The report])Said in,The Internet under the mode of financial supervision of the form will be behavior regulation/Financial consumer protection is given priority to.

　　在谢平看来，在互联网金融模式下，因为金融市场运行完全互联网化，中介作用弱化，破产或遭受流动性危机而产生的负外部性自然也变小，针对现有金融机构的审慎监管也将随之淡化。

In XiePing seems,In the Internet financial mode,Because financial market operation completely change the Internet,Intermediary role weakening,Bankruptcy or suffer liquidity crisis and produce negative externalities nature is also smaller,According to the existing financial institutions and prudent supervision also will then fade.

　　《报告》指出，在互联网金融模式下，因为风险分散效应，市场风险以系统性风险为主、证券的个体风险能被充分分散掉，信用风险造成的极端损失也不易出现；风险对冲需求减少，衍生品简单化，但保险的商业模式仍成立。

[The report]Pointed out that,In the Internet financial mode,Because the risk dispersion effect,Market risk to systemic risk is given priority to/Securities individual risk can be fully dispersed off,Credit risk caused by the extreme loss also do not appear;Risk hedge demand decreases,Derivatives simplification,But the insurance business model was still.

　　不仅监管，传统金融理论也会受到挑战。谢平认为，对学界而言，支付革命会冲击现有的货币理论，互联网金融模式下的信贷市场、证券市场会产生许多全新课题，会冲击现有的货币政策、金融监管和资本市场理论。

Not only supervision,The traditional financial theory also will be challenged.XiePing think,In terms of academic circles to,Pay revolution will impact the existing monetary theory,The Internet financial mode of the credit market/Securities market will produce many new topic,Will impact the existing monetary policy/Financial regulation and capital market theory.

　　“如果我们的想象不够远，互联网的发展就会超出我们的想象。”谢平在8月12日中国金融四十人论坛互联网金融圆桌会议上表示，“现在讨论的一些问题，可能一时找不到答案，但要相信，未来有可能找到答案。货币创造问题、监管问题、风险问题、反洗钱问题，都会逐渐找到解决办法。”

"If we can imagine not far enough,The development of the Internet will be more than we can imagine."XiePing on August 12, China's financial forty people BBS Internet financial round table meeting said,"Now discuss some problems,Could find no answer,But should believe,The future possible to find the answer.Currency created the problems/Regulatory issues/Risk problem/Anti-money laundering problem,Will gradually to find a solution."

　　对于已将触角伸向第三方支付、小额信贷的互联网企业，众安在线意味着其进军保险业的开始。

For already will antenna reach the third party payment/Microfinance Internet enterprise,The Ann online means that its foray into the beginning of the insurance industry.

　　本刊记者董欲晓对此文亦有贡献

This reporter DongYuXiao to this article also have contribution