The way of thinking determines the way out, and the layout determines the outcome. As long as we stand at the height of the times and make all preparations forward-looking and strategically, we can give full play to our advantages, foster strengths and avoid weaknesses, and be invincible in the future competition through professional transformation and upgrading.
First, the "intervention" of Internet companies will bring two major impacts to the original business model.
1, the impact on the brokerage business of futures companies
An important feature of internet companies is that they are free, that is, the so-called "free access to users in the forward direction and income from fees in the backward direction". Cases such as Alibaba's defeat of Yi Bei and 360' s expulsion of all anti-virus software from the historical stage can prove that free is an extremely effective means to occupy the market and acquire users.
Once internet companies set foot in the futures market, they will definitely raise the banner of free. Even if they are restricted by various factors such as supervision, they may not be able to really achieve zero commission. They will definitely fight the price war and reduce the commission in the futures market to almost zero.
Another important feature of Internet companies is extremely low marginal cost. From a strategic point of view, in order to obtain users, we can temporarily ignore whether it is profitable or not, so we can maximize our channel business. However, the traditional futures companies have a single business income, and they can't fight the price war because of the cost. The end result is that most customers are poached.
2. Impact on interest dividends of futures companies.
For a long time, there are two main sources of income for futures companies: brokerage income and customer margin interest income. For many futures companies, margin interest income is an important source of income. There is no interest on customer deposits deposited in futures companies, which is a long-standing practice in the futures industry and can be called interest dividends of futures companies.
However, once internet companies cross the border, this interest dividend will soon return to zero. Alibaba's Yu 'ebao actually robbed the bank's demand deposit through Tian Hong Fund's "Zenglibao" money fund. Now there are more and more such money funds, and the scale will be bigger and bigger.
As long as the futures companies controlled by internet companies announce that the customer deposits deposited in them can be automatically transferred to Yu 'ebao (or other similar products), so as to obtain an annual income of not less than 4 points, more than half of the customer deposits in the futures market may be moved to them. Even if the futures company agrees to give interest to customers, it can't achieve the high income as the money fund, so for the futures company, it can only watch the customer drain.
If the price war only threatens a group of futures companies with small scale, single business and low commission, then the interest war will not only make it difficult for such companies to survive, but also seriously threaten all futures companies, including the top 50 large futures companies. The number of their customers will not decrease, but the size of the customer deposit will definitely shrink significantly.
Once an Internet futures company rises in the China futures market, a company's customer rights and interests may reach 50 billion yuan or even more within one or two years. The futures industry will be reshuffled, and the last 50 futures companies may be difficult to survive, with frequent mergers and acquisitions, but the value of shell resources has shrunk seriously.
Second, the advantages and disadvantages of Internet futures companies
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1. Not for short-term profit.
Internet companies set foot in the financial industry, and their strategy is to establish a "financial ecosystem" for users on the platform and provide them with various financial services such as banking, securities, funds and futures. They don't need to make a profit in the short term, and they will quickly acquire customer resources and occupy market share in a price war or even free way, while traditional futures companies have no other channels to digest costs and cannot compete at all.
2. Huge potential customer resources
Even if the price war is not launched, Internet futures companies can bring immeasurable new customers only by relying on the huge customer resources owned by the parent company platform. Tencent WeChat and Alibaba Alipay have more than 600 million users, and Alibaba platform has 48 million enterprise users. Promote and market through futures products, asset management products and affiliated businesses. Even if the conversion rate is one in ten thousand, it will bring considerable customers and funds to futures companies. In addition, after Internet companies enter the fund industry and securities industry, they can realize big data positioning analysis, cross-selling, mutual guidance and introduction of customers, unified financial services on a unified platform, and also bring customer resources that traditional futures companies can't reach.
3.* * Enjoy very low IT cost
Internet companies have strong technical strength and unimaginable resources in computer rooms, networks and cloud platforms. Their futures companies can fully enjoy these resources and may operate efficiently without too much cost.
4. Extreme user experience
A very obvious feature of Internet companies is the pursuit of the ultimate user experience. Because of their strong independent development ability, they can easily develop trading client software, market software, website system and various service software with the ultimate user experience for customers, and easily stick to customers. However, the technical system of futures companies in the futures industry only relies on procurement and has no independent development ability at all. Even if they have innovative ideas, they have no ability to realize them. At present, the biggest contradiction of futures companies lies in the contradiction between the rapidly growing business demand and the service response ability of system suppliers. Traditional futures companies can't solve this contradiction, which is the strength of Internet companies.
Disadvantaged
Internet companies enter the futures industry because they want to realize their overall financial platform strategy, so they will definitely not cooperate with large futures companies in the industry. They will definitely buy or control a small futures company, which will definitely have the following shortcomings:
1. There are insufficient professional management talents in futures.
It is often difficult for small futures companies to retain outstanding professionals in the futures industry. Whether the existing talents are competent in the case of explosive business development after the intervention of Internet companies remains to be tested. Investment consulting, asset management, subsidiaries, etc. Unable to carry out business because of the talent gap caused by unlicensed operation. Options, market makers and other businesses will be launched on 20 14. Small futures companies have no talent pool at all, and it takes a long time to prepare such business.
2. Insufficient business outlets or layout.
Although financial futures has just liberalized the restrictions on opening accounts over the counter, it is still not possible to open accounts online. At present, it is necessary to open an account at home, which will bring greater costs to futures companies with fewer outlets. Ordinary small futures companies have a small number of customers, and the impact is acceptable. Internet futures companies mainly serve a large number of small customers, and few outlets will bring great costs and even fail to carry out business.
3. Insufficient innovative business license
Small futures companies often only have brokerage business licenses, but have no qualifications such as investment consulting, asset management and starting subsidiary business. Therefore, after being acquired, Internet companies can't make up for the service capacity defects caused by the lack of business outlets with consulting, asset management, and entrepreneurial subsidiary business.
4. Insufficient international business capacity
Small futures companies do not have the ability and channels to carry out international business, but going international is the only way for Chinese futures companies. Many companies have made their plans. Futures is an industry closely related to global information. Foreign financial companies come in and domestic futures companies go out. With the construction of free trade zone and the convertibility of RMB in capital account, the internationalization of futures companies will bring huge business growth, which is the shortcoming of domestic internet companies.
Third, the futures company's coping strategies
The advantages of Internet futures companies are impossible for traditional futures companies in the short term, but the disadvantages of Internet futures companies may be compensated. The disadvantage of human resources can be quickly solved by headhunting and poaching, and the disadvantage of outlets can be expanded by mergers and acquisitions and new establishment. After solving the problem of large-scale customer account opening, the demand for outlets is no longer strong. The disadvantages of innovative business licenses and international business require the layout and reserves of Internet futures companies. They may not need this business for the time being, but they will focus on the channel business.
It takes time for internet futures companies to really threaten large futures companies, which is estimated to be at most one year. In other words, traditional futures companies have less than a year to lay out and deal with the subversive challenges of Internet futures companies. At present, it seems that large and medium-sized futures companies should make the following preparations:
1. Be prepared for commission war and interest war.
To throw away illusions and give up luck, we must realize that it is an inevitable trend for channel business to return to zero. In fact, the average commission of futures companies has been declining, and it can be said that it has never risen. The intervention of internet companies only accelerated the process of this decline. The same is true of margin interest. Anything that is monopolized or protected will be subverted by the destructive innovation of the Internet.
2. Further strengthen the customer service of medium and large institutions.
Internet futures companies have an obvious "non-contact" or "off-site" feature, which enables them to replicate on a large scale, that is, through an excellent electronic platform and simplified design, customers can complete various businesses on the network, so their marginal cost is very low, and they can serve large-scale customers, but this service must be standardized rather than special customized services. For retail investors in the futures market, they are discriminated against because of lack of funds and cannot enjoy the treatment of large households. On the contrary, the charging standard is much higher than that of large households. These retail investors may be attracted by the standardized services of Internet futures companies. For retail investors, they enjoy fair service, and the low commission is not available to traditional futures companies. They are likely to invest in the "arms" of Internet futures companies.
However, large institutional customers have low commissions and can enjoy specialized professional services, so the standardized services of Internet futures companies are not as attractive as retail investors. It is the top priority of traditional futures companies to continue to play their professional service capabilities and safeguard institutional customers.
3. Work closely with funds and other institutions to provide a deposit balance return scheme similar to Yu 'ebao.
Large institutional customers are really sensitive to margin interest, and some withdraw funds as soon as they close and suck them in as soon as they open. In fact, some futures companies have been unable to stop the pressure and began to give profits to some institutional customers. After the intervention of internet companies, the interest dividend will be completely zero, and industry practices will be subverted. Futures companies must try to manage the margin balance in various ways. If we can't provide services similar to Internet futures company Yu 'ebao, institutional customers' funds may "move" to Internet futures companies.
4. Establish a development team, develop innovative systems and improve customer experience.
The biggest contradiction of futures companies at this stage is the contradiction between the rapidly growing business demand and the service response ability of system suppliers. The bitter fruit of futures companies without their own development team will be completely exposed when Internet companies invade. Internet futures companies will launch a variety of innovative services and products quickly and conveniently, while the innovative ideas of traditional futures companies are empty and difficult to become a reality. Because they rely on suppliers for a long time, they have no ability to develop products and can only compete at a low level. Only by establishing their own development team can futures companies fully and accurately grasp the demand, respond quickly and customize products with unique competitiveness, and be able to compete with Internet companies in personalization. Of course, limited by the cost, the development team should combine independent development with outsourcing development, the underlying trading system should cooperate with suppliers, and all kinds of personalized application systems above should be developed by themselves. Futures companies should focus on training system architects, planners and project managers who understand business needs, and outsource other parts as much as possible.
5. Give full play to the role of asset management and spot subsidiary business.
Internet futures companies do not necessarily have innovative businesses such as investment consulting, asset management and venture subsidiaries. This is the strength of large traditional futures companies, and we should give full play to this advantage. Especially after the liberalization of "one-to-many", asset management has great room for development, and the rate of return on asset management is generally higher than that of money funds such as Yu 'ebao, which can attract profit-seeking customers of Internet futures companies in reverse. In addition, risk management subsidiaries can design all kinds of "non-contact" and "off-site" standardized products and services, and after establishing their own electronic trading platform, they can also replicate them on a large scale to serve a large number of customers. Therefore, traditional futures companies with innovative business licenses are not without opportunities in the face of the invasion of Internet futures companies, and there are still many aspects that may win.
6. Provide comprehensive one-stop service for international business customers.
With the introduction of night trading, options, market makers and foreign exchange futures are gradually put on the agenda. Futures itself should be an international industry, and futures varieties are closely related to changes in the international situation. Providing customers with one-stop service combining internal and external markets is also one of the important ways for traditional futures companies to maintain their competitiveness.
7. Enhance the professional service ability of futures companies.
Internet futures companies are good at serving large small and medium-sized customers in a "non-contact" way, but there are still many large industrial customers who need customized exclusive services and "contact" services, such as helping to formulate hedging plans, building futures departments, and training professionals. These are not the strengths of Internet futures companies. Traditional futures companies can provide differentiated services from these aspects after long-term cultivation and accumulation. Therefore, taking the road of professional development is an important direction to deal with the impact of Internet companies and enhance their competitiveness.
The above content comes from the financial sector, for reference only, without making any business suggestions!