Since the day when finance appeared in human economy and society, it has started a long process of innovation. In addition to the changes in monetary carriers, the emergence of credit banks and other financial institutions, truly revolutionary financial innovation began in the 20th century.
Since the 20th century, human financial innovation has gone through four stages. In the first stage (1950s and 1960s), financial innovation was mainly to avoid supervision. Innovative financial products in this period mainly include Eurodollars, Eurobonds, parallel loans, autopay, mixed accounts and so on. In the second stage (1970s), financial innovation mainly shifted risks. Innovative financial products mainly include floating interest rate bills, federal residential mortgage loans, foreign exchange futures, interest rate futures and so on. In the third stage (1980s), financial innovation is mainly the diversification of financial product types. Innovative financial products mainly include currency swap, interest rate swap, bill issuing tools, option trading, futures trading, variable futures trading, automobile loan securitization and so on. In the fourth stage (from 20th century to present), financial innovation is mainly the combination innovation of financial products and the combination innovation of financial products and non-financial products. Innovative financial products mainly include bank securities, bank insurance and asset securitization of bank securities insurance business.
Throughout the 20th century, the global financial innovation center moved from Britain to the United States, and the future financial innovation center may move from the United States to China. Of course, the transfer of global financial innovation is not easy, which depends on China's grasp of the future financial innovation trend and the improvement of financial innovation ability. So, what is the trend of financial innovation in the future? Judging from the current format of global financial development, there will be three major trends.
The first major trend is Internet finance formed by financial networking. The core of internet finance is to pursue the three goals of convenience, self-help and inclusiveness with the help of information technology.
Internet finance pursues convenience, which is a fund intermediary, credit intermediary and risk intermediary business carried out by Internet finance through the Internet and big data technology and adopting a new risk management model. The era of big data is an era of asking for results without asking for reasons. If the results are recognized, you can enjoy financial services. Today's emerging PTP investment and financing model (this is a financial model from Britain, PTP means peopletopeople). Investors and financiers make "person-to-person" and "person-to-enterprise" loans and borrowings through online platforms. This approach has brought very convenient ways and means to investors and financiers.
Internet finance pursues self-help, which is different from the traditional credit risk financing model (that is, traditional bank financing). Risk management model, profit model and customer service model are all based on personal judgment and service. If you want to borrow money from a bank, the bank should first assess your credit risk and then decide whether you can borrow money. This is a lending model based on personal credit risk control. Internet finance will become the same as online shopping. What products do you want to buy, solve it yourself. The technical conditions of electronic human organs in the future can be completely realized. Mobile banking is now the beginning of this future.
Internet finance pursues inclusiveness, which is different from traditional banks. The essence of traditional banks is to love the poor and the rich. The richer you are, the more they love you. The poorer you are, the less they like you. The traditional bank is: give you more if you have it, and take it all away if you don't have it. Internet finance is inclusive finance. Everyone, rich or poor, can get financial services from the Internet. In the foreseeable future, internet finance will completely change the "yamen" of traditional banks. Now, the biggest obstacle is not access, supervision or technology, but credit. Although Alibaba, Alipay and Taobao have initially established the credit system of the financial system, they are not mature enough. Once a credit system that meets the requirements of Internet finance is created, traditional banks will disappear immediately, which means the arrival of the inclusive finance era.
Of course, the formation of Internet finance needs a series of innovations, including concept innovation, technology innovation, product innovation, tool innovation, system innovation, organization innovation and supervision innovation. Without this series of innovations, Internet finance cannot be mature.
The second trend is the big finance formed by financial integration. The core of the trend of financial integration is the pursuit of big finance. The situation that financial products dominate the world is about to pass, and a variety of financial products need to be integrated to serve economic entities together, rather than simply adding up. How to integrate requires innovation, and all financial institutions are working hard for it, so that the direction of financial integration has begun to appear. The first one is a link. For example, financing consultants and credit enhancement chains centered on bank credit began to take shape. The second is complementarity. For example, the current bank credit and financial leasing are complementary. Then there is mutual assistance. Such as mutual assistance between investment banks and credit banks. All these indicate that the era of great financial innovation of financial integration is coming soon.
The third trend is the entity finance formed by the low virtualization of finance. The subprime mortgage crisis in the United States has predicted the basic trend of financial services to the real economy and reduced the degree of virtualization, and it has become an irreversible trend. Its core is to directly serve the real economy. The development of the real economy constantly produces new demands, and the focus of financial innovation begins to fall on meeting the new demands of the real economy, in pursuit of low cost and high efficiency, rather than pursuing profiteering in currency idling. The central government and regulatory authorities are also guiding financial enterprises to directly serve the real economy. For example, stipulating that asset securitization can not be securitized is a constraint to reduce the degree of financial virtualization and avoid currency idling. However, the key to reduce the degree of financial virtualization is to provide full-cycle services for enterprises. At present, full-cycle financial services have begun to take shape. Now it can provide venture capital, credit enhancement services, financial leasing and consulting services for start-up enterprises, and provide credit financing, financial leasing, mergers and acquisitions, financial consulting services, asset management, financial consulting and rescue and restructuring for enterprises in recession. This full-cycle financial service chain, which is built for each period of enterprise development, flexibly uses different financial product combinations and provides differentiated and diversified comprehensive financial services, which will help enterprises to be invincible in the market competition.
In the future, whoever grasps the general trend of financial innovation and constantly carries out financial innovation will become the leader of global finance.