The profit-making effect of the industry, the size of employees and the salary level are also rising. In 2015, under the hot money effect, online loan platforms spent money on marketing, and advertisements covered the subway and various traffic platforms in big cities. In Zhaos view, the industry was shrouded in the boom of big water and big fish, but in retrospect, abnormal marketing, high interest rebate and so on have already taken shape.
Since the beginning of 2017, Xiao Zhao has clearly felt that the overdue rate of assets has risen and it is difficult to control the risk. Xiao Zhao found that a piano training institution he cooperated with had difficulty in cashing. Two months later, the training institution with the halo of domestic well-known venture capital endorsement ran away, and many stores in the country which expanded rapidly in a short period of time also closed down; at the same time, the overdue rate of another 3C e-commerce platform he cooperated with also increased sharply. The scene asset of cooperation is not good, the data of scene side is falsified, and the problem of joint debt has come out. Xiao Zhaos team reflected the problem to the CEO, but the CEO did not stop the business. Instead, he did scene Finance on the face of it, but actually set up a team to start the cash loan business.
Then, the cash loan team expanded rapidly. By the end of 2017, in a short period of more than half a year, in addition to the business, risk control, technology, operation and other teams, a collection team of more than 20 people was rapidly established, and the loan volume doubled in the first few months.
Almost at this time, the network loan industry rectification network opened. Since the first half of 2018, the online lending industry has experienced intensive internal and external tests, such as the extension of the filing system, the liquidation of fake P2P platforms, non absorption of high return extrusion, and regulatory deleveraging. A number of platforms with Star stock background or star founder halo have a loan balance of more than 10 billion yuan or 100 billion yuan, involving the shutdown and bankruptcy, resulting in a explosion wave.
In July 2018, the online loan industry ushered in a dark moment. In May and June of that year, the number of platforms that disappeared in the online lending industry was 28 and 64 respectively; in July, the number of problematic platforms suddenly increased to 153.
Although several platforms had accidents one after another, in Xiao Zhaos view at that time, the online lending industry was still a mature market with a large total scale. In terms of quantity and loan balance, the proportion of problematic platforms in the whole industry was no more than 1 / 10. Moreover, the risks of platforms in those half a year exploded, and the confidence of lenders was frustrated. In addition, most platforms had entered the stage of self-discipline and compliance inspection We will soon complete compliance, but we also intend to reduce the scale.
However, Xiao Zhao did not wait for the compliance filing, and one third of the team left the online loan industry in the winter of 2018. Later, he heard that some of the core senior management teams had lost contact with their original owners because they were suspected of beheading and vicious collection.
Until today, Xiao Zhao still believes that as a matchmaker, online lending intermediaries were born in the interest margin environment of the domestic financing market and played a functional role in meeting the financial needs of investors and solving the financing difficulties of small, medium and micro businesses. However, who can guess the outcome?
Related reading: where is the way for P2P to withdraw from the historical stage?
Securities Times reporter Duan Jiuhui
Theres no gameover. The P2P (online loan intermediary) platform expanded from the whole line in 2012 and 2013 to the crazy expansion in the last three years of 2015. At the end of 2017, the peak loan balance exceeded trillion yuan, and then to the industry rectification and overall clearing up since 2018, Wang Shiqiang, a senior researcher at the hemp bag Research Institute, is one of the witnesses to the rise and fall of the industry. In an interview with a Securities Times reporter on November 27, Wang Shiqiang said frankly, its time for P2P to curtain down on the historical stage.
The quantity is completely zero
The risk of Internet finance has dropped sharply. The number of P2P online lending institutions in operation nationwide has gradually decreased from about 5000 during the peak period to zero in mid November this year. On November 27, Liu Fushou, chief lawyer of the China Banking and Insurance Regulatory Commission, said in an open forum.
Previously, at the State Councils regular policy briefing on November 6, Liu Fushou introduced the major achievements made in preventing and resolving financial risks. Among them, the number of P2P online lending institutions in actual operation nationwide has dropped from about 5000 during the peak period to three; the loan scale and the number of participants have declined for 28 consecutive months.
According to the data released at the CBRC news conference on September 14, 2020, by the end of August 2020, there were 15 online lending institutions in operation nationwide, down 99% compared with the beginning of 2019; the loan balance decreased by 84%; the number of lenders decreased by 88%; the number of borrowers decreased by 73%; the number of institutions, loan scale and the number of participants had decreased for 26 consecutive months.
On October 22 this year, CBRC Statistics said that there are still 6 online loan platforms in operation. Only 15 days later, the number became three. By the middle of November, P2P platforms in operation in China had been completely destroyed.
The rectification of the online lending industry began gradually from the end of 2017. In January 2019, the regulatory authorities issued the opinions on the classified disposal and risk prevention of online lending institutions (jjbh  No. 175, hereinafter referred to as No. 175 document) and proposed that online lending institutions should return as much as possible, and close down. At that time, from the perspective of the industry, this paper also pointed out the possible direction for the transformation of the online lending industry, that is, to obtain the business license qualification of the network small loan or consumer finance company, and become a lending platform.
However, at this time, on the one hand, there is still little hope for the industry record which has lasted for several years, and on the other hand, the regulatory clearance signal has become increasingly clear.
In the process from 1 to zero, more provinces are accelerating the clearance of online loan platforms within their jurisdiction. On November 9, the local financial supervision and Administration Bureau of Shaanxi Province announced that the latest number of P2P institutions in the province was zero. Recently, the office of the leading group for risk prevention and resolution of online lending industry announced that the seventh batch of two online lending platforms in the province voluntarily withdrew and declared that the online loan business had been settled.
According to incomplete statistics of public information, from October 16, 2019 to now, at least 19 provinces and cities have publicly announced the total ban on P2P business, and dozens of provinces have disclosed the clearing notice. Senior practitioners of a financial technology platform listed in the United States in East China estimated that only 1% of the platform cleared online lending business and completed the transformation, only a small number of platforms can survive by relying on the strong strength of shareholders.
Who transformed early
Who can survive
Whoever transforms early will survive. The transformation of the above-mentioned platform business people in East China refers to that the former platform mainly engaged in online loan intermediary matchmaking business has turned into a financial technology platform, which provides risk reserves through cooperation with banks and other institutions, or simply relies on the technical output of risk control and customer group operation to cooperate with institutional funds to help loan to earn profit sharing or business income.
Recently, financial technology platforms listed in the United States, such as Xinye Technology (paipaipai loan), Jiayin Jinke (you and I loan), 360 Digital Technology Co., Ltd., have successively disclosed the clearing of P2P business. At the same time, the assets of these platforms from licensed financial institutions such as cooperative banks and trust have reached nearly 100%, and these businesses have gradually contributed most of the revenue.
There are three modes of loan assistance business. One is the purest mode, which is also known as diversion mode. The platform side only provides risk control data without increasing credit, and outputs it to the institutional capital side; the other is that the platform side obtains users through various scene channels, conducts preliminary screening, and classifies the labels such as joint venture product quality, credit record and scene consumption preference, and then gives them to the institutional capital side At the same time, the platform also needs to pay a certain proportion of margin, that is, financing guarantee, to share the risk with institutional investors; the third is the joint loan mode understood in the market, in addition to the platform sides technology output, it is also one of the financing parties, which can also be understood as a risk sharing. In addition, in the process of loan assistance business, the platform will generally undertake the functions of customer operation and overdue collection.
In fact, judging from the recent three quarterly reports released by China Financial Technology Corporation, it is the general trend that many companies continue to make efforts in the consumption field during the epidemic period and cooperate with financial institutions to expand business, which has also led to the recovery of performance.
According to the financial reports of China Financial Technology Co., Ltd., as of the end of the third quarter, 360 digital technology has cooperated with nearly 100 financial institutions, resulting in a transaction amount of 66 billion yuan, an increase of 17.9% compared with the same period in 2019, and revenue of 3.7 billion yuan, a year-on-year increase of 43.4%; Xinye technology has contributed to a loan amount of 17 billion yuan, a revenue of 1.793 billion yuan and a net profit of 596.9 million yuan, and the source of funds of the platform has all passed the machine It has successfully connected with more than 50 licensed financial institutions such as banks, consumer finance companies and trust companies.
Head enterprises are always strong
It is not easy to transform the loan assistance platform
Although after the dark hour, the performance of some online lending platforms listed in the United States is dawning, people in the field of digital financial technology platforms are still cautiously optimistic about the challenges after the transformation.
In their view, first, under the strict compliance pressure of commercial banks Internet loan management measures and new regulations on small online loans, the cooperation between institutional investors and financial technology platforms has become increasingly strict; second, most of the cooperation between banks and other institutions and the platform side is the second mode introduced by the above platform people, that is, priority / inferior structure + financing guarantee Mode, which puts forward high requirements for the platforms capital strength, risk control and operation and other technical capabilities.
After the platform transformation, first of all, there is a new identity change. The assets and logic of the loan assistance platform and the online loan platform are completely different, which has become the focus of the platform business transformation. In the opinion of the above-mentioned East China platform, one department that did not have before is the institutional capital cooperation department, as well as the supporting product design and business innovation capabilities of the institutional cooperation departments. How to expand channels to obtain lower cost funds and better assets is the most important.
Another problem is how to expand new users and how to retain and transform some old customers? The reporter of Securities Times has noticed that it has realized the retention and transformation of old users through self built scenes and membership system, and the platform with business foundation has preempted the opportunity. At the end of the third quarter of this year, Lexin promoted a 69.6% year-on-year increase in the total number of users through various new services such as Le card and Lok Hua card. At the same time, it opened up online and offline consumption scenarios, and the total number of orders reached 84.4 million, with a year-on-year increase of 49.9%.
However, in the view of the above platform personage, the customer group behind the loan assistance platform is different from that of the online loan platform, which means that many of the customers facing the platform are first loan users, which will test the customer operation ability of the platform.
In his opinion, although the current performance is getting better, it is difficult to say that the platform which used to be the main business of online loan business has successfully turned around, because it will take a cycle to comprehensively test the capital scale, risk control level, operation ability and post loan ability of the platform. Similar to his view, the above platform business personage thinks, the market is still accelerating shuffling, and the effect of constant strength of the industrys top strong will be more obvious.