Internet finance effect: the source of huge changes

Baozou Comment : Internet finance includes many technologies, including blockchain, mobile payment, P2P, robot advisors, etc. We have always said that Internet finance technology will greatly change the financial industry, but among so many technologies, which one has this power? This article introduces some survey data from independent institutions, which I believe can give you some overall ideas.

Translation: Annie_Xu

Over the past few years, Internet financial technologies have continued to gain popularity in the financial services industry.

I started writing about this technology about a year ago, initially looking for precise definitions of the concepts, but now I am more interested in explaining its potential pitfalls.

However, our focus has never wavered, because Internet finance will significantly transform all areas of the global financial services industry.

Financial industry experts raise two questions about this concept and provide answers:

1. The positive impact of Internet finance on careers: They believe that Internet finance will increase efficiency and that early attention will yield benefits. What characteristics of Internet finance can achieve this expected benefit? The industry consensus is that big data and network security are the catalysts for change.

2. Negative impact of Internet finance on careers: For example, will P2P lending replace banks and become the mainstream lending platform and intermediary? If the answer is yes, bank credit risk analysts and loan officers will have to find other jobs. Internet financial technologies that may cause such survival concerns include blockchain, mobile payment, P2P lending and robot advisors.

Although the above differences are unpredictable, we believe that the latter situation is more likely, that is, the changes brought about by blockchain, mobile payments, etc. will be greater.

To verify whether our predictions are accurate, the website conducted a reader survey to find out how people view the most disruptive Internet financial technologies.

Of all the following areas, which Internet financial technology do you think will have the greatest impact on the financial industry?

333 survey participants believe that blockchain has a clear upward trend, with four out of ten choosing blockchain. 22% chose robot advisors. Compared with previous surveys on the website, blockchain technology has surpassed robot advisors this year and has become the technology with the greatest potential to impact the financial industry.

Ranked third is mobile payment, with a support rate of 19%; China leads the development trend of mobile payment.

The survey found that P2P lending and crowdfunding were less attractive, at 8% and 7% respectively. I think the current situation of the Chinese P2P sector and the US P2P giant Lending Club can explain this survey result.