Explore the changes and invariance in the future
Compared with a year ago, the changes in Downing Street are not significant. He is still so enthusiastic and rational. For financial technology and financial innovation, he is like a thinker and practitioner from the future. He is a highly speculative person. On the road of practicing financial innovation, he has perfect and consistent logic, tenacious execution and vitality. He dedicated his ultimate dream to CreditEase, a financial technology enterprise engaged in inclusive finance and wealth management, matching scarce resources to those virtuous and talented institutions and individuals. He believes that only truly virtuous and talented institutions and individuals can treat and make good use of these resources and create more marginal value. This is the cornerstone of a better industry and a better society. As a financial practitioner, he wants to make this process more efficient and warm. Downing Street has an ultimate balance. His ultimate dream runs through every step of his financial innovation practice.
Downing is very picky and reinvents himself in five years. "Five years, Yixin today and Yixin five years ago have been very different. CreditEase five years later is also very different from today. " This year marks the beginning of the third five-year period of CreditEase. 1 1 Over the years, CreditEase has carried out active and effective practices in frontier fields such as payment, online lending, crowdfunding, robot investment, smart insurance and blockchain. As early as the establishment of Yixin, the DNA of Tang Ning's vision for the future was integrated into this enterprise. Now CreditEase has participated in the practice of global financial technology innovation through enterprise incubation and industrial investment. No matter from which angle, I don't think this is a passive participation. CreditEase's role in promoting the reform of the whole industry is far-reaching. For example, the earliest online lending model in China comes from the development of CreditEase, which is one step ahead of LendingClub in the strategic deployment of financial technology. Downing has a strong sensitivity and foresight to technology, which benefits from his early experience on Wall Street and the professional experience of angel investors. He used mobile internet technology to innovate online loans earlier, and it was not until recently that LendingClub followed up the mobile APP.
Change is quantification in constancy, and constancy is texture in rapid change. At the beginning of the third five-year period, Downing is exploring the future. "This doesn't mean that we won't do what we do today in five years." "Maybe what we do today is only a part of what we do five years later, or what we do today will be done in many different ways five years later." This is a process of constantly enriching the future and expanding the format. Downing called it "discovering the seeds of the future". This is also the embodiment of Downing's overall logical structure in the past 1 1 year. "Knowing the changes in customer needs in the next ten or twenty years, what can really find the real long-term is the hidden social and customer needs today." The strategic direction and business ability created under this demand are forward-looking for CreditEase and the industry.
This is also one of Downing's greatest values. In the constant transformation of change and invariability, he formulated industry standards.
Financial science and technology innovation logic
"Downing set a record." Li Jianguang, a senior partner of IDG Capital, is Downing's Peking University alumnus and a collaborator when Downing entered the angel investment field in his early days. They jointly invested in Dana Technology, which was later listed on NASDAQ, and IDG got rich returns. Li Jianguang said that this experience made both of them establish "a good initial heart". "Don't be jealous of others' success, you must help others succeed. "Downing's projects to introduce IDG have achieved 100% success. This ability of accurate judgment is difficult to define and imitate. It comes from the judgment of the general trend and the opportunity to find roots in the real soil. But what is more important is a person's pattern and ideological height.
Compared with financial practitioners, I prefer to position Downing as a "financial thinker". Every time I chat with him, he always inspires me. This kind of enlightenment is not at the level of business or tactics, but an understanding of the nature of things. He summed up the essence of all complex things as "innovation", "idea innovation, mode innovation and technology innovation". This is the logic of CreditEase's endogenous rapid growth.
Tang Ning firmly believes that truly meeting the long-term and hidden needs of customers is the correct demand. Conceptual innovation needs to abandon those short-term needs that are obvious from the source. Downing has an idea. Now everyone knows that "everyone has credit, and credit is valuable". China society should be a credit society, and China economy should be a credit-driven economy. But in the early days, Downing needed innovative technology and innovative ideas to make forward-looking ideas innovative. "Online lending is an innovative model to realize that everyone has credit and credit is valuable." This kind of innovation is driven by technological innovation, "not necessarily Internet technology, not necessarily digital technology, but also financial technology". "Professor Yunus did microfinance in Grameen decades ago and formed a group of five farmers. This model is a fundamental financial technology innovation. "
Downing respects this financial technological innovation and follows its value and logic. He has long been optimistic about the crowdfunding model and thinks it is very promising. He doesn't follow the crowd or sit on the bench. He has his own rhythm and judgment. "Why is the crowdfunding industry in China not developing well in the past two or three years, and some institutions that rushed in at that time are now rushing down?" Crowdfunding is indeed at a low point. "When a new thing and an innovative idea extend outward, there will always be a certain periodicity and ups and downs, and those people or institutions that have not stepped on the right time will withdraw from the historical stage.
Let me sum up why Tang Ning always keeps his own pace in the ups and downs of the industry and can really produce some innovative practices that are beneficial to the industry. Probably due to Downing's persistence and practice in financial logic, his experience and ability have consolidated this persistence. "(Crowdfunding is) concept innovation, and China will definitely have such a system. This kind of ecology is suitable for innovation." "(Crowdfunding) is actually to help angel investors grow well, but China lacks such a group. This is to shape and cultivate "a group from three F's to institutional investors". Three F's, American entrepreneurs often say that their supporters are only family, friends and fools. It will take a long time for extremely smart institutional investors to pay attention to them and attach importance to them. " (This process) must be solved by angel investors. "The next stage of Yixin crowdfunding business will focus on solving the problem of' cultivating this group of people'." The solution to this problem is not necessarily the solution of Internet technology and digital technology. ""A lot of technology is invested by this angel, which is what I always say. "This' six-pulse Excalibur' is an innovation in financial concepts and technologies, and other basic technical AIDS are all aimed at making this group more dynamic and making information acquisition more cost-effective".
Tang Ning advocates using financial technology innovation and concept breakthrough to eliminate future uncertainty. One of the business segments that he and CreditEase jointly created is "Let high net worth people participate in the new economy". This group of people used to be the beneficiaries of the traditional economy. For example, after the reform and opening up, they engaged in import and export trade, which enabled them to create millions, tens of millions and hundreds of millions of wealth. But they are facing great challenges now and in the future. How do they digitally transform their means of creating wealth? They tried to embrace the new economy in the way of internet plus. But how? Invest in a single internet project, follow the public investment, or hand it over to a venture capital fund? There is no shortage of makers and disillusioners of economic bubbles and bubbles in every era. Tang Ning should escort the future income of high-net-worth customers, "invest in parent funds and diversify into various frontier new economies, such as consumption upgrading, medical care, education, etc." This is an efficient asset allocation based on the growth in the next ten or twenty years. The deep layout and resource reserves of the top 50 GPs at home and abroad in the industrial chain of equity investment parent funds have formed an investment ecosystem. "It is directly related to the most vigorous innovation elements" and "it is the innovation of financial technology".
Methodology of financial science and technology innovation
"What we think and do today directly determines what our individuals, families, enterprises, our country and society will look like in ten or twenty years." Since 20 13, CreditEase has taken the lead in holding a series of activities of "Silicon Valley Dialogue with Beijing" to discuss future topics such as science and technology and finance.
Tang Ning insisted on leading the entire CreditEase team to explore the future in this way. "It usually takes years or even decades for new technologies to emerge and be widely used. In this process, entrepreneurs and organizations with innovative consciousness and acumen need to have a corresponding sense of smell and be able to smell the arrival of these new technologies. " Downing organizes senior executives to travel to Israel, Silicon Valley and other places with the most innovative ideas every year. "Go to think tanks engaged in research and development, go to universities, and go to enterprises that are still in the angel stage." "These are very future-oriented models."
"To catch the seeds of the future." Downing always warns his colleagues like this. He will personally read some forward-looking publications to deepen his theoretical understanding of future topics. Early investment is also a dimension for him to touch the future. "If you invest in the future, you can directly establish a relationship with the future." CreditEase's new financial industry investment fund makes investment layout on a global scale. "You are investing in the most forward-looking things in the field of financial technology." This kind of investment behavior can continuously input fresh cells for creditworthy innovation. "We have learned a lot of new technologies and new models, many of which can be applied by CreditEase itself."
At the recent "Dialogue between Silicon Valley and Beijing" summit, Tang Ning invited the famous management scholar Master Ram Charan. Master Ram Charan mentioned three "unstoppable trends" of the new economy in the future: the total economic volume will continue to grow; Every enterprise in every industry will become a technology company; The integration of technology will help individuals gradually liberate. Tang Ning pays more attention to the innovation of the driving mode of financial technology innovation, thus releasing the optimization of asset allocation efficiency of each individual.
In May last year, Toumi RA, an overseas asset allocation weapon independently developed by CreditEase Wealth, was officially launched. Based on the concept of wealth management, Tang Ning hopes to solve the problem of asset allocation between the rich and the middle class. "They don't have that much money, but they have enough money for asset allocation." The traditional artificial financial planner model serving high net worth and ultra-high net worth people is difficult to replicate in this customer base. "Only through scientific and technological means", everyone generates a robot financial planner on the mobile phone, "generating a portfolio that matches their life goals, financial goals and risk preferences."
Downing also knows that such innovation is contrary to mainstream cognition. "They are now paying more attention to short-term speculation and single products, but the effective solutions that meet their real needs should be long-term investment and asset allocation." Standing at the forefront of innovation again, Tang Ning is willing to spend time and cost to establish an error correction mechanism to cultivate this concept. "In our new era, investor education should be carried out in a scientific and technological way, not in the teacher's classroom." "Many customers can use the mobile Internet to learn business or ideas such as robot investment, with low learning cost and low education cost." This problem-driven model innovation will revise the investment concept of the whole social class in the future-from short-term investment to long-term investment. "The investment portfolio of smart investment can last for 20 or 30 years, and there will be some adjustments, but it will definitely not be the so-called fast-forward and fast-out hype." This has another meaning for Downing, which will promote the construction of long-term investment value system at the national level and the cultivation of rational thinking in wealth management. "It is no longer the logic of fixed income under rigid redemption. Because if it is a long-term holding portfolio, it cannot be a portfolio based on fixed income, but must be a portfolio based on capital market rights and interests, and there must be price fluctuations. For investors, it is a logic that pays attention to long-term value to accept that they are responsible for investment. "
Downing once had Internet anxiety, and he didn't want to solve this anxiety by "one click". The height of the founder affects the height of the enterprise. Downing likes to think things through and carry them through. It is an effective way to sort out the logic of complex things. "I have finished the road I should take, and now I am not anxious. I also deeply realize that using new models and new technologies to truly better allocate resources is the only way to achieve better finance and a better society." For the strategic layout, Tang Ning always cuts in from the perspective of the future in ten or twenty years, "there is no confusion in direction". Now he thinks more about the practical path, "how to get from point A to point B and how to achieve it better", "because the company's positioning is to continue to deepen and expand in two huge industries, inclusive finance and wealth management, from the perspective of meeting customer needs." In the face of fast-growing industries, Downing's sharp weapon is to "use the power of financial technology to promote the organization to maintain the flexibility and kinetic energy of innovation". "We can all grasp the most important logic to solve the most important problems and become one of the winners in every segment in the future."
Regarding the future, Downing likes to chat with young people. He respects young people's ideas and always says modestly, I hope our chat can inspire each other. He has expectations for young people.
During a recent trip to the United States, he suddenly found that financial technology entrepreneurs in Silicon Valley are older than those in new york. "In terms of age, new york is a big, even the age of the father of Silicon Valley entrepreneurs. He is definitely an old driver." "The old driver is facing the organization and aiming at the improvement of infrastructure; Young Silicon Valley entrepreneurs are more personalized and innovative at the consumer level. " Downing pays attention to what millennials are thinking and doing. He will meet and chat with young students who graduated from Princeton, Harvard and MIT regularly. Most of the nine students are engaged in quantitative related work. Twenty years ago, Tang Ning saw more young people supporting the back-office systems of large financial institutions on Wall Street. "(Today) technology, big data, data mining, artificial intelligence and quantitative strategies have really promoted asset management and wealth management."
Downing has a magical power, and his speech exudes the brilliance of thought. He is like a missionary, constantly repeating the importance of logic in the financial field, and like a dreamer, making people have the passion to go forward. He can convince you that everything he says will be realized bit by bit in the future. He has such patience and perseverance. However, I think he became Downing because he kept his original heart. This is also his innocence.
1 1 years ago, Tang Ning planted a seed with his initial heart. Today, he is leading a group of people to find the seeds of the future. Take root, blossom and bear fruit. "I hope Yixin is a bigger flower." However, Downing is always the Downing.