Recently, the "360 Digital Technology Open Day" was held in Beijing, as the first technical open day after the renaming of 360 disciplines. Wu Haisheng, CEO of 360 Science and Technology Department, Zhang Jiaxing, Chief Scientist of 360 Science and Technology Department, Wang Jin, General Manager of Science and Technology Export Business Line, and Shen Yun, Dean of Data Risk Control Research Institute of 360 University of Science and Technology, attended in succession.
At the meeting, Zhang Jiaxing, the chief scientist of Project 360, shared the action and thinking of Project 360 in the field of financial technology for the first time. He believes that the development of financial technology in the intelligent era presents five major trends: openness, from perception to cognition-from cognition to knowledge, AI construction from single point to systematization, AI is an organizational structure upgrade, and all companies in the future are AI companies.
After the meeting, Zhang Jiaxing accepted many media interviews. He shared his practice and understanding of risk control, privacy security and other technologies, and talked about the strategies and ideas in the process of "scientific and technological" transformation of 360 subjects.
"In the future, what financial technology companies need to do is not to become giants, but to make progress with the industry through open technological advantages, so as to push China to walk in the forefront of the whole financial technology field. This is also the initial heart of the 360 subject. " Wu Haisheng, CEO of 360 Mathematics Department, said.
In the past two years, the financial technology industry has experienced a "name change tide". Internet finance companies owned by Internet giants such as Ant Financial, JD Finance, Baidu Finance and Xiaomi Finance have changed their names.
Similarly, 360 Finance, a financial technology company hatched by the domestic Internet security company 360 Group, was officially renamed as 360 Branch in August this year. However, compared with financial technology companies owned by Internet giants such as Ant Group and JD.com, 360 Series has been looking for its own differentiated play in this field to consolidate its competitiveness in the entire financial technology market.
Zhang Jiaxing divides Internet finance technology companies into three categories: model companies, giant companies and small and beautiful technology companies. Among them, a model company refers to making a model for itself, refining the experience generated in the process of making a model into financial technology capabilities, and exporting it to some financial institutions similar to itself or other companies that need financial services.
The main body of 360 belongs to the model company. Compared with the other two types of financial technology companies, the model company has its own unique advantages in some aspects.
"As an opening, each has its own advantages. Internet oligarchs (giant companies) hold massive traffic and data, and they have the advantages of platform and systematization. Relying on their advantages can help cooperative companies. " Zhang Jiaxing said, "The experience of the giants is not very useful."
As for small and beautiful technology companies, Zhang Jiaxing said, "They are not models, but pure AI companies that provide technical services. At this time, I often don't know that in the process of doing specific business, some special details may be involved, especially in-depth things. If the two companies have been cooperating and A exports technology to B, some data and business A in B can't be touched, and some businesses can't be transformed, so the depth that can be done is relatively insufficient. Although the technology is deep, the business depth is slightly insufficient. "
At present, 360 subjects continue to invest in technology, supported by big data, artificial intelligence and other technologies, forming a financial technology panorama covering the whole link of intelligent finance, artificial intelligence, big data, insurance technology, financial security, scientific and technological output, wealth management technology and scientific and technological innovation. Among them, the whole link of intelligent finance is the core, which makes 360 subjects finally form the link between Internet users and financial institutions and financial products, and realizes the vision of "building intelligence, inclusiveness and links between one billion Internet users and many financial institutions".
On the (technical) business level, Wang Jin, general manager of the technology export business line, said: "In terms of technology input business, the income from comprehensive technical services accounted for nearly 50% in the second quarter, which was greatly improved compared with the same period last year."
Throw it to the scene and control the risk.
At present, companies such as Ant Group and online merchant bank vigorously develop supply chain finance, and unite upstream and downstream enterprises to do scene-based risk control. Its relevant person in charge once said that in the supply chain finance scenario, the overdue rate is almost zero. Ali and JD.COM have their own unique e-commerce application scenarios. The 360 discipline has been questioned by the market since it began to do finance: "How to do risk control without scenes"?
In the face of Lei Feng's questioning, Wang Jin thinks this is normal. "Ali has the historical transaction data of the merchants in the Ali system. He can make accurate risk control based on these data, but this is limited to the scene. It is basically not established for Ali to go out of the Ali scene and become a supply chain enterprise (small and micro enterprise). "
"There is no scene, but it is forced to form our advantage. Because we don't have a scene, we have to dock all kinds of traffic, such as media traffic, takeaway scene traffic, and ground traffic such as API. It is equivalent to risk control of all traffic, but it ultimately contributes to our advantages. " Wang Jin added.
When banks do business, they will dock the traffic of three to five companies, and the comprehensive risk control ability formed by 360 branches docking multiple traffic just matches the needs of financial institutions such as banks. Moreover, the topic of 360 does not cover all the risk control projects of financial institutions, but only provides them with "one more choice".
Wang Jin said: "Most of the services provided by 360 entities to banks are to provide auxiliary risk control. Banks docking 360 main traffic will also dock the traffic of other traffic parties. After those flows come in, the 360 main body will help the bank to do risk control. "
Doing risk control is not a zero-sum game. If you do more business, other companies will do less. When asked whether financial institutions might prefer to choose the risk control products of financial institutions such as Ping An Bank, Wang Jin replied: "The main body of 360 is based on Internet technology and big data technology, and we have our own leading edge in these aspects. Every company has its own leading place, not who is better than who, but everyone has complementary places. The combination of data and technology between the two will have better results. "
Behind the renaming of the 360 subject is the "tough battle" of technology, a major change in the business income model, and even a cliff-like decline in income and profits after the business model change.
In this regard, Wang Jin believes that this is a very possible situation. "This is a good thing for our company. As a financial company, everyone thinks that you have to take great risks. No one knows how big the risk is and it may break out in the next year or two. "
Zhang Jiaxing added: "A technology company charges one dollar, but a financial company earns five dollars. The market finally said that it can only earn fifty cents. At present, the valuation of banks is very low. Minsheng Bank has a profit of 500 billion to 600 billion a year. Its market value is 300 billion, five times that of PE. A technology company can make a profit of 654.38 billion yuan, but its valuation can far exceed several hundred billion yuan. On the surface, revenue and profits may decrease, but the significance (from finance to technology) to the whole company is completely different. "
This is one of the reasons why Internet financial technology companies such as Ant Group and JD.com have increased their "technology genes". The income and profit of financial institutions are uncertain, and the risk may suddenly break out in two or three years or even more than ten years, while the income from scientific and technological services is real.
Zhang Jiaxing said that the proportion of science and technology service output in 360 disciplines is gradually increasing. "This is a gradual process. At the earliest, we would do finance, help with loans and take certain risks. But in the future, we will transform into scientific and technological services, and the proportion of risks will become smaller and smaller. "
Judging from the current data analysis, the income and net profit of 360 entities are on the increase. Its latest financial report shows that in the second quarter of 2020, 360 entities realized a net profit of 877 million yuan, an increase of 465,438+0.80% over the same period of last year; The net profit was 942 million yuan, a year-on-year increase of 36.2%. Lei Feng. com