The evolution of personal bank account
With the maturity of technical means and the continuous upgrading of risk management and control technology, the regulatory authorities have gradually relaxed the restrictions on opening personal bank accounts on the premise of safety. This provides fertile ground for account innovation based on mobile payment scenarios.
Personal bank accounts include debit card accounts and credit card accounts. Debit card accounts are divided into one category, two categories and three categories. The starting point of establishing three types of accounts by the central bank is to improve the service quality and efficiency of banks, and also to promote the innovation of various financial institutions based on personal bank accounts.
(1) Three types of account systems were initially established.
Before 20 15, some banks have tried to provide personal bank account services by relying on self-service machines such as remote video teller machines and smart teller machines, and electronic channels such as online banking and mobile banking. In order to strengthen the real-name management of bank accounts, ensure the safety and compliance of banking business, and meet the needs of expanding the depth and breadth of account services, the People's Bank of China issued the Notice on Improving Personal Bank Account Services and Strengthening Account Management on February 25, 201May, stipulating that banks should establish a classified management mechanism for bank accounts, which are divided into Class I bank accounts, Class II bank accounts and Class III bank accounts.
Depositors can handle deposits, purchase investment and wealth management products, transfer money, pay consumer fees and withdraw cash through Class I households; Handling deposits, purchasing investment and wealth management products, limited consumption and paying fees through Class II households; Handle limited amount of consumption and payment business through class III bank account. The single-day payment limit for Class II households is 10000 yuan, and the upper limit of account balance for Class III households is 1000 yuan.
In terms of opening an account, opening a first-class account requires bank staff to verify their identity information on the spot. Therefore, only through online banking, mobile banking and other electronic channels to open class II or III accounts. Class II households opened through electronic channels are mainly authenticated through the binding of Class I households with the same name as the account opening applicant. The account classification system is convenient for financial institutions to carry out Internet business.
(2) The household rules at the second and third levels are gradually becoming clear.
2016165438+125 October, the central bank issued the notice on implementing the classified management system of personal bank accounts, which supplemented and improved the classification of personal accounts.
This policy provides convenience and possibility for all kinds of financial institutions to conduct business through second-class households. In terms of convenience, the central bank added a credit card account as an authentication method. In addition to Class I accounts, customers can also verify through credit card accounts, and can also open Class II and Class III accounts. Restrictively, the central bank stipulates that banks can issue their own loan funds to Class II households and repay them through Class II households. Loan issuance and loan fund return are not subject to transfer restrictions. This greatly broadens the scope of use of Class II households, and is also conducive to the continuous innovation of various financial institutions based on Class II households of banks. In particular, there is no transfer limit for issuing loans and withdrawing cash, which has opened up channels for the business development of consumer finance companies and microfinance companies.
(3) The account intercommunication mechanism is gradually formed.
Although regulators have established three types of account systems, banks lack the willingness to share information. Larger banks don't have enough motivation to open the authentication channel of Class I households, and then help small and medium-sized banks acquire customers through Class II and III households.
In this regard, some commercial banks and China UnionPay have formed their own alliances and cooperated in the alliance. 2065438+May 2007, China UnionPay organized some banks to hold the "Kick-off Meeting for Interconnection and Cooperation of Class II and III Accounts of Banks", and established the interconnection and cooperation mechanism of Class II and III accounts. Banks participating in the cooperation can realize interconnection and expand their customer scale through card binding verification. The establishment of cooperation mechanism provides a broader space for commercial banks to innovate the second and third types of household business.
(4) The restrictions on the second and third categories of households have been further liberalized.
20 18, 1 June, the central bank issued the Notice on Improving the Classified Management of Personal Bank Accounts. The circular further liberalized the restrictions on the second and third types of accounts.
In terms of account opening methods, this circular requires that commercial banks and other banking financial institutions should open personal Class II and III accounts at the bank's counters and electronic channels such as online banking, mobile banking, direct selling banks, remote video teller machines and intelligent teller machines before the end of February 2018.
In terms of account opening restrictions, this notice streamlined unnecessary customer information. For example, when an individual logs into an electronic channel to open a Class II or III account by using a safe and reliable verification method such as a digital certificate or an electronic signature, it is not necessary for the individual to fill in the identity information and produce an identity document when opening a Class II or III account. When an individual opens a Class III account, he/she can temporarily present his/her identity document, and only need to fill in the basic information such as name, ID number, account number and contact information to open an account.
Restrictions on the third category of families were further relaxed. The balance of Class III account increased from 1 1,000 yuan to 2,000 yuan. At the same time, the bank can issue the bank's small consumer loan funds to Class III households and repay them through Class III households. The issuance of loans and the return of loan funds shall comply with the provisions of the balance limit of Class III households, but the return of loan funds is not limited by the withdrawal limit.
(5) Encourage the improvement of services for II households.
On February 20, 2020, the General Office of the People's Bank of China issued the Notice of the General Office of the People's Bank of China on Doing a Good Job in Payment and Settlement during the Prevention and Control of COVID-19 Epidemic, encouraging banking institutions to strengthen online business services, improve the convenience and accessibility of services, and enhance services for individual Class II households. It is also emphasized that in the process of epidemic prevention and control, banks can pay wages and allowances to customers through Class II households on the premise of effectively preventing and controlling risks and accurately identifying customers.
Encouraged by the regulatory system, financial institutions have further increased their innovation based on Class II households. The digitalization of customer accounts has greatly released the business potential of various financial institutions, and also allowed business innovation to accumulate in 2020.
Innovative forms based on mobile payment
The innovation of financial institutions in the mobile payment scenario mostly focuses on credit card accounts and class II households. In terms of credit card accounts, limited by the regulatory requirements for risk management and control, most of them are qualified bank entities to carry out business innovation. As for debit card accounts, because the amount and usage restrictions of Class II households are less than those of Class III households, under the same conditions, financial institutions are more inclined to conduct business innovation based on Class II households.
(a) Innovation based on the first type of family
As Class I account is a full-featured account, it can be used for authentication of other accounts. Therefore, some commercial banks have passed Class I accounts, eliminating the procedure of customer credit card face-to-face signing. However, this practice essentially violates the requirements of "three parents" supervision and may be suspended at any time in the future.
According to the available data, industry, agriculture, China and China Construction can apply for credit cards through Class I households, and face-to-face visa for the first card is not required. Customers must first become our debit card customers, have a Class I debit card, open online banking, and have security certificates (ICBC Electronic Cipher, ABC K Insurance, BOC E Shield, CCB Net Shield). Users log on to online banking on the computer side, apply for a credit card, pass the bank security certificate authentication, and can use it directly after approval.
In essence, I-card+safety certificate replaces the "witness" requirement of supervision. Whether this method meets the regulatory requirements has been controversial. At present, the customer service of ICBC, BOC and ABC have not clearly indicated whether the scheme is feasible, but there have been successful cases online. The customer service of CCB made it clear that applying for a credit card through online banking can be exempted from face-to-face signing.
(b) Innovations based on second and third families.
1. Second-class innovation of banking institutions
The convenient authentication method of Class II households has become the entry point for many Internet banks to acquire customers and conduct business. According to the regulations, bank staff need to verify the identity information on the spot when opening an account for Class I households, while Class II households only need to check the identity of Class I or credit card accounts online. Thanks to this, many Internet banks and direct selling banks without physical outlets can shorten the customer account opening process, reduce the account opening time, improve the customer experience, and then rapidly expand their business while gaining a good reputation.
20 14 12 16, Weizhong bank was established; On June 25, 20 15, the online merchant bank opened; 2017165438+10/8, baixin bank was established. Whether it is Weizhong Bank or online merchant bank, customers need to pass a Class I account or credit card verification when registering, and then they can open a Class II account. Although Class II households are not allowed to overdraw, loans and loan funds for Class II households are not subject to transfer restrictions. This is convenient for Internet banks to carry out Internet loan business.
On August 5, 2020, baixin bank, Baidu and China Bank issued "Baidu Flash Payment Card", which was praised as the first digital bank card in China. In essence, Baidu Flash Payment Card is a card product based on Class II households. The application, opening and use of Baidu flash payment card are all online, with functions such as consumption, financial management and transfer. You can pay by binding the QR code and mobile phone of WeChat, Alipay, Meituan, JD.COM and UnionPay. It supports the repayment of Alipay flowers, but does not support the withdrawal of WeChat and Alipay balance. When the balance of Baidu flash payment card is insufficient, you can call other bank cards bound by users for payment. It is worth noting that Baidu Flash Payment Card claims to be a credit card with credit function. However, the supervision requires that Class II households should not have overdraft function. Baidu's flash payment card is actually a cooperation with baixin bank's consumer credit product, Haohuihua. After the user applies for a loan, "Haohuihua" will transfer the funds to Baidu Flash Payment Card.
From the perspective of operation mode, Baidu Flash Payment Card is different from traditional online banking Class II cards such as Weizhong Bank and online merchant bank. Baidu flash payment card is the first digital bank card issued by virtual debit card issuing system according to the virtual electronic card standard, which conforms to the verification standards and management requirements specially formulated by the regulatory authorities for virtual cards, and is different from the issuance standards and requirements of physical cards. If the system is popularized, there will be more digital bank card innovations in the future.
2. Non-bank institutions borrow innovation.
In addition to banks, non-bank institutions such as financial companies such as consumer finance and microfinance are also expanding their business with the help of second-and third-class accounts.
(1) Consumer Finance
In recent years, consumer finance companies have begun to develop rapidly, and consumer finance scenarios have become a battleground for military strategists. Relying on its rich resources of customers and merchants, the network giants have gradually established their competitive advantages in the industry with rich consumption scenarios. At the same time, consumer companies that lack scene resources focus on the accounts of various consumers to pay for the underlying needs, and seize the market with the help of second-and third-class households.
2065438+September 2006, JD.COM launched "white-note flash payment", which can bind mobile wallets such as Apple Pay and Huawei Pay with WeChat payment, and use the user's white-note quota in JD.COM to pay through NFC or WeChat scanning code at UnionPay POS terminal. White-stripe flash payment was launched by JD.COM in cooperation with Shanghai Bank and Guangfa Bank. Users with IOUs will create a Class II account in Shanghai Bank or Guangfa Bank after applying for IOUs flash payment. When users use IOUs for flash payment, JD.COM will transfer the funds equivalent to the consumption amount to Class II households according to the IOUs quota, and reduce the IOUs quota accordingly. At the same time, the user's Class II household funds will be transferred to the merchant account.
White-stripe flash payment essentially improves the speed of capital transfer and makes customers feel that they are spending with white-stripe quota. With this model, Ctrip Finance cooperated with Shanghai Bank, recruited consumer finance to cooperate with China Merchants Bank and Shanghai Bank, and immediately cooperated with Shanghai Bank, and BOC Consumer Finance cooperated with Weizhong Bank to launch a series of products with the same model.
With the innovation of the second-class households and the third-class households, both sides have achieved a win-win effect. In this mode, cooperative banks have gained a large number of customers through the promotion of consumer finance companies, while consumer finance companies have expanded the resources of consumption scenarios.
(2) Mobile wallet
The application of mobile payment has gradually developed from the initial focus on payment function to the construction of payment, lending, wealth management and financial ecosystem, and has gradually developed into an application that provides users with comprehensive financial services-mobile wallet. Because the mobile wallet application does not have the supervision authority of the savings business, it often cooperates with commercial banks, relying on the second and third types of account functions of banks, allowing users to open accounts online, providing real-time access, wealth management, consumer payment and other services, and realizing the deep integration of panoramic payment and wealth management.
Huawei Wallet cooperates with China Merchants, Guangfa and ICBC, Xiaomi Finance cooperates with CCB and ICBC, and OPPO Wallet cooperates with Shanghai Pudong Development Bank to integrate coin wallet services. Before opening the coin purse function, users need to bind a class I account for identity authentication. After the opening, Huawei's change supports recharge, cash withdrawal, full-scenario payment, and purchase of bank consignment funds.
(3) Virtual credit card
Virtual credit card is essentially a credit card, and there is no card entity. The bank will set up a credit card account for the customer and manage the customer according to the account.
1. Virtual credit card process
2065438+04 March 1 1, CITIC Bank cooperated with Tencent, Alipay and Tianan Property to release WeChat credit card and Taobao unique card. However, two days later, on March 13, the central bank issued the Letter of Opinions of the Payment and Settlement Department of the People's Bank of China on Suspending Alipay's offline barcode (QR code) payment and other business, requiring it to immediately suspend offline barcode (QR code) payment and virtual credit card related business.
20 14 10 PUFA launches E-GO credit card. The product is attached to the physical card, and the virtual credit card set under the existing credit card account, as an online independent account, will be completely different from offline consumption, especially suitable for online consumption.
2065438+In September 2005, Bank of China launched "BOC Great Wall E Flash Payment Card". This product is attached to a physical card, and no independent account is set up. Users need to have a Zhang Zhongxing credit card as the main account before applying, and users need to return the main account card for repayment. Compared with PUFA's E-GO card, it can only be used for online consumption, while BOC Great Wall e-Flash Payment Card needs offline payment through the NFC function of the mobile phone.
2065438+2006 1, CCB launched "Longka e-payment card". After the user applies online, he obtains information such as card number, expiration date and security code through SMS verification, and then carries out security binding in mobile banking or personal online banking. It is worth noting that the product does not come with a physical card, and even users who do not have a CCB credit card can apply. However, after new users apply, they need to go to offline outlets for interviews.
At the same time, Guangfa launched a geek card. The product does not issue a physical card, nor is it associated with a physical card. Through face recognition and electronic signature activation, there is no need for offline signature. This product can be bound to Alipay, WeChat and other fast payments, and can also be paid offline through mobile phone payment, but this product does not accumulate points, has no installment business, and cannot withdraw cash.
In addition, Agricultural Bank of China introduced credit coins, CITIC launched online payment cards, and Ping An and Bank of Communications also launched their own virtual credit cards. For a time, banks continued to exert their strength and the market competition became increasingly fierce.
With the major mobile phone manufacturers involved in the financial field, virtual credit cards based on mobile payment have become a hot spot in recent two years. On March 25th, 20 19, Apple released the Apple Card. Although Apple Card has not entered the domestic market, it has undoubtedly brought a huge market demonstration effect for virtual credit cards.
On April 8, 2020, Huawei announced the launch of Huawei Card. In September, the pilot cities gradually extended the business to the whole country. Huawei Card is jointly launched by Huawei and China CITIC Bank, and also has the right to cash back. Huawei cards can be bound to third-party App payments such as Alipay, WeChat, JD.COM and Meituan.
On August 3rd1,China UnionPay, together with commercial banks and payment institutions, released the innovative digital bank card product "UnionPay Unbounded Card". Its highlight is that users can apply for, use and manage transactions online based on "China UnionPay Express App", even if there is no network, the use of digital bank cards will not be affected.
2. It is difficult to break through the remote interview.
With the continuous enrichment of mobile payment scenarios, the number of virtual credit cards may deepen from the initial online payment based on the Internet to the attachment of physical card accounts, and then to the deep integration of independent accounts and payment channels. However, remote face-to-face signing is still a wall of sighs that virtual credit cards cannot break through.
Although Guangfa Geek Card is exempt from face-to-face signing for new customers, Guangfa rolled off the product on August 6, 2009+2065438, and imposed trading restrictions on existing customers. In addition, whether it is Huawei card or UnionPay unbounded card, new customers of cooperative banks need to sign offline.
The specification for offline signing comes from Article 38 of the Measures for the Supervision and Administration of Credit Card Business of Commercial Banks issued by CBRC. "The issuing bank shall publicly and clearly inform the applicant of the application materials and basic requirements to be submitted. The application materials must be signed by the applicant himself, and the card cannot be issued without the customer's knowledge or against the customer's wishes. " Three-person interview with credit card means that the issuing bank needs to implement the principle of "three-person interview" with credit card applicants, that is, see the applicant in person, see the original application materials in person and see the signature in person.
There are many discussions about remote face-to-face signing. Although the academic community generally believes that the current biometrics and risk management and control technologies can meet the needs of supervision, supervision still adheres to the hard constraints of offline signing.
In June, 2020, Minsheng Credit Card "National Life" App was launched "National Easy Staging", and users can simultaneously designate merchants to make staging consumption and credit card application offline. Users can make credit and complete credit consumption in the cooperative merchants designated by Minsheng Bank in advance before they get the physical credit card activation face-to-face sign at the outlets. However, Minsheng Bank's attempt to break through the offline signing was quickly stopped by the supervision.
On August 6th, 2020, Shenzhen Financial Technology Innovation Supervision Pilot Working Group publicized the first batch of four innovative applications in Shenzhen, namely "Smart Digital Credit Card Based on TEE Solution" project of CITIC Bank Credit Card Center and Huawei Company, which realized "three parents" through technical means such as mobile phone TEE, secure network channel, in-vivo detection and manual question and answer, and put forward an intelligent digital card issuing mode of "artificial intelligence and manual face-to-face signing". However, at present, Huawei card has not adopted the mode of remote face-to-face signing on a large scale.
In the future, if the restrictions on remote face-to-face interviews are relaxed, virtual credit cards can bring users a better experience and provide a compliance basis for online business of virtual credit cards.
Innovation continues.
Generally speaking, the above innovations benefit from the change of regulatory attitude. In the future, with the further acceptance of mobile payment by policies and the filling of the vacuum of regulatory policies, I believe that the future innovation space will be further opened.