"Summer is the year, the business is known as the year, the week is known as the year", the old is retired and the new is of great significance in traditional Chinese culture. At the special node of time transformation, thank and salute the past, and look forward and wish for the future.
Today, in a faster-paced and more closely connected modern society, annual summaries, annual reports, annual bills, and other "yearly" releases have richer information.
In 2021, China's economy is likely to achieve growth of no less than 8%, Han Wenxiu, deputy director of the Office of the Central Financial and Economic Commission, said that the economic scale is expected to exceed 110 trillion yuan, and the per capita GDP is expected to exceed 12,000 US dollars. Behind the data, it is poverty alleviation, higher quality development, and the second centennial goal. In the first 11 months of this year, online retail sales of physical goods reached 9.8 trillion yuan, and the annual online retail sales will exceed 10 trillion yuan. Consumption is not just a simple buy, buy and buy, green, environmental protection, health, national tide, a variety of keywords are showing the transition of life and the spirit of the young generation.
In 2021, Ping An Bank customized an annual bill for users. Under the vision of national style and technology, an exclusive annual financial ledger is coming. From consumption to financial management, from catering supermarkets to clothing and beauty, from "this year's favorite" to "2022 wish". This bill, which consists of a debit card + credit card, implies the core of Ping An Bank's retail business shift and upgrade: intensive cultivation and user-centered integrated operation. Traffic is converted to constant - if the traffic acquisition is likened to the "low-hanging fruit", then the user activity is the "higher fruit", and if you want to reach the fruit at a higher place, you are bound to practice internal skills.
So, at the end of 2021, what internal skills have been practiced on the "report card" handed over by Ping An Credit Card?
The industry has entered a slow cycle of fine operation or a breakthrough
Will the world continue to grow exponentially? The answer is no. Since there can be no growth limit, how to expand new incremental markets in the stock era?
Taking the credit card industry as an example, in the decade from 2008 to 2017, the number of credit cards issued in China increased from 142 million to 588 million, achieving a 4-fold increase, and financial institutions tried their best to compete in this business. Entering 2019, the credit card issuance process has slowed down significantly, with a total increase of 0.92 billion cards in 2019-2020, which is only equivalent to the number of new cards issued in 2018.
The entire industry, including Ping An Credit Card, urgently needs to break through the "homogenization" siege. It can be said that the industry has entered the era of intensive farming and meticulous farming from the staking, especially the "Notice on Further Promoting the Healthy Development of Credit Card Business Standards (Draft for Comments)" recently issued by the Banking and Insurance Regulatory Commission, which further promotes the development of the industry to refinement.
To find answers, we first need to clarify two aspects of the problem. First: On the demand side of user financial services, what services need to be added? What are the services that need to be upgraded? Second: What capabilities can be developed on the supply side of credit card value? What is the scope of resources that can be expanded?
Better products, better services, and more personalized customization have become the key breakthrough points for Ping An Credit Card in 2021. By continuously extending the breadth, depth and precision of services, we accelerate the shifting and upgrading to create value for users, and form a closed-loop service system around the customer life cycle. "Since we can't get to the 'thousand people and thousand faces' in one step, we will first achieve 'a thousand people and eight faces', which is relatively easy under our current service capabilities and technical capabilities." In the words of Cai Xinfa, special assistant to the president of Ping An Bank, "By refining customer stratification, it helps to refine services and products." ”
With 393 million vehicles (more than 300 million cars) and 479 million drivers in China, the car has become the third largest space after housing and the workplace, and this segment has become a group that all financial institutions want to interact with intimately. In view of the huge "car family" and the Ping An credit card that wants to "penetrate" this segment of the population, this year expanded the car owner service ecosystem, and the rights and interests of the "good car owner credit card" were continuously upgraded, and as of the end of September, the number of core car owner credit cards in circulation alone exceeded 20 million. Under the background of the industry where the traffic dividend is no longer there, Ping An Credit Card has built a comprehensive financial business model of "one customer, one account, multiple products and one-stop service" by integrating ecological resources and covering major vertical consumption scenarios such as car owners from car maintenance to car use.
The logic of growth has been demonstrated in such scenarios, that is, the needs of users are still growing, growing in a more refined, scenario-based, and diversified way. To achieve growth above the limit, new capabilities are needed; behind the ultimate user experience, is the top scientific and technological innovation strength.
In the list of "2020 Fintech Development Awards" announced by Chinese Min min bank on December 15, Ping An Bank's "New Core System for Credit Card A+" was prominently listed. This is not only one of the authoritative awards in the banking industry, but also leads the technological level of the entire financial industry. At present, it is the only ministerial award in the field of science and technology in China's financial industry.
Behind our "invisible", how big is the energy of the new core of "A+"? Not only all-round and all-round recording of user account information, but also to achieve refined business operations, customer service and marketing capabilities, according to the characteristics and needs of each user's card, the implementation of flexible and differentiated product strategies. At the same time, it also supports 1 billion-level large transaction volume and high concurrency scenarios, and successfully withstands the test of transaction peaks in "Double Eleven" and "Double Twelve".
Behind the smoothness of the "new core" front-end channel is the different ecological barriers within Ping An Bank and the highly integrated multi-party resources. For example, the technology of financial private cloud comes from Ping An Technology; technology such as face recognition and blockchain comes from Ping An Financial OneConnect. Under the idea of open banking and integrated operation, there is a possibility of cross-cutting and linkage between more seemingly "irrelevant" businesses.
The positive feedback brought about by these investments is becoming more and more obvious, which has accumulated new momentum for ping an credit card as an excellent student. As of December 25, 2021, the number of credit card circulation cards exceeded 70 million, and as of the end of September, the balance of credit card receivables was 584.939 billion yuan, an increase of 10.5% over the end of the previous year. From January to September 2021, the total transaction amount of credit cards was 2,782.065 billion yuan, an increase of 10.3% year-on-year. At the end of September 2021, the number of registered app users of Ping An Pocket Bank was 129.0772 million, an increase of 14.1% over the end of the previous year, of which the number of monthly active users (MAUs) was 41.5019 million, an increase of 2.9% over the end of the previous year.
Apparently, Ping An Credit Card is speeding up gear shifts. Such achievements can also enlighten: the growth limit of the credit card industry is also an opportunity for conversion, and the previous growth model has peaked, which may mean the emergence of new growth logic. The breakthrough above the limit will be the prelude to a new space and a new stage.
Key variables User activity spawns new growth engines
Where are the users? How do users come? What users want... The user is always one of the key variables.
How do I convert key variables into maximum increments? Perhaps as the first determination of Ping An credit card business development Polaris indicator this year- "real-time rate" can become the biggest breakthrough! The calculation method of the actual rate is the proportion of active credit card customers to circulating customers, which means that Ping An Credit Card focuses on optimizing customer reach and experience, both to obtain increments and retain stock.
Emotional resonance, ecological collaboration, scene construction... In 2021, the final foothold of these frequently visible and intensively cultivated layouts is focused on increasing user activity.
Brands are all about interacting and resonating with users. As the main force in the consumer market, Ping An Credit Card is sailing with young people on a journey to the future of retail finance. Creating products that understand young people better is an important driving force in the continuous growth of Ping An Credit Card retail: in May, the launch of the Platinum Credit Card, which is committed to becoming the "first credit card for young people", and the proposed "separation of card rights" established a major innovative highlight of the credit card industry; in July, the third season of "Nezha" IP was opened, and more than 530,000 cards were opened on the Nezha theme card face credit card; in December, through the restoration of real scenes, the young spit comedy of "Laughing 5fin Bell" was launched in a self-black way.
This series of actions not only shows Ping An Credit Card's determination to continue to move towards rejuvenation and fashion, but also expresses the brand attitude of standing with young consumers.
To develop emotional connections with users, Ping An Credit Card has always been open to establishing connections with the outside world, maintaining an ecological synergy relationship with partners, and improving the ability of cross-border ecological integration. As Xie Yonglin, general manager and co-CEO of Ping An Group and chairman of Ping An Bank, said, as a key fulcrum for commercial banks to build a consumer finance ecosystem, credit cards, the "payment entrance", have the advantage of naturally connecting customers, merchants and scenarios. All this is also reflected in the "Citywide Daily 88" campaign, where Ping An Credit Card unites more than 100,000 merchants to provide benefits and benefits that penetrate all aspects of users' lives, achieving accurate matching of business activities. Merchants have received subsidies and increased customer flow from Ping An Credit Card; customers have gained benefits in the consumption process; Ping An Credit Card has gained more customers and consumption, converting traffic into retention through high-frequency interaction, and completing the link between assets and funds through "open platform + open market".
During the Double 11 period, Tmall Taobao took the initiative to open up the investment of financial enterprises for the first time, Ping An Credit Card, as one of the first financial institutions to enter the market, jumped out of the role of payment tools, from behind the scenes to the front of the stage, became one of the participants in the scene operation: together with Tmall Taobao, Jingdong, Douyin three giants of e-commerce to cover the Internet traffic platform, open up the cooperation scene; credit card and debit card dual card linkage, open up the loan and financing operation system; "Huihua will earn" project to open up retail product linkage The 40% discount on bill installments opens up the "time flow" of customer consumption. In addition, a consumption closed loop that runs through the four major links of consumption, installment, repayment, and financial management has been established.
Users are placed in the same scenario for comprehensive operation, and the traffic pool is maximized. This innovative practice of borrowing and credit integration is just a microcosm of Ping An Credit Card's lighting up "Polaris". From working with the three major e-commerce platforms to build in-depth consumption scenarios, to launching credit and debit card "theme card face" dual-card products, to "holding hands" wealth management products, how do these resources form the same frequency resonance? Internally, the credit card is used as the "entrance" of large retail, and different resources within the linkage system are linked; externally, it is integrated into the real consumption scenario built by the external platform, and each link has accurate insight into customer needs. While increasing user activity, it also further consolidates users' loyalty in the Ping An credit card ecosystem.
Why lead the "five-in-one" model to drive business acceleration
For every successful business, it has its own "reinforcement loop."
Then, for Ping An Credit Card, based on strong technology, strong brand and strong experience, a new growth link of symbiosis has been formed. The higher the number of users, the higher the activity, the more valuable the enterprise; the more valuable the enterprise, the more the number of users will be more and more active. The benign causal chain continues to increase, and a closed-loop "enhancement loop" jumps out of the paper.
Last year, Ping An Bank put forward the four strategies of "data operation, online operation, integrated service and ecological development", and on this basis, this year, it proposed a "five-in-one" combat model of integrated banking, AI bank, remote banking, intelligent branch banking and open banking. The five major elements are connected, supported and integrated, and this more accurate customer operation service model subverts the traditional bank customer stratification system.
Among them, the integrated bank as the base, the basic service capabilities are integrated and delivered to the service matrix integrating AI banks, remote banks and offline banks, so as to achieve efficient and high-quality services and operations for customers, and then reach a broader user group through open banking, and finally precipitate data and capabilities back to the integrated banks, forming a closed loop of operating services and continuous self-driving iteration.
Here, the "enhancement loop" is further transformed into productivity, reflected in the Polaris indicator, and effectively implemented in the data performance, allowing users to enhance the active willingness to use the card and form the habit of using the card. In the current situation where the principle of credit card "market segmentation" is already very obvious, strong operation, especially the integrated operation of cross-business platforms, will become a key factor in the leap of market segmentation into a dominant market, and it is also a deep integration of marketing capabilities, service capabilities and technological capabilities.
The profound accumulation and integration of financial and technological capabilities are forming a new growth curve for Ping An Credit Card. In the new stage of the industry's credit card issuance volume growth touching the ceiling, new growth must be based on new models, and new models are based on new capabilities and the courage to explore.
From large-scale development to high-quality development, the redefinition of the function and value of financial services has begun. Ping An Credit Card continues to attack in the direction of high-quality development of specialization, differentiation, refinement and integration.