The landmark event of widespread attention in foreign digital finance is the birth of the PayPal of online payment tools in the United States in 1998, compared with the promotion of digital finance in China significantly later than in developed countries. Alipay's Yuebao business ceiling in 2013 seems to have given adrenaline to the development of China's digital finance.
On a global scale, the process of integrated development of finance and technology can be divided into three stages:
The first stage: 1856 to 1967 was the development stage of the conversion of analog technology to digital technology in the financial field. The iconic products of this stage are credit cards and ATMs, and with the birth of the first PayPal of Barclays Bank in the UK, the era of financial technology 2.0 has arrived, which will also become the key to the second phase of digital finance.
The second stage: from 1967 to 2008, the stage of development of traditional digital financial services. At this time, the financial business is dominated by the traditional financial industry, and in the era of Internet technology, financial enterprises have vigorously carried out online financial business and promoted electronic electronic banking of financial business, which has begun to emerge.
The third stage: the globalization of digital finance since 2008, which is driven by emerging technologies such as the Internet, artificial intelligence, big data, cloud computing and blockchain to lead the high-quality development of the financial industry.
At this time, more and more non-financial enterprises began to engage in financial business, with new technologies, new ideas, and the development of innovative financial products, so that the service model of the traditional financial industry has been transformed. Fintech companies, supply chain finance, etc. are the landmark products of this stage.
The development of digital finance in China has also gone through three stages:
The first stage: From 1998 to 2008, traditional financial institutions moved towards Internet-based and e-finance. Iconic products include credit cards, ATMs and internet banking. During this period, Internet technology and information technology were adopted by Chinese commercial banks from manual processing business to computer processing mode, which changed the traditional financial preservation, storage, finance and consulting services.
For example, Industrial and Commercial Bank of China launched its first ATM in 1998, and Bank of China began to promote it in 1997, disrupting the traditional financial service model while greatly improving the efficiency of online banking.
The second stage: 2004-2017 is the development stage of Internet finance, and the landmark product is financial technology enterprises. Thanks to the popularity of smart phones, traditional financial institutions and financial technology enterprises have begun to vigorously develop financial services such as Internet banking, mobile payment, Internet insurance and online lending, and Internet terminals or smart phones have gradually become windows for handling financial business. The space and space limitations of financial services have been partially eliminated, which has greatly improved the convenience and popularity of financial services.
The third stage: Since 2017, traditional financial institutions have embraced digital transformation and fully embraced digitalization. During this period, while traditional financial institutions and financial technology enterprises deepened information technology and digital technology, they gradually integrated and developed, and carried out intelligent, platform-based, mobile and scenario-based comprehensive financial services.
