電子商務產業跨足互聯網金融之個案研究－以螞蟻金融服務集團為例

Abstract

互聯網金融或稱金融科技的出現，改變了大眾交易的支付工具、投資理財等行為。在2015年世界經濟論壇提出了金融科技的六大主題，說明了傳統金融中介功能將會被金融科技所取代，對金融業者與非金融業者而言都是一大挑戰。 在中國，阿里巴巴利用電子商務發展過程中，掌握資訊流、設計流與服務流三項核心建設成為電子商務基礎服務提供商，打造一個完整的電子商務生態系。在阿里巴巴的電子商務生態系發展過程有兩大突破，支付寶與誠信通，掌握了金融中介的支付與訊息提供功能，此兩大突破加上阿里巴巴生態系累積的龐大用戶資產，讓阿里巴巴能推出餘額寶與阿里小貸兩項業務，徵信業務也推出芝麻信用。最後在2014年推出螞蟻金融服務集團，將金融相關業務獨立切分，打造新的商業生態系與阿里巴巴電商生態系相互互補。 螞蟻金服在各成長階段藉由阿里巴巴的用戶來成長，從商業生態系觀點而言，阿里巴巴利用自身平台上累積的資訊來做延伸覆蓋，推出金融、顧問、廣告、企業管理相關服務，並且採開放模式讓店家容易在平台上展店；同時整合線下物流、金融公司，提供資訊與清算業務，並且以支付寶為唯一接觸點，使阿里巴巴掌握資訊的接觸與終端處理，提升移轉成本來鎖住顧客。由於資訊具有不可分割與不可轉移的特性，使得生態系中的業者移轉成本極高；另一方面解決電子商務上資訊不對稱必須仰賴雙方的徵信資料來做信用評等與信用擔保，芝麻信用掌握了最核心的信用評等機制。當所有資訊都由螞蟻金服所掌握時，就可以根據這些資源來做延伸包覆的新業務發展。同時在電子商務中具有贏者全拿的特性，因此除非有殺手級應用的出現，否則難以複製相同的成長模式來成功。

Internet Finance or called Fintech, changing the payment instruments, wealth management and other acts of finance. In 2015 the World Economic Forum presents six topics of Fintech innovation, showing the traditional financial intermediation function will be replaced by Fintech. In China, in the development path of Alibaba’s e-commerce, Alibaba built the e-commerce ecosystem by controlling three core resources, the information flow, design flow and service flow, to become a provider of e-commerce foundation service. There are two major breakthroughs, Alipay and CXT (Trust Pass), controlled the financial intermediary function of payment and information providing. Besides the Alibaba ecosystem accumulated huge number of users, so that Alibaba launched two services called “ Alipay Bao” and “Ali small loan business”, credit business also launched “ZHIMA credit”. Finally, in 2014 launched the “Ant Financial Services Group”, the independent financial-related business, creating new business ecosystems and interacting with Alibaba’s e-commerce ecosystem. Ant Financial Services Group was by Alibaba users to grow in various stages of growth, from the ecosystem view, Alibaba used the accumulated information on its own platform to envelope to launch financial, consultants, advertising, business management related services, and adopt open mode makes suppliers easily open their shop on the platform; while consolidating the line of logistics, finance companies, to provide information and clearing business by information providing, and to pay the bill by Alipay as the only touch point, so that Alibaba grasp contact and the terminal processing of information, can higher the switching costs to lock customers. Since the information has the characteristics of indivisible and non-transferable, making the ecosystem of high switching cost. On the other hand, to solve the information asymmetry between the two sides must rely on credit rating and credit guarantee, ZHIMA credit controlled the core of the credit rating mechanisms. When all the information is controlled by Ant Financial Service Group, it can launch new business based on these resources. Unless there appears killer application, it would be difficult to replicate the same growth pattern to success.