On July 8, the results of the “China Banking Development Forum 2014 and the 2nd Comprehensive Appraisal of Banks” sponsored by Sina.com were revealed in Beijing. Industrial Bank (IB) won the prize of “Annual Innovative Internet Finance” with the innovative operation model and outstanding return performance of the “Money Manager”, its internet wealth management brand, in the area of wealth management and the active efforts of conventional finance sector in the area of internet finance represented by the brand.
With the theme of “Future Banking Road – Reform and Return”, the forum invited leaders from the regulating authorities, executives from the banking industry, experts and scholars to hold discussions on hot topics in the finance industry and voice their opinions, in detail, on the future development of macro economy and banking. It is an event drawing great attention in the industry. Vice President Jiang Yunming of IB attended the forum and delivered the thematic speech titled “Wealth Management in the Age of Greater Finance Reform”.
With the coming of the age of “extended assets management”, the general public have increasing needs of wealth appreciation, and various conventional financial institutions including bank, trust, securities, insurance, and fund do their great endeavors in wealth management one after another. The rise of internet finance since 2013 also brings unparalleled challenges to the conventional finance sector. As a result, it is unavoidable to make transformation. In the process of deepening transformation, IB specified that, taking the development of internet as an opportunity, it would further diversify its product families, extend service channels and areas, and integrate resources across markets and industries, so as to create differentiated business models and profit models.
In 2013, IB launched the professional internet wealth management brand “Money Manager”, the upgraded version of the wealth management portal of “bank-bank platform”, achieving strategic breakthrough in the development direction of wealth businesses. In fact, the “bank-bank platform”, the brand of inter-bank cooperation created by the bank in 2007 and the commercial operation model of the wealth management portal contain the gene of internet finance. After years of development, the platform has built a good foundation of customers, channels and products. The release of “Money Manager” just further specifies and reinforces the above commercial model. “Money Manager” now has integrated various wealth management services including banking wealth management, trust wealth management, precious metal trade, bank-securities transfer, and agency sale of funds, established a well-established sales mechanism combining the internet and mobile terminals with outlets of cooperative financial institutions, connected a vast number of cooperative banks of the bank-bank platform and third-party payment companies, with a payment network supporting customers of nearly 100 banks to purchase wealth products by online payment. In the future, it will release more products, including brokerage assets management plan and insurance, to further enrich the agency sale channels for non-banking financial institutions, and build product system covering the products of all kinds of financial institutions and a better organized service mechanism.
Though the brand was only released for more than half a year till now, “Money Manager” has achieved eye-catching achievements and witnessed fast elevation of brand influence. By the end of June 2014, the number of customers signed on line with “Money Manager” hit 677,000, and the online sales of wealth management products hit about 149 billion. Meanwhile, “Money Manager” innovatively launched a new generation of cash management tool “Manager’s Wallet” on March 10, 2014, connecting the Industrial Value-Added Treasure Money Market Fund. The 7-day annualized rate of return of the product since its launch has been kept stably above 5%, with the interval mean value of 7-day annualized rate of return hitting 5.7%. It is in the first echelon among similar products. By the end of June, the return per 10,000 shares of “Manager’s Wallet” was RMB 1.3605, and the 7-day annualized rate of return hit 5.017%. With its product scale going beyond RMB 45 billion, it successfully made its presence in the top 10 monetary funds and top 3 among similar products of the banking system.